Moving logistics
August 10, 2012 5:27 PM Subscribe
Moving out of town on short notice, house to sell, tenants etc. Advice?
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.
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.
Having just sold a house, I think the insights and advice of an excellent Realtor can be really valuable. Is the house already on the market? What's your realtor telling you about the market in your area for houses like yours and whether the price you're asking is realistic? Did you talk with more than one Realtor about it, to get a surer sense of how this is likely to go?
Is it easy to find good tenants, or is the house in a less desirable neighborhood?
Your best choice will depend on a lot of particular details that you haven't included here, many of which would be difficult to assess at a distance even if you gave them.
posted by jon1270 at 3:30 AM on August 11, 2012
Is it easy to find good tenants, or is the house in a less desirable neighborhood?
Your best choice will depend on a lot of particular details that you haven't included here, many of which would be difficult to assess at a distance even if you gave them.
posted by jon1270 at 3:30 AM on August 11, 2012
Yes, and a realtor might be able to recommend a rental agent as well. Be sure to ask the realtor about renting versis selling, and not just selling.
posted by carter at 5:31 AM on August 11, 2012
posted by carter at 5:31 AM on August 11, 2012
This thread is closed to new comments.
I have a friend, who has a handful (about 5) properties rented out where I live. The housing market has tanked, as have his property assessments, houses aren't being sold, and a big problem is now that people can't get mortgages, However rentals are looking good, as people can't buy.
Not sure where you are ... but first, if you are near a university, this is when people are looking for rentals.
posted by carter at 6:53 PM on August 10, 2012