Rent Advise
Hello All,
First time post over here. My question is:
I have a single family home in Troy, Michigan, a very nice detroit suburb and in a very good location. I may be moving out of state due to job reasons, instead of selling the home, I was thinking of renting out the property. I would highly appreciate, if you guys can help me out in making this decision and also advise what are the pros and cons of this approach.
Thanks a lot
try the landlord forum...
JB
Being new it is obvious that you misplaced this in the wrong forum....I would think distance would be a major concern...how far away are you going to be and are you willing to pay out arental amnagement company to handle it for you...second thing is capital gains...if you have lived there 2 years and have gained any appreiation you can cash it out tax free (250k per person for a couple) if you rent it out this might end up being taxed later on....I believe and you should check with a tax guy that you only have to live there 2 years out of the last five to do this...if you do rent out you may be able to do it for the next 3 years without loosing this tax advantage.....last...look at the numbers and do they make sense........if you can sale for say $200k but only rent for $750-$1000 a month what makes more sense to you right now....can you afford to make any payments if it sits vacant? etc...lots to think of...good luck