Updated about 6 years ago on . Most recent reply
Starting a rental property
I recently purchased a house in Knoxville and now 16 months into my mortgage, my company wants me to move to Nashville. So I’m trying to decide whether selling the house or renting it out makes more sense for me. ANY ADVICE WILL HELP
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@Joe Pilkenton as a general rule, primary homes don’t make good rentals. Plus, the fact that you’re moving out of state means you’ll have to find, vet, hire, and monitor a PM to run your rental.
I’d do the math on it. If you keep it and rent it, how much can you rent it for and how much cash flow will it have once you take into account repairs, PM, insurance, mortgage, etc.
I think you might find that the $50-100/mo you will likely make would be better to just sell the house, and consider a local investment where you’re moving too.
Some people handle out of state investments just fine... me, I’d much rather have them nearby.