Profile picture for stellabella2

What should I do, sell or keep?

Moving to Cali, have a place in boca which is rented at the time.  I have no mortgage.
  • December 28 2009 - Boca Raton
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Answers (5)

Hello,

The answer depends on whether you are willing to deal with tenants. There are many pros and cons to renting. Number one priority would be to get solid tenants.
I'm with Coldwell Banker on Glades Rd in Boca Raton and I can certainly help you with renting. We run a background check, credit check as well as proof of employment. There are no out of pocket expenses for you since the renter pays agent's comission.
I would recommend holding on to the property if you don't have to sell for the next few years till the market picks up (which would probably be 3 to 5 years).
If you decided that you do not wish to deal with tenants, and having to carry the cost of property taxes, insurance, etc..., then definetly worth selling your property.

Please contact me if you have any questions, I would be more than happy to assist you in any way I can.

Sincerely,
Eleonora

  • January 12 2010
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Profile picture for SoCal Engr
Side note...

If you anticipate wanting to travel to Boca Raton, keeping the property may also provide you a tax writeoff. Person I know made a point of checking up on rentals when visiting the area, and then wrote off trips as a business expense against his rental income.
  • January 08 2010
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Profile picture for monalisa63
Juanita, I would check on the property or have a friend check on it. I have been told by many people that paying a property management company isn't worth it at all. They usually take your money and collect and never check on the property. I have 2 homes in Phoenix rented out. One is a brand new condo in fireside and one in North Phoenix. I check on them myself when I go into town. I have good renters that take great care of the property. I lived in Phoenix 32 years and have a realtor friend that says not to pay for a property management. I usually call giving them 24 hour notice and see what is convenient for them and I have been very pleased. The house is clean the yards and pool maintained.

 
  • January 08 2010
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If you are not close by to personally keep a check on the condition of your rented property, you should consider a property management company.  Otherwise you may want to consider selling unless you know the tentants will not damage your home.
  • December 28 2009
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Profile picture for wetdawgs
that is a totally personal decision.   

Renting from a distance is challenging, so you may need to hire a rental management company.
  • December 28 2009
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