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Be prepared for your heart to jump out of your mouth. If you are anyway attatched to your house, sell it. Do not rent.
Today I got a phone call telling me to go to our rental property as the police were there. Seems like my tenants ex husband had put the address down, but also had an arrest warrant out for him. He didnt live there at all, but the cops came searching high and low. Now they were very very nice and understood what happened. But still ; the liability is there, I was imagining the newspaper with my face on it etc. It was address #1 out of 10 they were going to today for the same guy.
I cannot stress it enough ; if you are attatched to the house and want to move ; sell it. Its not worth the agravation or heartache.
I think I read somewhere in this forum Easton is a good place to look at... Anyway by looking at the map (which I should have done in the 1st place) New Haven going into the direction of NYC along I-95 is a good start. Greenwich and some other areas are too rich for my blood and that’s due to having dual residence. My price range is from $200,000 to $300,000. If I find the right place sidewalks might take a backseat… Safety and being able to commute along with a good school system are my priorities..
I’m looking at Devon, Stratford, Southport, Westville, Milford, and Norwalk. Can any of you give me some insight? If you know of any other area nearby please share. Any info is appreciated. Danbury is off I-95 and East Rock I can’t find on the map.
I'm not going to connecticut until after the snow storm that's enough time to do more research and mapping it out before making the trip. I might not need a place to rent because I'm so nearby.
Has anyone done this? Have you rented out your first home and, if so, how did that go?
Since I'm so reluctant to sell and such a loss and I do love our house so much, I've given this some thought. We have a fine down payment, but wouldn't be able to support two mortages.
I keep thinking about how in the future I'll love our home in Riverhead even more. Seems so unwise to sell, yet it's not a SD I want to be in now.
Or we could rent out our house when we're ready to move and rent elsewhere rather than buy. Such a bummer we bought when it was all high and now it's low.
I did the same thing. I moved into a better school district and rented out my 1st home about 5 years ago. The rent covers the mortgage. I figure when the house is paid it will be great.
For about 4 years I had no issues but I agree with EVERYTHING with what is written before my post. Last week on a very cold day the heat stopped working, needless to say I had to drop everything and get over there.
I now have a tenant that is really giving me a hard time and it's stressful. Since I don't want my wife to stress out I don't tell her about the situations. We took a cruise last year and I had to make arrangements if anything happened for a close friend to look after.
Even though it's a PITA, I would still do it because after both houses are paid, life will be easier with the additional income. I say go for it, I guess misery loves company
Before you agonize over the decision, why not talk to a good loan officer and find out if this is even an option? If not, then your decision is made for you!
I don't think it's worth the headache.
It is a total crapshoot.
The wrong tenant can cripple you financially, and more importantly, mentally.
Unless you are independently wealthy and are prepared to support the rental financially for any period of time, I would not do it. Always plan for the worst and hope for the best. Especially now with the economy the way it is. The chances of ending up with some skel for a tenant are very high in this day and age.
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