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