Home Selling in 33351>Question Details

Shawn, Home Seller in Fort Lauderdale, FL

Should I sell or rent my 1 bedroom condo?

Asked by Shawn, Fort Lauderdale, FL Tue Sep 3, 2013

If I sold the condo I would walk away with approximately $5K. If I rent it I would have a positive cash flow of only $100 per month.

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14
CLICK here for a free market analysis on your condo
http://www.miamihomestore.com/sell/
0 votes Thank Flag Link Thu Jan 16, 2014
Once you rent it, you will lose your homestead exemption...
0 votes Thank Flag Link Wed Jan 15, 2014
Unless you are on the beach. Rent if you can get a postive cash flow. Market is going up as you know and condos are hard to finance.
0 votes Thank Flag Link Tue Jan 14, 2014
There are number of consideration.....first being your personal needs. Additionally, the current activity within your market segment is an important consideration, keeping in mind that most buyers are not seeking one bedroom units. I would recommend that your research is that which targets these units mainly, being sure to keep the information in the "apples-to-apples" perspective.

Good luck,

Bill
0 votes Thank Flag Link Tue Sep 17, 2013
HI Shawn, my personal opinion is if I had a property that I could rent out I would do it.

Hang on to your property as long as you can to build equity.
0 votes Thank Flag Link Tue Sep 3, 2013
I rent out a few properties that I own and there are always pro's and con's to both sides of your question. It will depend on the location and the comps for the area. If you are coming out ahead each month and the condo is in good condition without any upcoming assessments or necessary repairs then I would recommend that you keep it. I would be happy to discuss why or why not you should keep your condo. Give me a call when you have a few minutes.

Barbara Easton-Irvin
Atlantic Properties
954-740-7855

http://www.FortLauderdaleHomes4U.net
0 votes Thank Flag Link Tue Sep 3, 2013
Hi Shawn,

Per your question on Trulia > Should I sell or rent my 1 bedroom condo?. If I sold the condo I would walk away with approximately $5K. If I rent it I would have a positive cash flow of only $100 per month.

I live in zipcode 33304 and know this area well. There are several things to consider
Contact me 'Lynne Knapp' (954) 647-5335 Cellular, or email me the best number and time to call you to chat!

Lynne Knapp, Realtor
ReMax Consultants Realty 1
Ft Lauderdale FL
LynneKnapp@aol.com
http://LynneKnapp.com
http://LynneKnapp.ReMax.com
Web Reference: http://LynneKnapp.ReMax.com
0 votes Thank Flag Link Tue Sep 3, 2013
Shawn

I always tell my clients if they do not have to sell to buy why would you sell. Rents in Cambridge are constantly going up and if the property is cash flow positive why sell ?

Only 2 reasons to sell:

You need to sell the condo to purchase another home or you have no desire to be a landlord.
0 votes Thank Flag Link Tue Sep 3, 2013
Hi Shawn,

It is really up to you. Whether you choose to rent or sell I can help you.

http://www.adamfleming.com/seller/

Adam Fleming
Keller Williams Realty
954-882-7828
http://www.AdamFleming.com
0 votes Thank Flag Link Tue Sep 3, 2013
I'd go with you
Flag Tue Sep 3, 2013
Shawn,

As already stated, if depends on your current financial situation. If the condo remains empty for a few months, where will that leave you? Keep in mind that you will be paying taxes, insurance and maintenance, so if by some chance you do not rent your condo, or if the tenant is not reliable in paying rent on time ( which can happen ) how will that effect your financial situation?

You will also need to maintain the unit, and make any necessary repairs.

Maybe make a list of the pros and cons of renting and selling, and see if that helps you come to a decision.

Best of luck!
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
Scohen77@aol.com
0 votes Thank Flag Link Tue Sep 3, 2013
The items to consider if you want to sell your Fort Lauderdale condo, as opposed to renting it, are how much do you need the $5,000 and how difficult will your life be if the condo remains empty for a month or two with no rent coming in.

If you own the condo outright, you're just paying maintenance and taxes. If you have a mortgage, you have that additional monthly expense.

If you purchase another home and keep the condo with the purpose of renting it, can you afford to carry that condo for a month or two without a renter paying you?

Consider what the condo cost you in the first place and what the return on investment will be at $100 per month. Also, are you likely to have to make repairs of any kind during the year to that condo? What are those expenses likely to be?

If you need to use the services of a realtor to rent your condo and you have to pay one month's rent in order get a tenant, does your profit margin remain the same?

Do you need the $5,000 you will net from the sale in order to purchase something of lasting value?

These are some of the questions to consider before you make your decision.

Marc Jablon, The Jablon Team
Re/Max Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Tue Sep 3, 2013
Hi Shawn! As the others stated, at the end of the day - it depends on what you want and what the market is/will be like for your area.

When you're ready to make your decision, please keep me in mind. I would love to work with you.

Thanks!
Crystal Bond
(954) 300-2178
0 votes Thank Flag Link Tue Sep 3, 2013
Sean,

It depends on your pesronal preference and current financial situation. Selling will allow you to cash out of the property based onany equity you currently have, while renting in your case will net you roughly $100/month in positive cash flow before any unforseen repairs, assessments or updates needed in the future. The main questions you would want to ask yourself would be 1) do I need to sell to pull money out to purchase another property or use for a more profitable investment 2) do I want to be a landlord and take on the additional risk invloved (ie. potential repairs, non-payment, legal fees, evicitons, etc.). Let me know if you would like for me to research your property to determine it's current value for sale and rent to help make your decision a bit easier.


Sincerely,

Ryan Hanrahan, PA
Christopher White Group
954-608-0527
rkh5656@aol.com
0 votes Thank Flag Link Tue Sep 3, 2013
That depends on a whole bunch of things.

How urgently do you need, or could you use, the $5,000?

How likely is it that property values will increase in the area? (You've got barely break-even cash flow. But if property values have a decent potential for increasing, then it could make sense to hold onto it.)

Do you plan on buying another property? (If so, you may want to sell.)

If you rent it, are you prepared to become a landlord?

Those are some of the things to consider. There's no simple, clear answer.

Hope that helps.
0 votes Thank Flag Link Tue Sep 3, 2013
Rent it ! Rental Rates grew 15% from last year in broward, but the avg price per square foot was up 17 % to so ...... Everyone's financial position is different so it really depends on what you want out of the property at this time.

The Hackworth Group
(954) 632-7200
facebook.com/TheHackworthGroup
Flag Tue Jan 21, 2014
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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