All Forum Posts by: Laura N.

Thank you all, you're heavy leaning towards selling makes me feel confident that that's the route to go, and what my husband would prefer anyways.  I think taking the cash that's available now is worth it.

Just wanted to say thanks for you're experience post.  I live minutes from that home, and am looking into purchasing another minutes away.  My husband recently went over to the one we're looking into buying and the lock had been broken and there were bags of groceries inside.  We're nervous about this getting much worse or the house getting ruined before we can finish this deal(assuming we even decide to proceed-the home is owned by a family friend but vacant).  How can squatters have any rights?  This sounds absolutely absurd.  Sorry you had such a bad experience!

thanks for the thoughtful input.  There definitely is risk, maybe too much to make it worth it.  Two other factors:  my husband is a general contractor so he can do any repairs.  Also, I would hope/aim to pay it off in ten years or less.  You referenced other cash reserve, I do have some other funds to use towards whatever home we choose next so we aren't banking on these funds.  Just other thoughts here on the situation.

Here are the figures:

If I sell, my realtor is confident I can make around $35,000 after all the associated fees going into selling it.  

If I rent, I believe I can rent it for $1350 or more and my mortgage is $1000 a month.  I owe $135,000 on the home.  

Is it worth is to keep it and have the hassle of continuing to find renters, deal with fix-up for many years to eventually pay it off and use it as income, or walk away with cash now..

Long term I would have to do the roof, windows, back and front deck, and some carpet whereas I do not need to do these if I sell now.

Hearing horror stories of getting bad renters out and the damages they do to the home, I'm intimidated to rent out my home and proceed with buying a new home to live in and update.  Those who have had experience, were there signs at the beginning that you may not have chosen a good tenant, or is it a complete gamble and you just don't know what you're going to get.  What are the best ways to insure getting good tenants who will pay rent and who will not ruin the home?