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Hello Lexxa,Isn't it sad that 80%+ of the property owners in Las Vegas are in the same position you are? While it is unfortunate for you and me to be on the wrong side of this housing boom, it is a great time to buy.As to your question about renting, there are a couple of options. The first option has you as the Landlord. I must say here as an aside, I have been one, and I am not a good landlord. I let my tenants stay in my homes without paying rent, because I feel sorry for them and then they get one and two months behind, and I just hate having to evict a tenant in need, so it drags on and I give them money so they can buy shoes for their kids, and give them a turkey for Thanksgiving. Obviously, I am an easy mark. I also hate having to go to the property and fix a leaky faucet, because I think the tenant should make the repair, and I hate having to replace the carpet as a result of the tenant changed to oil to his Harley in the Living room, and decided to breed a rare strain of cat that used my carpet as a cat box and the walls as a scratch pole. If this sounds like you, option number one may not a good one for you. It is also the cheapest option though. You can advertise the home on Craigs list at no cost. You need a rental agreement, but those are easy to find on the internet. Or, you can have an agent put it in the MLS as a courtesy. They might charge you anywhere from $200 to $500 to put it in the MLS, and then you have to pay the cooperating agent another $250 to $400 to bring the tenant to you.Option number two is to hire a property manager to take care of everything for you. This is usually a turnkey type of relationship and they will handle everything including, but not limited to handling repairs evicting deadbeats, and even making your mortgage payment for you, which if the rent isn't enough to cover all costs and the mortgage, you will have to pay each month into an account so the property manager can make the payment on your behalf. For this "Full meal deal", you will have to pay anywhere from 8% to 10% per month plus possibly a flat fee of between $50 and $100 per month. This is an expensive option, but it doesn't require you to have a stock of Tylenol (or maybe something stronger) on hand to help with the headaches that surely come from being your own landlord.Option number two is the choice I should always take, but I am a cheapskate, and when you add up the cost of the full service property manager, it is equal to a car payment. (Looking back, it would have still been cheaper for me to take option number two.)But the unasked question is, "When will this market return to the point where I am not completely under water?" So, I will ask and answer it. The answer is anybody's guess, but best estimates from people smarter than me is that the market may not return to 2007, 2008 levels for years for perhaps 10 or 15 years. So, you may find it instructive to add up the accumulated cost of holding the property for the next several years, assuming that you have a negative cash flow for the next several years. If you conclude as others have that the cost is just to great, you might consider selling on a Short Sale. The climate for doing a Short Sale is favorable today. There is no telling what it may be like in even a year from now.What ever you decide, let us know.Best of luck, and Thanks for reading.
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