I was speaking with a guy today about his home in Colorado Springs. He just transferred to Milwaukee for his job, and is living in an apartment here. He left a house back in Colorado Springs. He said it's on 2.5 acres of land and he's owned it for 10 years and made multiple improvements over time such as new siding, roof, etc.

However now with the job transfer, he isn't quite sure what to do with the house back there. He mentioned that there are quite a number of bank-owed foreclosures in the area so he doesn't believe he'll get "full price" (his words) for it.

I asked him if he was going to rent it out. He said that he would be afraid of someone "trashing" it. He currently has a friend "house sitting" so that the house isn't vacant all the time.

He asked me about "land contracts" or "rent to own" and I explained those. I also explained that if he got a "good" tenant in there, he wouldn't have to worry about someone trashing the place. I also explained how property management companies work and what fees they charge for their services on average.

To be fair, I also pointed out that there are multiple exit strategies for his house such as selling to an investor either outright or via "land contract"/"contract for deed". I think his impression was either sell retail or rent.

Looking for referrals to either very good property management companies in the area or a realtor who can assist. You can PM me the details.

Thanks!