 Posted 8/22/2008 11:26:41 PM
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I have an old Bungalow style home built many moons ago...probably around 1950's or so. There is literally an old vacant (for sale) cotton mill less than a mile away that probably at one point served as the main employer for my li'l comfy town located about 45 mi east of Atlanta. I suspect that back in the day my home and a few others on my street probably served as supervisors' quarters b/c some of the other nearby homes (on my block) or near streets are even smaller and in MUCH worse conditions. Picture (the vast majority of other houses on my road) looking like literal cattle dung (yep...BS) vs my home, (mine) having great curb appeal (vs absolutely NO appeal whatsoever to any retail buyer) and several other appealing features such as vinyl siding vs cinder block or abestos siding, a huge storage barn vs no or extremely deteriorated sheds, fenced back yard vs dog tie-out chains, central HVAC vs window A/C units and plug-in heaters, etc).
I'm engaged to get married soon and, per my fiance's greatest wishes, need to sell this home...I personally don't mind keeping it for rental property and letting someone else pay it off and later selling for whatever we can realize at the time...but my fiance is much more (maybe for the better?....at least a good balance) worried than I am about all the potential headaches of being a landlord.
To add to this quagmire....literally "to the left and right of me" and also just a couple more blocks down the road .....BAM,.there you have the newer (early 1990's and beyond) 2/2 or 3/2 ranch homes (mine and the other homes I noted are mainly 2 bed / 1 bath). I realize I'm stuck mainly with comps on my block of the road and other similar very nearby streets.
Given my situation, would you continue to upgrade (I've already completed a vinyl siding job, bath remodel, plumbing line replacement, fenced backyard and large storage barn)?....or, alternatively, cut your expenditures and rent out? Indeed, my home would offer a single male in a bind (as I was due to a nasty divorce w/ a child involved) a very decent home OR a traditional blue collar couple a much nicer home on the block....but at the same time my block consists mainly of rental homes w/ residents not so much inspired to do anything other than to live just one more day.
Given my situation and today's economy (and, yes, trust me I KNOW the complexeties are not the best to be in and would greatly appreciate the lack of sarcastic respones)....would you continue to upgrade (replace carpet, upgrade kitchen, add extra closet space, etc) and hope for someone to come along by chance as a buyer? Or, alternavtively, would you go w/ the vast majority of the very nearby (within a block) homes and rent out? Or, yet another, would you focus your marketing efforts to existing or "wanne-be" landlords to purchase a turn-key rental property?
Any and alll input is MUCH appreciated! On one hand I'd love to rent out and wait and see what happens in the future (my town is fast growinig...not beyond the realm of possibility of a developer coming along one day and buying out my entire block to re-develop / build new homes)....on the other, my fiance is fairly set against taking on the risk of the potential landlord headaches. What'cha think???
"I know of no more encouraging fact than the unquestionable ability of man to elevate his life by conscious endeaovr"...Henry Thoreau, US Writer
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Posted 8/24/2008 8:49:41 PM
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Hi,
Please email me at "room2rents@gmail.com" with pictures of the property.
I am a principle and am interested.
Susan
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