Home Selling in 60611>Question Details

Jenny Lemieux, Home Buyer in Chicago, IL

I'm moving from Chicago to Atlanta - should I sell my condo in the Loop or rent it out?

Asked by Jenny Lemieux, Chicago, IL Thu Oct 4, 2012

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Joseph Clements’ answer
Hi I am Joey Clements. Broker/Principal of R.E.I.G.N. International. I specialize in working with investors. I would love to chat with you to get an understanding of what your real objectives are and to help you reach them. Let's talk. 708-359-4347.
1 vote Thank Flag Link Thu Oct 4, 2012
Thank you for the responses! Lots to think through.
2 votes Thank Flag Link Thu Oct 4, 2012
I'm glad you got your question answered!
Flag Thu Oct 4, 2012
Are you serious? Details! Details!! Details!!!

The answer lies in the specifics about your property, your mortgage, and your risk tolerance to manage a property long distance.

Work with a Realtor to assist you in making this decision. Should you need any help, feel free to contact me.
1 vote Thank Flag Link Thu Oct 4, 2012
What did you end up doing?
0 votes Thank Flag Link Sat Jan 18, 2014
Sell it and use Erick at iMove he is FABS
0 votes Thank Flag Link Mon Dec 23, 2013
It depends on many factors. Get in touch with me, and we can discuss. Chicago is a landlords market at the moment.
0 votes Thank Flag Link Thu Dec 19, 2013
Hello Jenny,

Having a Chicago investment property is never a bad idea unless it is in a building which is undesirable to renters.

As a landlord, you also need to sometimes fix things or chase a rent payment. If you have a good realtor who will also manage it though, you won't need to worry about those things.

Just let me know if you would like some help.

Thanks,
John Meyers, Meyers Realty
e: JohnMeyers@MeyersRealty1.com
c: 847-533-7115
0 votes Thank Flag Link Thu Nov 28, 2013
If you can sell for break even or better, do it. Especially if you know your move is long term.
Otherwise rent it out and use a professional management company to manage it.
0 votes Thank Flag Link Sun Sep 8, 2013
Jenny,

This all depends on your bottom line. Have an agent that knows how to sell properties come out and give you a full valuation for selling as well as renting. Then decide which one works best for your needs.




Sohail A. Salahuddin | Founder and Team Leader

Innovative Property Consultants Group | Sales and Leasing

http://www.innovativepropertyconsultants.com



Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610

O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Extraordinary Service For Extraordinary Lives"
0 votes Thank Flag Link Sat Sep 7, 2013
Hi Jenny,

Speaking from experience, being a long distance landlord is a real pain unless you have a professional management company take over, and that is expensive. I have lived in Chicago for 9 years and own property in Michigan which I rent out. The first tenant lost their job and could not pay. The laws protect the renter more than the landlord, so I could not get them evicted for 90 days and lost a ton of money. The next renter flooded the upper level and moved out without telling me. it was $7500 in damage and I had to take a lot of time off of work to go back to MI and get insurance quotes and repairs. There are several other stories, but I think you get the point.

If you will sell your Chicago property for a profit or at least break even, I would sell it (and I hope you already have by now. ) Good luck in your decision and your relocation to Atlanta!

Catherine
0 votes Thank Flag Link Sat Sep 7, 2013
Hope by now your condo its sold and nope rent
0 votes Thank Flag Link Fri Aug 2, 2013
Personally, I'd rent it out especially if you won't be able to sell it for a profit. Have someone else pay off your mortgage and sell it in future years. There are excellent tax deductions when you own income property. I'm an investor and it's very lucrative having someone else pay your mortgage and expenses.
0 votes Thank Flag Link Sat Apr 13, 2013
I agree with Anne; this is a seller's market. I have some very frustrated buyers who keep missing out on buying downtown in multiple offer situations. If you have a nice condo that shows well and is priced appropriately, it will sell quickly. With more complete information, I can advise you accordingly.

I also have a high recommendation for a realtor in Atlanta if you need it.
0 votes Thank Flag Link Tue Apr 2, 2013
The market is on fire right now and I have not seen it like this since 2007, I suggest you get it on right away while we are still in the midst of the Spring market. Don't wait until summer. It is NOT a buyer's market anymore, since the Superbowl, it has changed into a SELLER's market almost like overnight. This is great news, we need more inventory because we are in multi-offer situations on just about everything. Anyone who has been sitting on the fence with this dilemma should list now. Call me if you need me to walk you through the process, I promise to make it as painless as possible! 773-294-9168.
0 votes Thank Flag Link Tue Apr 2, 2013
I will certainly interview few agents and analyze the pros and cons of renting vs buying.
0 votes Thank Flag Link Thu Jan 10, 2013
Hi, Jenny. I'm originally from Chicago and have lived in Atlanta for over 10 years now. Given the state of the housing market (which is slowly improving), there are of course pros and cons either way. If you are able to find a buyer for your condo, and if you could come away at closing with a good profit, then selling might be a good option. Speaking as a Realtor, the housing market here in and around Metro Atlanta is very good and there are still some great deals to be had, so depending on how much you would net at closing, you could conceivably purchase a property here in Atlanta for cash (or at least have a very small outstanding mortgage). Depending on your employment situation in Atlanta (i.e., if you have a position already lined up here or if you will be looking for employment and will need to "test the waters"in Atlanta), keeping ownership of your Chicago condo and renting it out might be in your best interests. That way, if you need to return to Chicago in the foreseeable future (say 12 to 36 months) you would at least have your condo to return to. Feel free to contact me with any additional questions; I'd love to help. - Loretta Lowe, Realtor, BHGRE Metro Brokers (404) 843-2500 or (770) 827-1516.
0 votes Thank Flag Link Mon Dec 24, 2012
It depends of if your tolerance for dealing with tenants is strong patience. Be prepared to landlord at a distance. Anything that goes wrong on the inside you have to make the decision on repairs. If you do your own tenant screening you will have to do this before you leave or at a distance or use the expertise of a real estate broker to assist you. You can also, have your unit for rent and sale at the same time.
0 votes Thank Flag Link Wed Oct 10, 2012
I would go ahead and rent it out. why would you sell in the buyers market ? the biggest problem is : you need to find out an honest property manager who will take care of your property. if you break even on your mortgage than I would keep it. investment property gives you opportunities to deduct from income potential maintenance costs etc
0 votes Thank Flag Link Sat Oct 6, 2012
Have a GOOD agent Compare renting vs selling and then decide which makes more sense for you.



