We are landlords. Being a landlord never seemed like it would be much work. I thought it actually sounded like a rather good deal...someone pays the mortgage on a house and you earn the equity. Well, the key word there is
"earn".
This picture was taken when we were living in the house, so the house doesn't look quite so cute now, but I imagine in few days we could have it back in shape.Our house on Harding has had two tenants in the time we've owned it. Both have been good tenants, and for that we are lucky. I have heard tenant horror stories, and definitely took that to heart when selecting potential tenants. We haven't had any major repairs to make, but never the less, being a landlord does take time. It is also stressful.
This stress, in addition to our concerns that the rising insurance prices will cause more out of pocket expenses for us, we are considering selling. First Harding and then Jena.
We still feel wishy washy about it. I am concerned about not selling it for several months and having to pay the mortgage each month without a tenant living there. And then how much are we willing to accept? We'd like to make a little cash to pay off some debt and boost our savings, but we don't want to get greedy and put ourselves in a predicament. And then if we don't get any reasonable offers and decide to return it to rental, we've got to go through the hassle of finding just the right tentant.
I emailed the tenant last night just to feel her out and see what her plans are because for all I know she may be intending on moving next month (we're now on a month to month lease). She is really the best tenant you could ask for, the only other thing I could hope for would be that she cut grass. Surely if she isn't planning on leaving, she'll start looking when we put the house on the market. Hell, she might leave since I told her we were "considering" selling.
So that's the big question that dominates our dinner conversation right now...sell or not?