I’m moving out of state. Should I sell or rent the house out? - Posted by Joe
Posted by Joe on February 09, 2000 at 21:59:51:
I am just getting into real estate investing. I have no rentals currently. My preliminary cashflow analysis indicates I could break even if I rent my home using a property manager in the O’fallon, MO area. Great house, great location. However, I also have a nice relocation package where my new employer will guarantee the appraised value of my home if it does not sell within 60 days. If I sell within 60 days, there is a bonus incentive to me. I am moving to Calfornia by the Bay Area, SF, Silicone Valley … get the picture … $$$ homes. What do I do? Sell the house? Keep it as a rental? How much risk is there by being an out-of-state landlord? Is there a way to rent this house and still have a way to purchase a home in CA without the equity in my current home? Can I use equity in a rental to make a down payment on a home? or maybe I should just rent in CA.
If you were in my situation, a person trying to become a real estate investor, what would you do? Please help.