sijiali49, Home Seller in Glen Allen, VA

We moved into a new house. We now have both potential buyer and potential renter for our old house (paid off). Should we sell or rent it out?

Asked by sijiali49, Glen Allen, VA Thu Sep 26, 2013

House price is around 250000, We have invested about 20000 to prepare it for the market.

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Brenda Feria, Agent, Richmond, VA
Mon Sep 30, 2013
In the long run, if you can deal with the frustrutions that sometimes come with renting, you will probably make more money on your property by renting. You will need to refurbish it every time a renter leaves. If you are getting enough money to offset dealing with that, you are good. I always keep my income from my rental properties separate so that I can see exactly how much is going in and how much is going out. That way I don't have to calculate each year to know what I have made. It also makes it easier for tax time.

Our company handles rentals if you would rather not deal with tenants.

Best of luck! You have great options!
0 votes
Beth Kane CRS…, Agent, Richmond, VA
Thu Sep 26, 2013
First consult your tax accountant to look at what these two options mean to you on April 15. Then make a sound financial decision. If you decide to sell, call me at 804-399-4663.
Associate Broker
Exit Realty Parade of Homes
0 votes
Thanks for the advice :)
Flag Thu Sep 26, 2013
Maureen Schm…, Agent, Ashland, VA
Thu Sep 26, 2013
This is a VERY good question as you are not in the position of having to sell it! Here are some questions to ask yourself: 1) What is more important to you: having all the net proceeds now or cash flow over the long-term? 2) Are you comfortable with handling the management of the property yourself if you rent it out, i.e. chasing down tenants for rent payments, phone calls at all hours for repairs, etc. or would you be willing to pay a monthly fee for that service? 3) Are you prepared to make repairs, possibly significant, for when a tenant vacates? In addition to these, there are more questions to ponder and I strongly suggest you speak with a VERY experienced Property Management Company to handle this for you. If you need a recommendation on this, please do not hesitate to contact me. Best Wishes to you!

Maureen Schmidt, Broker
Exit First Realty
11207 Nuckols Rd, Ste E
Glen Allen VA 23059
804.527.3948 x205
0 votes
Your advice is very helpful and gives me a lot to think about. THANKS!
Flag Thu Sep 26, 2013
Your advice is very helpful and gives us a lot to think about. THANKS!
Flag Thu Sep 26, 2013
Annette Law…, Agent, Palm Harbor, FL
Thu Sep 26, 2013
What are the potential risks associated with holding onto the real estate? Does the potential of uncontrolled costs exist? Is Glen Allen, Va on the verge of a real estate value escalation?
What is your ROI when cacluated on the advertised rent? (8 to 18%)
Will you be wealthier by holding the real estate and earning income or investing the $200,000 through your self-directed Roth IRA and doing transactional funding? (12 to 33%)
Only you and your accountant know your situation, resources, experience and risk tolerance.
0 votes
Great advice, THANKS!
Flag Thu Sep 26, 2013
Patrick Sanf…, Agent, Glen Allen, VA
Thu Sep 26, 2013
Hello! You are in the driver's seat, that's for sure! What a great spot to be in. I would advise you based on a couple of things. Do you need the cash from the sale of your house, or can you afford to wait? If you can afford to wait, then I suggest you rent it. If it's paid off, it will generate immediate income, and cover the taxes, and expense of the rental. It's like living off the interest of a cash deposit. You get a monthly check, without touching the principle. I'd love the opportunity to sit down and discuss all of your options. Let me know if I can help. Thanks. Patrick@PatrickDelivers. com or 804.210.7177. Tons of more information is here too, I look forward to working with you!
0 votes
Thank you very much!!
Flag Thu Sep 26, 2013
Ed Marill, Agent, Manhattan Beach, CA
Thu Sep 26, 2013
I know a lot of people that wish they could find a buyer for their old house as many people have upgraded homes and are renting out their previous home because they can't sell them. I would recommend finding a good real estate agent that can help you determine what your home is worth and what comps in your neighborhood are going for. If you can get an amount for your home that you're happy with and you want to sell it, go for it. If you would prefer to keep the home for investment purposes, that is also a good choice for some people. It all depends on your financial situation and how much risk you are willing to accept by having a rental property.
0 votes
Flag Thu Sep 26, 2013
Scott Godzyk, Agent, Manchester, NH
Thu Sep 26, 2013
A renter can sure cause a lot of wear and tear costing another investment when you are ready to sell. In many areas there is a shortage of homes for sales and values are up. Selling now may be best but check with a local and trusted agent who can let you know what it is worth in today's market,.
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