Wanting to rent while we build house

9 Replies

We're looking to build a house across the street and while we would ideally like to move once instead of twice, the reality of that isn't looking promising. Looking to see what kind of inventory is available to rent (if we were to list our house now, move #1 to a rental would likely be around October/November, then move #2 into the new house around February/March-ish of next year depending on speed of builder). Have 2 small kids and a medium dog (lab/mutt) so something with a fenced in back yard is preferred. Looking for A/B neighborhood. Yearlong lease is out of the question. Trying to help someone out who might have a vacancy and wants to limit reserve loss in the current environment.

Good LUCK! We listed our house last Tuesday and it sold the next day for more than asking price. We haven't even received the drawings back from our builder yet. Our lender is letting us buy a house under our LLC, which we will move into during our construction process. The problem is that we can not find any amazing deals in our area with this short time frame. Come July 19, technically we'll be homeless with a family of 6! My point is, don't be too hasty on listing your house until you know where you're going short term.

Reggie, that's awesome bud! It seems right now that the demand for houses is outpacing the supply which is good for sellers. Good luck with your move and I hope it works out for you.

@Blair Ellis

I’m not in your area, but even here houses are selling so fast that I had many request short term rentals on my listings. I’ve done it before, but I charge a huge premium for such a thing when I know the tenant is leaving after a few months.

@John Teachout we are actually approved for our new mortgage without having sell my current home. I wanted to list it Incase the market turned before our new house was completed. I know we are in a hot market now and wanted to take advantage of it.

I think the value of having your house to live in, keeping a close eye on the construction site and not having to move twice would far outweigh the potential market downturn. Housing prices may go down in your area. Or not. I haven't seen any downward price pressure in our area. However, even if it does go down a bit, you have to balance that against the additional expenses you're going to have by selling, renting, moving, moving again. Commuting to the construction site and so forth.

@Reggie Rearden

I hate moving and would much rather do pick up runs across the street than play the box shuffle. To each his own, but I would take this risk along with the probable savings for the convenience. I’d pay more for the convenience if I had to.

@John Teachout and @Justin V. , We're purchasing another home under our LLC. We're just going to live in the house until mine is finished then rent out the other one, simply adding it to our existing portfolio. We listed because the market has me skeptical on lending. We had 3 closings fall through last month due to covid and riots. It seems that local lenders are not wanting to lend if properties are not owner occupied. I wanted to sell while I could and not risk another disaster, like covid and the disruption of rioting, to causing banks not to lend in general.