Question Details

Freedom,  in Woodbridge, VA

Should I rent or should I sell?

Asked by Freedom, Woodbridge, VA Tue Mar 26, 2013

I have a condo in a desirable area and excellent location. I think ithas the potential to be a great rental due to the location near military installations, location to shopping and public transportation. The current housing market has expanded dramatically recently and I am considering buying a new single family home near the same area. Should I rent the home or should I sell it. The real estate market seems to have changed from a buyer's market to a seller's market. Should i sell now or rent. The house is not a short sale and I am not "underwater" in my mortgage.

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Keith Jean-Pierre’s answer
It all depends on your situation and what your desired ROI would be. Typically landlords like to receive a 7-12% ROI. Now just keep in mind, not everyone is set up to be a landlord. I always tell my landlords, if you are looking to rent your property, prepare for the worst and hope for the best. If you do not want to have the possibility of having to go to court, evict, sign documents, collect rents, have those "conversations" in regards to late rent payments, meet with the sheriff, and such, then it might not be right for you. Good luck with your decision!
0 votes Thank Flag Link Tue Mar 26, 2013
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