Trying to get started by renting my SFH, everyone and their mother is discouraging me

[Chuck K]

I've bought a new house and I was planning to turn my old house into a rental, I worked the numbers and they make sense financially for me. It'll be my foot into the door of real estate in which I've always held a passion and an interest. In my research, I've read books and here on BP, but I've talked to several friends and family members who are landlording and every single one of them is discouraging and advising against it. Almost every one of them tells me to sell the house and take the equity and run. Most tell me about the headaches of dealing with tenants and how they'll destroy everything I worked hard to fix and update. I don't understand if they're just negative or really have my interest in mind? One person told me how landlording caused him physical problems and needed medical attention. I guess I'm looking to BP for few words of encouragement! :help:

[Jon Holdman]

In another thread you said the house is worth $170k, you owe $120k and you could rent for $1200. Even ignoring what it's worth and just comparing the rent to what you owe it's a crummy rental. You mention a 15 year loan. With that, it's almost certainly cash flow negative unless you're lucky. And you've got $30,000 (after selling costs) tied up in a deal that's costing you money out of pocket. Sell it, and use the $30K to buy a $80K house that rents for $1200. If you can't find that sort of deal in a location where you're willing to buy, invest the money elsewhere. The goal here is to make money, not lose it.

If you're going to be upset when tenants make a mess and break things, you don't want to be a landlord. It goes with the territory.