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SVTPerformance's Chain of Restaurants
Road Side Pub
anyone own any rental homes?
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<blockquote data-quote="broke7" data-source="post: 12767207" data-attributes="member: 9457"><p>I own a home in FL that I bought in 2004 which was our 1st home right after we got married. I was stationed there, and got PCS'd non voluntarily due to military. Had no choice but to rent. </p><p></p><p></p><p>Moved back to Alaska, and we just bought our 2nd house. Refinanced the 1st house at today's APR % (3.21%) vs 2004's good rate @ (5.45%), and dropped the payment close to 300/mo. I also went with a 20 year term. Im now making money on it. I have no intentions on moving back to the area, but I was not putting my dream house on hold in Alaska for something the military moved me from. </p><p></p><p></p><p>My only suggestion is either have a good renter, someone you know/trust. Or hire a property manager to manage it for you, and you set the guidelines. Credit check, inspections, before/after agreements etc. My original realtor who sold us the house also runs a property management company, and does our management for 8% of the rent. Its a convenience factor for us living 5000 miles away.</p><p></p><p>Only drawback is NOT having a renter. I went close to 18 months, at 1st it was scary, but we prepared for the possibility. We have a seperate account set aside with close to 1 years for rent/mortgage there so we dont touch our normal income incase the renters vacate. Our lending institution for the 2nd house required 18 months min, which was really no biggie. </p><p></p><p>Also, you can use the rental home as a deduction for travel expenses/improvements. We write-off as home improvement expenses when we travel down to Disney. We stop at the house, do some paint, and other small improvements. Rental, lodging, and expenses are a writeoff. Works out good for us because we frequent Disney alot from Alaska since we are geographically separated from the 2004 house.</p></blockquote><p></p>
[QUOTE="broke7, post: 12767207, member: 9457"] I own a home in FL that I bought in 2004 which was our 1st home right after we got married. I was stationed there, and got PCS'd non voluntarily due to military. Had no choice but to rent. Moved back to Alaska, and we just bought our 2nd house. Refinanced the 1st house at today's APR % (3.21%) vs 2004's good rate @ (5.45%), and dropped the payment close to 300/mo. I also went with a 20 year term. Im now making money on it. I have no intentions on moving back to the area, but I was not putting my dream house on hold in Alaska for something the military moved me from. My only suggestion is either have a good renter, someone you know/trust. Or hire a property manager to manage it for you, and you set the guidelines. Credit check, inspections, before/after agreements etc. My original realtor who sold us the house also runs a property management company, and does our management for 8% of the rent. Its a convenience factor for us living 5000 miles away. Only drawback is NOT having a renter. I went close to 18 months, at 1st it was scary, but we prepared for the possibility. We have a seperate account set aside with close to 1 years for rent/mortgage there so we dont touch our normal income incase the renters vacate. Our lending institution for the 2nd house required 18 months min, which was really no biggie. Also, you can use the rental home as a deduction for travel expenses/improvements. We write-off as home improvement expenses when we travel down to Disney. We stop at the house, do some paint, and other small improvements. Rental, lodging, and expenses are a writeoff. Works out good for us because we frequent Disney alot from Alaska since we are geographically separated from the 2004 house. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
anyone own any rental homes?
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