All Forum Posts by: Justin Boddie

Thanks again, that's all really helpful.

Thanks so much for the response.  This helps a lot.  

As far as back story goes, I'm basically posting on here on behalf of my parents (they rarely check emails, much less responses to posts on a message board).  They're getting ready to move into a retirement community.  So, we were just discussing their options and this is kind of what we were looking at.  So, it has been their primary residence, but soon will not be.  And I'd be performing any landlord duties.  

However, being a bit of a fluid situation, another option has come up even since I first posted this.  And that's for me and my wife to purchase the house, and then be faced with the same decision to make (to rent or to sell).  We're fortunately in a position to make this happen, possibly even without having to take on a mortgage.

The main goal for my parents in this situation is to minimize stress as they move, and the main goal for my wife and I is to facilitate my parents' goal, plus make a wise financial situation for ourselves. 

Thanks again for any thoughts you have.  

We have a house that's about 40 years old in the north DFW suburbs, which is a really strong housing market right now.  The house has been paid off for several years, and we're trying to determine what's the best course of action with it now.  It's not our primary residence, we're wanting to do something with it. 

It's in good condition, 3 BR, 2 BA, roughly 2,000 sq ft.  Bought in 1993 for about $125,000.

My initial estimates are that it could be sold for about $300,000.  Or possibly about $2000 rent a month. Both the prices for home buying and home renting have gone up over the past few years.

This would be our first rental property, but I don't having to do the landlord duties.  

Basically, I didn't know if there was a general rule of thumb or if anyone had a strong opinion on the best course of action when the house has been paid off.  There's no mortgage payments that the income would be offsetting, the income would be put into savings.  

Any thoughts would be great, feel free to let me know if I'm not giving enough info.  Or even if I'm asking a dumb question, maybe the answer's pretty obvious.  

Thanks!