12 Apr Ep. 53 Deciding Whether to Rent or Sell Your Current Home

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In this episode, Realtor Adam Kruse, Realtor Shannon St. Pierre, and listener Henok Tekle discuss all the factors to consider when deciding whether to sell your home or turn it into a rental. Find out what to do if bad neighbors are turning off potential buyers.

Email questions to PODCAST@HermannLondon.com

WHAT’S INSIDE

0:45 Adam introduces Shannon St. Pierre

0:51 Adam introduces Henok Tekle, long time listener of the podcast.

1:45 How to decide to sell a home or rent it. Will it cashflow? Will it at least pay off the mortgage? Will the property appreciate?

6:20 What is the goal when buying investment property?

7:45 Can buying a building pay for a college education?

9:45 Is it possible to buy another home without selling the current home? Do you have enough down payment to not pay mortgage insurance?

12:08 What are general expenses to consider when buying a home? Mortgage payment, insurance cost, repairs, maintenance taxes, HOA fees, property management fees, vacancies, commission, advertising.

13:44 Should you always keep adding to the emergency maintenance reserve fund for a rental property?

15:44 What is a typical fee for an agent to rent out a property? What if a tenant stops paying before the lease is up? What is a renter guarantee? What is a lease breaking fee?

18:08 Are you okay with being a landlord? Are you emotionally attached to the home you used to live in?

21:20 Will the market go up or down? Should you cash out now?

24:00 Can you keep the current house and take out a HELOC to buy another property?

25:33 What makes a good renter? Credit score, criminal history, work history, employment verification, contact previous landlords, and bankruptcies? What are protected classes?

29:50 How do you deal with bad neighbors when trying to sell a home?

41:25 How do you deal with all the leads that come with listing a property for rent? How does scheduling an open house save a lot of time when trying to rent out a property? What’s the best way to handle multiple rental applications, especially when it will cost the applicant money to apply?