my parents moved to lancaster CA, because it was cheaper from where we use to live and then i went back to live by myself when i was 17 and had been renting since. now i’m 19 and bought my own place near lancaster because it was cheaper and i thought i would sell it in a few years and buy something better. i have a good job right now but it’s an hour from were i bought my home and i am wasting alot on gas. i’m thinking wether i should rent my condo and go back to rent a room closer to my work, that way the condo will almost be paying for itself and then when i see it’s gained enough i’ll sell it or when i refinance just buy another home. or my other option is to find a closer job and stay in my condo. but i’m getting paid $500 cash monday thru thursday part time and if i find another job i’m pretty sure i’m gonna have to work more including weekends and probably make less.
I Just Bought A Condo And Am Thinking Of Renting It , Can I Get An Answer From Someone With More Experience?
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It’s not a bad idea to rent it. Gotta keep in mind that you originally bought it to be your principal residence, and that’s why you got the good interest rate. But also that was your original intention, and the job came after. IF you’re ever questioned about it, please keep that in mind – the lender is trying to see what your intention was when you bought it.
As for what you’re doing now, you say you’re getting paid $500 cash – is this under the table? If so, you’re going to have a very tough time getting qualified for a loan in the future. If it’s thru paychecks, maybe you want to try to buy a condo or home nearer to your work, also. Just remember you’ve got to be able to afford both, even if you don’t have a renter, which will happen every once in a while.
Also remember, 2 homes appreciating will make you more money than just one.
Best of luck!
Sean
if you both this condo for your primary residence, legally you can not rent this for 12 months, but many people rent anyway .
maybe finding roommate will help you with gas money and live you with more cash every month ,then renting new apartment.
put an Ad in paper or in Grocery store for Tenents.
read tips on real estate, renting and investing on this site
Go to a local realtor and speak with someone in their Property Management Office (PMO). They know the market and can tell you how much rent you can expect. They can also help you find a renter. They will more than likely do a credit check and possibly even a background check on the applicant. They will ask for references from prior landlords to make sure they had a good record of paying on time. The PMO will secure a reliable tenant, get a rental agreement signed collect the appropriate security deposits. The nice thing about working through a PMO is that a lot of the headaches and hassles related to being a landlord are taken away from you. You won’t have to worry about that 3 a.m. phone call that the cable TV is out or the bathroom sink is clogged. It’s well worth the 10-15% you might pay the PMO to manage the property for you.
I hope you found this information useful.
Please visit my website at http://www.flwatehomes.com if you have any further questions
Jim Reske, Realtor
ERA Advanage Realty
Port Charlotte, FL
I’m not sure you actually asked a question. But renting out your place seems like a good idea. Probably need to read a couple books on the legalities of renting property out. Get a good lease, and track your expenses and income properly. If you don’t know how geta good lawyer and accountant.
One rental property is a pain by itself. If you can make your money back, I’d sell it and move to where your job is. If you can’t sell it for a profit after fees, commissions and capital gains tax, you’re probably better to rent it. Get a property management company to qualify the renter and to manage the rent collection, maintenance, etc. Wouldn’t hurt to talk to a lawyer to make sure you are not opening yourself up to more liability (lawsuit) than it’s worth.