Skip to main content

Do I sell the house or rent it to get more income for my future house?

Hi everyone! My father unfortunately passed away pretty recently and he left his belongings, which include a house that's probably close to 180k. It's a 1 story house with a basement and a very long backyard which includes trees, a swamp, a bonfire place, and a small river. His house is a far away for me to live in and has many factors to why I don't want to live there. He smoked cigarettes and Marijuana in the house, the kitchen is outdated/ not modern, the tile probably needs to be redone, and the bathroom ceiling is peeling so probably a roof leak. He also never fixed/replaced things so it might need a new furnace in 1-2 years, the water heater is broken, and the a/c is old. So my dad owed 40k on his house and it's going through probate. I may be getting ahead of myself but if I were to "take over the payments" with a refinancing or do whatever, would it be better to rent it or sell it? I think maybe rent it because I could get extra income each month for my future residence but I'm not sure, thanks!

submitted by /u/deathdefyinggemini
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/r5o1ot/do_i_sell_the_house_or_rent_it_to_get_more_income/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more