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#1 by bearr41 at April 10th, 2009
Very bad idea. If she is in poor health then she is not going to be an effective landlord. Also, if the house is in bad shape it is a liability and the renters could end up suing her. They will likely tear the place up. And, it is unlikely that she will make money off the deal.
Sell it and move on.
#2 by the d at April 12th, 2009
i was once a landlord and i would prefer to rent a to a family.
However, it can be good way of going about things.
90% of your problems of being a landlord are solved if you find a good tenant, that is not always easy to do.
#3 by glendaokoeguale at April 14th, 2009
She can do both. I would find a good tenant to rent it out to (preferably a short term lease), that way she would have some form of income and also put it on the market for sale.
#4 by Irvin W at April 18th, 2009
Usually I’d say in a market like today to rent it out for awhile until financing becomes “friendlier” making it easier to sell. This, however, doesn’t sound good at all. It’s very unlikely your mom is going to be able to even begin to manage this house properly. There are certainly management companies out there but….
I’m assuming she owes nothing on the house. If it’s that dated perhaps this will be attractive to an investor willing to go in and fix it up and resell it or rent it out. I’d say put it on the market, sell it and put the cash in the bank. There’s just too many bad things that could happen (and likely so) for her to rent it out.
BTW, I rent out quite a few (mainly college rentals) so I’m not “anti rental property ownership”. I just think she’ll be better off cashing it in and “moving on” as someone above said.
Best of luck!
#5 by schwildcat1977 at April 19th, 2009
If it is that dated then it will be very hard to sell it with out putting a lot of work into it first.
With renting you can get some money out of it without absolutely having to do any updates as long as everything works properly.
#6 by Isabella Caylee Marie Richards!! at April 22nd, 2009
rent it, sell it a couple of years later, you will get much more and will be better in the long run