Sohail A. Salahuddin | Group Founder

Innovative Property Consultants Group | Sales and Leasing

http://www.innovativepropertyconsultants.com



Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 


O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Locally Known, Globally Recognized"
0 votes Thank Flag Link Fri Oct 5, 2012
sell it.. rents are great but if you miss on month the year is shot.. your time should be spent on other things
0 votes Thank Flag Link Thu Oct 4, 2012
It depends on what you paid for it and what its worth now. Renting could be a good option.

I would interview a few agents and have them do a CMA for you. I would be happy to help!
0 votes Thank Flag Link Thu Oct 4, 2012
We will need alot more info to help you. That said, i have a great referral for an agent in Atlanta and I would be happy to help you sell or rent your current place.
0 votes Thank Flag Link Thu Oct 4, 2012
Rent it out . I can provide property management services if you decide to rent it . Please email me and we can discuss all of your options.
0 votes Thank Flag Link Thu Oct 4, 2012
Hi Jenny,
Get a market analysis to determine the sale price for your property and to find out how long it will take to sell your property. If your move will be long term and the numbers work out for you go for it. Contact me with any additional questions.
0 votes Thank Flag Link Thu Oct 4, 2012
Hi Jenny,

It really depends on your goal with the property. It is definitely a good time to rent a property since rental rates are extremely high. If you would like to hold it as a rental, that is a great option.

If you would like to discuss in more detail or have any additional questions, please feel free to email or call me.

Best of luck!

Regards,

Josh
312-224-8905
josh@weinbergchoirealty.com
0 votes Thank Flag Link Thu Oct 4, 2012
Hi Jenny,

Lots of additional questions for you so would love to chat a bit more. You have some scenarios to work out - are you comfortable being a landlord, are you comfortable being a landlord from out of state, are you financially able to sell your condo, would it be for a loss or profit, how long are you planning to stay in Atlanta and will you eventually move back to Chicago?

Generally speaking you will have great luck renting your condo out and due to location it'll likely be for a premium. Depending on your monthly costs you may even be able to rent for a slight profit or you may be able to break even.

Fortunately the Loop is always going to be desirable due to location and there's also limited inventory down there as well so the sale market may also be favorable as the market is extremely busy right now.

Would love to chat further in order to get the real scoop and in order to give my perspective on what options you have. Sound good?

Jeff Stewart
REALTOR®, @properties
3101 N. Greenview Avenue, Chicago, IL 60657
309-269-3499 CELL | 773-305-0480 FAX
jeffstewart@atproperties.com
0 votes Thank Flag Link Thu Oct 4, 2012
Hey Jenny-

The market has improved, so you have more options now than you have had in the last few years. If you are interested in renting but fear the landlord side; I can help with both: we can rent and help you manage the property out of state.

If we talk through your goals/timelines and it makes sense to try to sell before renting, that could be another route. I can provide more guidance and discuss your options once I hear more about your situation.

Please call or email me when you have an opportunity. Good luck regardless!

Erik Sachs, CDPE
RpV Realty LLC
Cell 773/368-5515
Email esachs@rpvinc.com
0 votes Thank Flag Link Thu Oct 4, 2012
It depends on so many factors. Just to give you a sample:
What is the alternative use of your money?
What is your marginal tax bracket?
What is your interest rate on the mortgage?
What can you sell your place for?
What can you rent it out for?
What is your outlook for the rental market?
What is your outlook for the value of your place?
Do you really want to be a landlord?
Web Reference: http://LucidRealty.com
0 votes Thank Flag Link Thu Oct 4, 2012
You should find an agent who can provide you with thorough market info, both for sales and rentals in the area and in your building. This should help you make the best financial decision for yourself. The rental market is very strong and it's also a much stronger sellers' market than it was at this time last year -- you have options! Good luck!
0 votes Thank Flag Link Thu Oct 4, 2012
Hey Jenny,

Congrats on the move. Sounds like we need to learn a lot more details about your situation and expectations. Have you started working with an agent yet?

Check out the listings right here on Trulia: http://www.trulia.com/voices/directory/60605-agent--65216

Hope that helps you get started in the right direction!

Ali, Community Manager
0 votes Thank Flag Link Thu Oct 4, 2012
It really depends on when you bought it, the market condition for your specific building and your financial situation. If you would like to talk about please give me a call or email.
0 votes Thank Flag Link Thu Oct 4, 2012
Have a couple of agents do a market analysis to see what the value might be. If you like it then perhaps sell. Otherwise, maybe rent. The market has clearly started to improve........finally, but it can be a building by building improvement in the Loop area. Not all buildings are equal.
0 votes Thank Flag Link Thu Oct 4, 2012
That depends on a lot of factors. I would be happy to talk to you about it in detail if you'd like. Send me an email or give me a call.
0 votes Thank Flag Link Thu Oct 4, 2012
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