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Updated over 3 years ago on . Most recent reply
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Primary home becoming a rental?
I have lived in my home for the last 10 years until last year when my father passed. My father lived with my mother and since I did not want my mother living alone, I have moved in to my parent's home. The problem is what to do with my primary home?
I really enjoyed my home and the home is in good condition. In the back of my mind, maybe some day I would move back there. I have been debating if I should be selling or renting my home and I think I am leaning towards renting it out as real estate is such a hard thing to get especially in a competitive market as mine. One of my biggest concerns for renting the place out is the tenants will ruin my place.
I guess I can raise the safety deposit to mitigate some of that. Would you sell the property or rent it out? It would cash flow about $1K a month if I do rent it out. If renting, what other measures would you do to ensure your property is protected (yearly inspections?)
Thanks