August 10, 2012 5:27 PM Subscribe
Moving out of town on short notice, house to sell, tenants etc. Advice?
posted by mdn31 to Human Relations (3 answers total) 1 user marked this as a favorite
I am in the final stages of working out a possible job out of state. I would be moving 800 miles away. Job will involve a slight pay cut mostly due to the COL in the new city. In current city I own a duplex and rent the top floor. The upper unit has been vacant since June (I wanted to know for sure what I was doing about the job). I cannot afford both the mortgage and my new rent, however I am not willing to give up the new job for this reason alone. I might be able to handle the new rent/mortgage for 6ish months provided at least one of units in duplex are occupied. However, I have no idea how long it will take current home to sell. And my cash flow will be tied up in it until something happens so I do not want to commit to anything long term in new location. I have it nicely staged and appointed which may decrease time on market. I have sold a house that was tenant occupied before and that came with its own set of issues. Furthermore, I am moving on very short notice so there might be some benefit to leaving some belongings behind until the house sells. With those things said here are some options I have considered, would love feedback.
1) Hire a company to rent the upper unit out only. Leave lower unit in current staged condition for a time until it sells while living more simply in new location (for example live with a roommate for now). With this option, the upper unit may not have to be bothered as much. If the person buying it plans to live there, they would almost definitely want the lower (much more updated, attractive). I would have roughly an $800 shortage doing it this way.
2) Rent both units at below market rates on short term basis with the understanding that they accommodate showings. With this option I would still need to move most of my items into storage short term but I would be closer to covering the mortgage. Shortage would be around $200-300.
3) Rent my unit only (furnished) to someone needing short term accommodations. Under this option I would not need storage. The upper unit would be vacant. I would have roughly a $600 shortage this way.
In all options I would need a local persons help (in current city) to check on the place, etc.
Not sure about renting out my nice furnishings to just anyone on craigslist.
The shortage is less important the less time it is on the market so I am not as worried about that at least for now. I know there are other things to consider too? Regardless, I need to move forward with this as soon as I get a definitive answer about the job as I would need to be there early Sept. This is also the time of year in my state when it starts getting cold and less people are moving so it may be harder to find someone. Thank you in advance for your replies.