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We are current condo owners and want to rent it and relocate into a house. how is the rental market?

  • August 08 2011 - Downtown
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Answers (2)

Please make sure you can rent it first, call you Association.
If it is go to rent then you need to see what your expences will be.
How much is your mtg, plsu association fee's and any other fee's you pay.

Check your current rental market, if you association rents for ouners speak to them.  Or call a local property management company, preferable one that does business already in your complex.

This will give you an idea of what you can rent for ...also consider what might break(during rental) and you will need to replace.  Air conditioner (big Issue),stove,refrigerator,disposal etc. You will need back up repair money, Deposits are never enough, to replace carpets edtc. once someone moves out.

Good new is if you owe little and can get positive cash flow plus keep property for future, you will also have equity.

Hope this helps
  • August 08 2011
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Hi Ani and Alex,

The current rental market is really Hot!!  it is hard, if you price your property right, to keep it on the market,

The biggest issue you have to consider, probably, is dealing with challenged credit right now, which is a duzie to be honest.  Many rentors right now are coming out of bankruptcy, foreclosure or short sales and you have to be willing to look past that or you need to be able to stand pat and take what comes with good credit.

It is a great time to do exactly what you are thinking of doing and the rewards will be great if you can tolerate being a land lord or hiring a company to do so.  Make sure your condo association will allow you to rent and if so, if there are any special parameters required by the association.

I hope this helps.  Great question :O)
  • August 08 2011
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