Renting out your house

bignickp · Jan 19, 2015

I have a job opportunity in phoenix, I live in the buffalo area, but am afraid that my house may not sell fast enough to make the relocation process smooth for my family and new employer. Does anybody own out of state rental properties and are these profitable? Would I be able to get another mortgage right away or will I have to show income for a length of time from the old house? Thanks for any advice.

Pharm_Fed · Jan 19, 2015

I don't own any rental properties but my parents do. In the same state but a few hundred miles away. They have a third party manage it for a small fee and they make a profit on it.

If you think it will sell quickly and don't want someone in there for a long term contract, you could list it on Air BnB to make whatever money you could until it sold.

bignickp · Jan 20, 2015

Thanks good to know!

Godfather2112 · Jan 21, 2015

I own a rental property out of state (it was my home). It can be profitable or be a money pit. You will need a rental agency to handle the property and make sure you research them as well as completely read the contract.

Jefe · Jan 21, 2015

I rent a house from someone who lives out of state. With what he's charging me, he's not trying to make money.

It seems like he wants living in the house to keep theives away (seasonal recreation development) and a house that is lived in is generally maintained better than a vacant house. Plus, if his pipes freeze, someone will be here to make a call instead of disaster.

Just the flip side of the coin.

He likes my mom and I and we like him. We have a good relationship. We're getting the house at a bargain and he feels secure with us here.

BigPapaPumpAF · Jan 21, 2015

I've been a broker going on 27 yrs. so here is my advice.

If you must have the income to qualify for the next house, rent it but hire someone to manage it for you and most importantly write the rental agreement for you.

Each state is different but in most states, the eviction process is a nightmare. I've seen people get into a house and it takes 6 or 7 months to get them out, all the while they pay nothing and usually trash your house.

I think you're best bet is #1 see if the company you are going to go to work for will offer you a relocation package, meaning a 3rd party will buy the house.

Or#2, hire the best agent in your area and price it to move. The market is back, most homes that are priced well, sell quickly.

I don't check this site often but if you want to PM me and give me a general location of where you are I can get some names of good agents for you.

BPP