femurphy77
Grandmaster
W H Y sell when you can rent, make money
Making millions as a slum-lord is another one of those myths the real estate companies like to push in order to sell houses. Horny has already responded to the renting option and he is right. My ex and I had a house that we owed free and clear, it was in a perfect price range for local rentals and we had no trouble renting it. We even got 3 months deposit on the house. Short story is that when the renters vacated it cost us almost a years rent to clean up the house and prep it for the eventual sale to her mother. And yes we were able to recoup some losses on taxes but personally it wasn't worth it to us, time money or effort wise.
As a side note when I sold my house in Greenwood a couple of years ago, it cost me a huge chunk to sell it and I got more than I had paid for it just a few years before. At closing the first time buyer was talking about it being a good starter home for her and that they planned to "flip it" in 4 or 5 years and roll the profits into a bigger house in a nicer neighborhood. I asked my agent if everything was finalized before I filled the buyer in on the reality of homeownership. She had paid fair market price for a nice house in a market that was falling apart around us. She wasn't going to be "flipping" anything unless it was her real estate agent that filled her full of this nonsense. He was busy pretending to be filling out paperwork while this conversation was going on. I have no reason to feel bad about the deal she got but I can't believe the lines of drivel people use to sell things!