momofthree I see a few recommended renting your home and as a landlord in Macomb County I thought you should know that rent values have dropped a ton in the past few years. So unless you bought your home many years ago or put a large amount down the rent probably will not cover your payment.
More importantly if you do rent your home out your property taxes will increase quite a bit and you will need to take that into consideration too. For instance in Eastpointe a $100k home would run you about $2100 - $2400 if you lived in the home whereas if you rented it out the taxes would increase to about $3300 depending on the school district.... more
When you become a real estate investor you stop being a typical homeowner.
We are the results of our decisions. It is not uncommon for people to "over-improve" their home because they rationalize that they are going to live there and enjoy it. However, when circumstances change, and they need to sell, they kick themselves for over-spending.
As long as you think you made the best decision at the time, then you just have to move forward. In your case that means when a home becomes an income property, stop thinking about it as "my home" because it will drive you crazy.
We were in the same boat and in the Long Term (18 years) after becoming accidental investors it worked out great. I recommend checking with your lender on their flexibility of having the property be "non-owner occupied".
Also, talk with a CPA and financial planner about what happens then its time to SELL your home.
Good luck!... more
Charlie. The time frame for a home to remain on the market is dependent upon 4 factors. If you are out of line with any one factor, a home will stay on the market longer or not sell at all.
Those four factors are:
A home placed on the market today and accepting a cash buyer offer with no inspections can close within 2 weeks (sometimes sooner). I know of one overpriced home that has been on the market for almost 4 years. They are still overpriced.
If you have a specific question about your home, I would be glad to provide the information you need. Simply click on my photo and contact me via Trulia.... more