Has your Atlanta home been on the market for month after month without any calls? You don’t even get calls from your agent.
You know what it’s like to live in a “show ready” home. No clutter, the beds are always made, the kids toys are always hidden away (how difficult is that). That is an extremely difficult way to live. And then you have to be ready to leave your home on a moments notice so your home can be shown.
The only thing worse than living “show ready” waiting for your agents calls is living “show ready” and not getting any calls.
It is extremely stressful living like that month after month.
One day you are out shopping and run into a neighbor. The conversation turns to selling your home. You get frustrated and tell them “no leads”, nothing for the past nine months.
Your neighbors asks “What about renting?”
You look aghast !
Strangers living in my home! Destroying my home, getting calls at all hours of the night, repairing toilets, collecting rent. The list goes on.
Not so fast…
If your home hasn’t sold it may be you have it priced too high. You may not have the equity to lower the price. Renting may be an option.
Let’s take a look at the Pros and Cons of renting.
Pros
- You get your life back. No more living “show ready”
- Your tenant continues to pay off your mortgage
- You may make additional money each month
- You may be eligible for various tax deductions (check with your accountant)
- You are riding out the downturn and can sell your home in the future
- Piece of mind
Cons
- Dealing with tenants
- Late Rent Payments or worse, no rent payments
- Evictions
- Tenants trashing your home
- Broken toilets, maintenance issues
Being a landlord is not for everyone. It does take a unique mindset. You must think of it as a business. You are looking for tenants not new friends.
Most of the problems I have seen come from improper screening of tenant prospects.
One common mistake I see with novice landlords…They are anxious to get the home rented and place the first person that comes along.
If you have your house on the rental market for two months, .you have lost two months mortgage payments.
If you put a bad tenant in your home you have lost
- Months of chasing after rents
- Emotional Stress
- The cost of eviction
- $75 filing fee
- $25 for the writ of possession
- $100 for the sheriff
- $ 250 to move the furniture to the curb
- $250 to come back in 24 hours and haul way the remaining furniture
- Cost of repainting and repairs
Losing two months of mortgage payments doesn’t look so bad, does it?
Wait for the right tenant!
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