Rent my house or sell it for money

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@Johanna Serna.  Everyone has so many good suggestions for you here on BP, and I know your situation will dictate how to proceed.  

Suggestion . . If you would like to live in a new home and ALSO rent your current home for cash flow, perhaps consider a LEASE-OPTION on your current home, and then find a NEW lease-option arrangement for another home that you want to move into and also own 5 - 8 years in the future.

What is a LEASE-OPTION? It is when an owner / landlord rents a SFR / CONDO / TOWNHOUSE to a tenant that wants to OWN the property some time in the future, usually 3 - 10 years later. The option terms are negotiated, as well as the rent amount, which is usually higher than market rent.

A portion of the tenant's rent is put aside by the owner each month.  This is for the down payment on the property when the option is exercised 3 - 10 years later.  If the option is not exercised - owner keeps all monies.  Maintenance CAN be included in deal so tenant will take care of property.

A Realtor should be able to help.  Once your current home is leased, and you have a temporary apartment, start looking for your own future home to lease-option.  Or look simultaneously.    I hope this helps.  God Bless.

Originally posted by @Monique Rene Coates :

@Johanna Serna.  Everyone has so many good suggestions for you here on BP, and I know your situation will dictate how to proceed.  

Suggestion . . If you would like to live in a new home and ALSO rent your current home for cash flow, perhaps consider a LEASE-OPTION on your current home, and then find a NEW lease-option arrangement for another home that you want to move into and also own 5 - 8 years in the future.

What is a LEASE-OPTION? It is when an owner / landlord rents a SFR / CONDO / TOWNHOUSE to a tenant that wants to OWN the property some time in the future, usually 3 - 10 years later. The option terms are negotiated, as well as the rent amount, which is usually higher than market rent.

A portion of the tenant's rent is put aside by the owner each month.  This is for the down payment on the property when the option is exercised 3 - 10 years later.  If the option is not exercised - owner keeps all monies.  Maintenance CAN be included in deal so tenant will take care of property.

A Realtor should be able to help.  Once your current home is leased, and you have a temporary apartment, start looking for your own future home to lease-option.  Or look simultaneously.    I hope this helps.  God Bless. 

Originally posted by @Thomas Franklin :

@Johanna Serna You and your family can continue to live, in one of the Multifamily Units, after the first year. This will give you time to pay down your Credit Card Debt, strengthen your FICO, build your Capital Reserves, etc. When you feel the time is right, you can begin your search, for a house, for you and your family. 

 @thomasfranklin

Thank you so much for take the time to explain i understand now .

I have a mentor that lives out there! He has been in real estate for at least 20 Yrs...my email is in my profile email or call me and I can give you his information!

@Dustin Heiner What's the secret?  these relatively inexpensive properties are turnkey? or are they rented when you buy them?  Those are amazing numbers.  Interested to know what the expenses are like.  Obviously you don't have debt service on the properties but is water cheap in that area? are you managing them remotely? low property taxes?  Please share.  Maybe we can partner up on a few of them or more.

Originally posted by @Natalie Vega :

I have a mentor that lives out there! He has been in real estate for at least 20 Yrs...my email is in my profile email or call me and I can give you his information!

@natalievega

thank you so much! A lot of nice people here i am impressed!

Originally posted by @Johanna S. :
@Monique Rene Coates

Monique 

Thanks for your explanation about lease option i was reading books about that too! That will be a good Idea if we can find a selling financial owner or for sale by owner.

 Johanna you're welcome!  A suggestion as a starting point is to look for houses that are for rent that you'd TRULY love to own, not just any old house.  Then talk to the landlord or owner about the possibility of a lease-option, or have your Realtor talk to them for you!

Originally posted by @Monique Rene Coates :
Originally posted by @Johanna Serna:
@Monique Rene Coates

Monique 

Thanks for your explanation about lease option i was reading books about that too! That will be a good Idea if we can find a selling financial owner or for sale by owner.

 Johanna you're welcome!  A suggestion as a starting point is to look for houses that are for rent that you'd TRULY love to own, not just any old house.  Then talk to the landlord or owner about the possibility of a lease-option, or have your Realtor talk to them for you!

  Yes! Monique thank you so much for your advice 😁 Have a great day !