I knew I had to figure out something to do with my house. My initial gut was to look into selling it, however I did have a couple of other options to consider.
First… I could do a “Longterm Rental”
This was something I was familiar with, because in the past with a previous home I did just that. I got it ready to rent, put it on the market and for the most part had two families rent the property over a couple of years. The upside with that, I was able to hold onto the house and when my mother wanted to retire, I was able to move her into the house and she has a great home to call her own.
The downside is that I had to hire a property manage company to handle some of the basics and there were a couple of times when the place was not rented for a couple of months and that put up some stress. Also I didn’t make as much off of it, because I had to pay the management company.
The second option… “Airbnb”
Now doing some research on “Airbnb’s” this, on paper looks to be a nice option. With a minimal amount of guests in a month, I’d be covering my mortgage and in some cases/months I could make a lot more than my mortgage.
The problem I saw with this, is again I’d most likely have to do it remotely, so I’d lose out on some money because I’d have to pay someone to do the registration, cleaning and other elements to make a good “Airbnb” succeed. And to me, great customer service is the key to this option and since I couldn’t do it myself, I didn’t want to intrust it to someone else, so this option was out for me.
The third and final choice was… “Sell it Outright”
Selling the house was on one hand the hardest choice and on the other hand the smartest choice.
Hard, because I had put so much into it, It was my home. I loved it and I had more plans for it.
Smart, because once I got the house ready to go, I’d be able to put it on the market. Sell it and then wouldn’t have to worry about that major asset hanging over my head.
After speaking with my relator, Patty Wilson of “The Brokerage,” looking at the numbers in my area and how long she thought it would take to sell the house, I went with option three. Now depending on what position you’re in, if you’re selling your house, one of the other two options might better suit you, but for me putting it on the market seemed the way to go:
Just a reminder, I’ll post new episodes in this series, every Thursday .And then remember, new travel, cooking and additional content here, all over Social Media @RVJedeye and on my blog @RVJedeye.com, EVERY Monday!
Patty Wison & Scott Cowart “The Brokerage”
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