is it worth fixing up a house for about 3000 dollars and renting it for the mortgage pmt of 750.00 Or would it be better to try and short sale it ?

Asked by Wendysmom, Phoenix, AZ Sat Oct 15, 2011

house built in 1971 . in 85029 1260 sq ft. carport 3 B 2 BA needs paint ,fence , plumbing clean out plumbing repairs. has 22 yrs left on 30 yr fixed at 5.5 owe 87000 worth prob. 68000 now.

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Investor X, , Gilbert, AZ
Sun Oct 16, 2011
plumbing repairs $3,000? Triple that.
0 votes
Brenda & Ron…, Agent, Mesa, AZ
Sun Oct 16, 2011
If you don't have to short sale the home and can rent it, then this would be a good way to go as then you can hold on to the property as an investment. It is difficult to give a solid answer on this forum as we don't really have the entire picture.

Best Regards,

Brenda

Ron & Brenda Cunningham
West USA Realty
602-980-3133
**** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley"
0 votes
Gerri Ogilvie…, Agent, Apache Junction, AZ
Sat Oct 15, 2011
Hi Wendy's Mom,
Before you decide (rent vs. short sale) you should consider a lot of additional factors. First, how is your income and what does your reserve cash look like? A rental property can bring nice cash flow (even if you only break even you can realize nice tax deductions from the depreciation) but if the home is in bad shape and is likely to be a drain on your finances - repairs, maintenance, systems wearing out (how old is the furnace, a/c, etc.) can you afford those costs when they come up... and come up they will! Do you have resources you TRUST who can do repairs? How is your credit and how important is it to protect it? A short sale will be a "hit" on your credit... maybe a big hit, maybe not... depends on what your current situation looks like - but it will definitely have a negative effect. Have you managed a rental property before so that you're familiar with landlord/tenant law? My suggestion as a Realtor and Property Manager is (if you can) take your time... talk to various professionals: go to a couple of free short sale seminars, talk to Realtors and Property Managers, read up on Landlord/Tenant law and the ins and outs of being a landlord, consider your tax situation and your financial reserves to decide if you can truly afford to maintain a rental property. It's a big decision - so don't let anyone pressure you. Good luck!
0 votes
James Miner, Agent, Phoenix, AZ
Sat Oct 15, 2011
This question cannot be answered without knowing, a number of variables.
I would encourage you to go to http://www.facebook.com/jimminershortsales then click on the puzzle piece and watch a short video pertaining to the defined questions.
Miner Noh & Associates is willing to provide your answers.
Consulting meetings are free, you will not be billed for the time and if a short sale should be the viable option you will not pay us any fee for the negotiations.
Do not assume, get answers.
Jim Miner
0 votes
Jon Hegreness, Agent, Scottsdale, AZ
Sat Oct 15, 2011
Your question requires a lot of thought before the right answer can be given. Do you need to purchase another home? Is your credit important to you? Can you afford to rent it out? We would need to run rental rates for your current home, analyze your ability to afford another home. If ever possible I would suggest we start with looking at the option of renting the home, but it is not always in a person's best interest. I can be reached at 623-826-0888 if you would like to talk, it may be easier than emailing back and forth, but you can email me through this website.
0 votes
Miritssa Cas…, Agent, Cave Creek, AZ
Sat Oct 15, 2011
Hello Wendy"s Mom:

Houses in the 85029 zip code are renting between $900-950.

I love to discuss with you further details as depending your tax bracket and other pertinent information leasing the property is a better alternative to short sale it.

I am certified as a distressed property expert and should you decide the short sale route, I will be happy to assist you with the preparation of the short sales documents and negotiation with the lender. These services are provided at no charge.

Please feel free to call me at 480-466-0264.

Thank you,

Milly Casas

Milly Sells AZ
e-mail: Milly@millycasas.com
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