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Monday, October 27, 2014

Simi Valley Short Sale Market Update-HyperLocal

Should I Rent My House Instead of Selling It? | Keeping Current Matters

A recent study has concluded that 39% of buyers prefer to rent out their last residence rather than sell it when purchasing their next home.
The study cites that many homeowners were able to refinance and “locked in a very low mortgage rate in recent years. That low rate, combined with a strong rental market, means they can charge more in rent than they pay in mortgage each month... so they are going for it.”
This logic makes sense in some cases. Residential real estate is a great investment right now.
However, if you have no desire to actually become an educated investor in this sector, you may be headed for more trouble than you were looking for. Are you ready to be a landlord?
Before renting your home, you should answer the following questions to make sure this is the right course of action for you and your family.

10 Questions to ask BEFORE renting your home

  1. How will you respond if your tenant says they can’t afford to pay the rent this month because of more pressing obligations? (This happens most often during holiday season and back-to-school time when families with children have extra expenses).
  2. Because of the economy, many homeowners cannot make their mortgage payment. What percentage of tenants do you think cannot afford to pay their rent?
  3. Have you interviewed experienced eviction attorneys in case a challenge does arise?
  4. Have you talked to your insurance company about a possible increase in premiums as liability is greater in a non-owner occupied home?
  5. Will you allow pets? Cats? Dogs? How big a dog?
  6. How will you actually collect the rent? By mail? In person?
  7. Repairs are part of being a landlord. Who will take tenant calls when necessary repairs come up?
  8. Do you have a list of craftspeople readily available to handle these repairs?
  9. How often will you do a physical inspection of the property?
  10. Will you alert your current neighbors that you are renting the house?

Bottom Line

Again, renting out residential real estate historically is a great investment. However, it is not without its challenges. Make sure you have decided to rent the house because you want to be an investor, not because you are hoping to get a few extra dollars by postponing a sale.

Thanks for reading this,

Many Ventura County Homes Appreciated by over 16% Last Year.  If you’re thinking of selling, yours may have now have enough equity to sell without being “Short”.
Pricing your home correctly the FIRST TIME is more important than ever!
If you want an accurate idea of what your home is worth Click Here:                      

You may now have enough EQUITY in your home to sell WITHOUT
having to be “short”. If you are thinking about a short sale I can help
you get an accurate value for your home and get back on your feet. 

If you would like periodic updates on what is going on in

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Phone: 805-208-0823. 



Finding The Right Solution                                               How To Do A Short Sale

How To Write A Hardship Letter                            Loan Modification Kit

Short Sale VS Foreclosure                                    Loan Mod-Active Status Review
Is It Too Late For A Short Sale?                             The Truth About Loan Modification Approvals
Thousand Oaks Market Update                            Simi Valley Short Sale Trends
Moorpark Market Update                                        Moorpark Market Trends
Are We Still UnderWater?                                      Which Way Is This Market Headed?
Simi Valley-Price To Sell??                                   Thousand Oaks Deficiency Judgment
Moorpark Short Sale-HyperLocal                          Thousand Oaks Short Sale-HyperLocal
Simi Valley Short Sale-HyperLocal                      Buy VS Rent    &    Buying Beats Renting


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