renting in Northwest suburbs of Chicago?

Asked by Sohail, Hoffman Estates, IL Sun Mar 30, 2008

we have purchased a home recently and do not want to sell our existing home as the market is down and we feel we will lose money on it. Our home is paid off in full and want to consider options? We are considering renting it out? what is our rental options? Corporate? Put up an ad on Craigslist? Or go via the section 8 route?

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3
Lyn Sims, Agent, Schaumburg, IL
Sat Oct 18, 2008
There alot of different points to consider first. Tax consequences? As a realtor in the area we do help with rentals, suggesting a rental price, evaluating your lessee, etc. I currently work with some investors that I help with homes in Schaumburg & Hoffman Estates.

Contact me for more information please.
Web Reference:  http://www.LynSims.net
0 votes
Shane, , South Elgin, IL
Thu Jul 24, 2008
I would be happy to assist you...part of my team works in rentals. Whether you are interested in working with my firm or not, contact me and I'll give you the ins and outs. There are a lot pros and cons to renting.
0 votes
Keith Sorem, Agent, Glendale, CA
Mon Mar 31, 2008
Schail
Have your owned income property before?
If not, I do have some advice for you.
1. Talk with your CPA regarding the tax consequences. Depending upon your personal financial situation and also the potential gain on sale, you should know the difference between selling now and selling it AFTER it becomes an investment property and you no longer have the personal tax deduction.
2. I don't know what condition your home is in, but renters never take as good of care as you did. So know that when you do finally sell it, you will probably have to do a lot of work to put it in showing condition. While it is a rental, more maintenance will need to be performed by professionals because you will not be around to do it.
3. Probably the most important aspect is "who is going to manage the property"? I have worked with great property managers, and lousey ones. And the appear the same on the outside. A bad property manager can cost you a lot of money, stress, and headaches. A great one can make your life much easier.

I encourage you to do diligence now. Then make your best call.
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