Thread: sell or rent - house in florida.

If you rent, you get money out of pocket every month. So, you may consider something for the buyer as owner financing or anything else attractive...
The sale price should reflect your situation and/or motivation to sell.
Check 3-4 realtors and ask what they can do for you and how.
I have a few ready to go questions you may use here:
http://www.isellsevier.com/resources/14questions.php
And, put the fact that you can cancel at any time if you are disastified with your agent. There is nothing worst than to be tied up with a listing agreement for a year with a lazy agent...

Unfortunately no matter how you look at it, you are going to take a beating. The longer you hold the property the more it's going to cost you. Unless you can cover the negative cash flow with a tenant for an indefinite period of time, it is not a good option.

Your competing with Short-Sales and foreclosures. A good buyers agent is going to know what is owed and their buyers will likely offer just enough to pay commissions, closing costs and the bank, with little left for you.

It's better than a foreclosure and since you are alreay settled into your new location, put this behind you and look to the future.

Where is the property?

Thanks Cody and Rebuyer for your replies.

I am assuming Cody also is advocating a sale over a long term (over 5 years) rental. And yes, that is my concern to keep a house intact with a long term rental and more difficult to find one consistently for a long term.

Is it advisable to keep this property for over 10-12 years and maybe use for my retirment investment? I am looking for logical reasons to keep it while every argument is pushing me towards selling it.
Property is a little north of Palm Beach Florida.

Best.
M

Originally Posted by midas3005

And yes, that is my concern to keep a house intact with a long term rental and more difficult to find one consistently for a long term.

M

To encourage your long term tenants to take the most care possible, you may decrease the rent.
I use to say, it's $900/month but I come every 6 month to inspect the place and if it match my pictures (taken the first day) I decrease your rent down to $875/month. Next 6 months, $850 and so on until reaching my minimum acceptable....
Tenants like that...and make an extra effort...

That certainly sounds interesting - thanks Cody.
How do I appraoch the issue if the intention was to keep the house
till retirement (another 20years).

M

I always want to keep my homes for more than 20 years.
But when I explain the decreasing rent to my tenants, they seems to stay more than 1 year of contract, and they care more of their place.
I encourage them to paint the wall sometimes, after 2 or 3 years...They like the idea so far...
When I check the place after 3 or 6 months, I always have a gift in my car, usually a fruit basket. I don't say a thing but when I see it's taking care of enough, I always said: " Hey I got a present for you to thank you to take care of the place, let me go back to my car, I'll be right back:
I do the basket myself and buy the fruit at wal mart, so it's a very nice gift for them for few bucks...

I guess it's nice to have a friendly relationship with the tenants in order for them to take care of your property, but remember, it's a business relationship.

Sorry, but I don't give anything to tenants, and punish them for bad behavior. If you keep decreasing the rent, you'll go broke.

If the tenant knows what you expect going in, there should be no issues.

You mentioned just north of Palm Beach? (Martin County) or (St. Lucie County)?

The answer will dicate the course of action you should take. If the property is in St. Lucie county, dump it. It will be 10 years at least before the property will start to see appreciation.

Martin County is GREAT. Great Schools and no over development. I would hold in that county. It has the best chance for a quick recovery.