Home Selling in 60630>Question Details

Max, Home Seller in Chicago, IL

Should we try to rent out house instead of selling it?

Asked by Max, Chicago, IL Wed Sep 3, 2008

Our house in Jefferson Park has been on the market since March and we have had no offers, though many people have looked. We have already dropped the price. We have moved out of state for a new job and are now paying two mortgages, which is possible but difficult. I am considering renting the house out for a while in the hope that the market will rebound somewhat in the future. Should I do so? If no one is buying, will anyone rent it? If this is advisable, do you have any recommended property management companies?

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Answers

4
Run the numbers. Talk with a CPA. Home values shift. No one writes when the values go UP 10%.
Yes, if you cannot afford to sell, rent it out, become an accidental real estate investor like me....it could be a great thing.

Talk with a CPA, then email me with questions.
0 votes Thank Flag Link Wed Sep 3, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Hi Max, Don't rent it rent 2 own ( lease option ). Educate yourself at the site below. Herb
0 votes Thank Flag Link Wed Sep 3, 2008
Max I agree with Bill. Sometimes an investor will look favorably at a property if it is already rented in that they will already have an income coming in at closing. So you can rent it and still have it listed to sell.

Hope this helps,
0 votes Thank Flag Link Wed Sep 3, 2008
Max,

Some of our customers in a similar situation are finding renters by discounting the rent amount with the understanding, up front that the home is for sale and the may be slightly inconcenienced during showings. We recommend advanced notice for showings. It seems to work.
0 votes Thank Flag Link Wed Sep 3, 2008
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