Awarenesss
12d ago
Fair point. I think this a benefit of a property management company—they are consistently transactional by nature and requirement, whereas my softheartedness would probably vary by tenant.
Awarenesss
12d ago
It’s only one right now. He’s an old friend who is living there for the cheap rent (which I’ve promised not to raise) and to spend more time with me. If I moved he would too, and even if he stayed and I increased rent, it wouldn’t be enough to cover what I need.
Awarenesss
12d ago
I’m in north Garland, so Garland ISD, which isn’t the highest value school district, but still a not-so-bad area. Open to your predictions.
Uptown is where I want to live for a few reasons:
- I’d save ~100 hours per year of driving (any further south is too far of a commute)
- the environment is ambitious in various ways, a vibe I’m looking for to boost a few aspects of my life and one my current place doesn’t have at all
- people I know who live in Uptown enjoy it and I mostly trust their takes
- I want to live with my girlfriend and Uptown is as far north as she’s willing to move
I think I’ll talk with a property management company and see what they have to say.
Awarenesss
12d ago
I do have housemates now which has substantially helped with paying the mortgage (and I’d recommend to any single person with a home!).
I want to move to area X because a) I like the environment, and b) that’s where I spend a lot of my time, allowing me to save an estimated 100 hours per year of driving (one-hour round trip twice per week). Housemates don’t help this much, even if I save a bunch of money.
Awarenesss
12d ago
Yes, taxes. It went up by $400/mo last year, and I expect another $100/mo again this year. That’s not minuscule to me. But you’re right—long-term it mostly washes out.
Awarenesss
13d ago
I have effectively made the decision to move out of my home in the middle-class Dallas, TX, suburbs into an apartment in the fun part of town. I am debating whether I should rent the home out or sell it and would like advice and/or experiences from my fellow Mottizens. I am leaning 75/25 in favor of selling given the thoughts below.
Background:
- 26 year-old male in committed relationship that I expect to result in marriage. We would not move into this house together if we got married.
- Home is appraised at $380k and has a 30-year mortgage with 3% rate. Monthly payment all-in is $2200 and expected to go up due to property values increasing.
- Home is in a socially "meh" area with meh schools and stroads galore
Pro-sell thoughts:
- I do not have the time to manage tenants unless they are truly very quiet nor am I willing to risk getting shitty tenants and having to deal with them
- I can simply pocket the cash and have peace of mind about not having to worry about the house and its illiquidity, tenants, etc.
- I am moderately risk-adverse when it comes to money and investments and it can cause me stress. If I were to move to an apartment and have a vacant home, my combined mortgage and rent would be about 80% of my post-tax income. (I have plenty in a brokerage account that could cover me, but I don't want to sell that.)
Pro-rent thoughts:
- More equity: I do not care about making a large monthly profit off of the house (maybe $100-200/mo to pay for emergencies), but rather building equity so I can get more money when I eventually sell
- Property management companies can, but not always, do a good job of not letting anything make it to the homeowner (from what I've read)
- If I get lucky and find excellent tenants, I can treat them very well to increase the likelihood of them staying (but this is still risking it)
- My area's real estate market is relatively in-demand with little sign of slowing down (not including reasons that affect all U.S. cities), which may allow me to sell a bit quicker than other markets, especially if I sold for below market value (which I'm fine doing if absolutely needed)
- 3% interest rate is very good and I suspect we won't see that for a long time
Is there a specific essay that talks about this? Or is it a general theme of the blog? I read a handful of essays that spoke a bit about this, but nothing devoted entirely to it.
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