Any advice on renting a house when it won’t sell? We have a house that by all data is priced downright aggressively low. Problem is, most buyers in our market right now will not consider a house with stairs at any price (so tired of feedback being great house, amazing price, can’t do stairs). Our house is a split level, with all the living spaces upstairs… so no real way around the issue.
Our realtor just keeps saying “we have to find the right buyer.” I’m wondering if it’s time to cut and go to a rental property. Not ideal for a lot of reasons, but the good news is we’d be clearing cash even accounting for repairs.
Any advice on deciding when to drop off the market and switch to a rental?
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@EmmanuelBrown Where do you live? Here in central NY every house is like that. Renting is a fool’s errand. Cut price and get it sold.
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Keep cutting the price. Obviously your Realtor is a moron for suggesting it’s not the price.
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Split levels are like ranches but worse. Have to go up stairs to get to the main level every time, I doubt it’s people that can’t do stairs as much as it’s people who’d rather have a Ranch or true 2 story.
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@EmmanuelBrown Invest in a stair lift?
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I currently own 4 rental properties. My worst investments have been the ones that I lived in and really wanted to sell but I wasn’t happy with the price I could obtain for selling. Ended up losing lots of money on both properties due to turnover and vacancies and repairs. Neither appreciated much if at all during the holding period, while I waited for market to recover.
I would only do this if you really want to be a landlord and it feels like a great path for you.
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@AnnThomas I already have one home that makes a great rental property.
I’m not convinced this one makes a great rental property, which is why I asked the hive mind.
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You could consider a third option. Either calling it a lease option or rent on this allows you to have the benefits to you for renting while also getting a significant chunk of money and giving the individuals one to three years to get their finances in order and purchase at a predetermined price. I would think in most cases that you would be able to put more responsibilities on your tenants and expect a higher level of pride and care for the home in the meantime. Worst case scenario if they’re not able to purchase, you get to keep the money or a portion of it depending on your contract terms if they don’t buy it.
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Interesting. The split levels I remember have maybe 8 steps up from the entrance to the family level. It ain’t like a fourth story walkup apartment, just a few steps to a split level up from the entrance. Physical fitness is a lost art I suppose.
Don’t do it. Watch squatters and eviction nightmares. The anxiety of a renter not paying is not worth the hassle. Be patient. The house will sell. Interest rates are low again.