Dallas/Fort Worth Real Estate Investor Club

Rent out home?

  • 10 Jul 2018 3:02 PM
    Message # 6374809
    T P
    I'm looking for advise or perhaps others point of view. I currently live in a 3/2/2 east of Dallas. I have no mortgage and I really do enjoy not having house payments. Selling this house and upgrading really isn't an option. No need to go into that but Texas Common law makes that pretty clear. 
    I do feel as though I'm leaving a lot on the table just living there when I could easily rent it out and use that to pay for another mortgage. I would have to stay in the bargain price range to do it but there are a lot of new communities nearby that meet price range. 
    Im 56 for what it's worth.

    Im perfectly capable of managing a rent property or even better hiring a manager. In consideration of pros and cons I can come up with or read about it seems pretty simple to me that I'm wasting this asset by not using it. 

    Any sage advise is appreciated. 
  • 14 Jul 2018 6:20 AM
    Reply # 6380975 on 6374809

    I think it is a question of cash flow.  If you can rent your current house for more than you pay to live somewhere else, it seems like a good idea.

    Don't forget to include all the costs, like vacancy, taxes, insurance, maintenance, etc.

    Another option to consider is sell it on an owner finance.  That way, you get a down payment and collect monthly payments but you do not have to maintain the property nor pay any of the costs to own it.

    I hope this helps.  Let me know if you have any additional questions.

      Neil Aggarwal
      Property Financing, LLC

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