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We had to rent our former home for 4 years after we moved, but couldn't sell because the market value was too low after the real estate crash. It's really hard
by LargeWu 7y ago
We had to rent our former home for 4 years after we moved, but couldn't sell because the market value was too low after the real estate crash. It's really hard to find tenants that aren't total deadbeats. Raise your rent and it's almost impossible to fill the vacancy. Lower the rent and get nothing but unqualified applicants with terrible credit and criminal records. So sure, maybe I could lower the rent to get someone in there, but that means there's a high chance they'll either a) not pay their rent, b) damage the property, or c) both.
- sdenton4 7y agoGreat! If you can't fill the spot to your liking, you should get out of the game. Sell to someone who needs a place to live, or is comfortable lowering rents and dealing with the work load.
- jiminy_john 7y agospoken like a real champ! You show'em! to those fat cats!!!
- toomuchtodo 7y agoThe other option is to simply default and walk away from the property if you can't find a tenant, and you can't afford to eat the loss of selling it.
- coredog64 7y agoNot every US state is a non-recourse state.
- toomuchtodo 7y agoSpeaking from experience, you can still default in a recourse state with little consequence.
- LargeWu 7y ago"Sell to someone who needs a place to live" This would have required me to take a huge loss on the property, which I would have had to pay out of pocket, to the tune of tens of thousands of dollars, which I did not have. I would have preferred to never rent at all.