llanfair
Village idiot and Very
Distinguished Senior Member
Posts: 23,199
Whither Canada?
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« Reply #75 on: August 07, 2008, 09:32:57 AM » |
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Be really really fussy selecting any renters. Check credit, criminal history, and as many references as you can (PM me if you're interested - I can show you our rental application and how we screen). Don't hesitate to ask for a cosigner on the lease and/or a large security deposit if there's anything making you uneasy (if they pass all your other checks). No need to worry about deadbeat tenants if you have a good screening method. And leave the place vacant til you find the right person
Are there any profs coming to your town on sabbatical? This is often a good option. |
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This place stinks like a pair of armoured trousers after the Hundred Years' War.
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larryc
Hu hatin'
Distinguished Senior Member
Posts: 18,285
Eschew the hu.
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« Reply #76 on: August 07, 2008, 10:36:19 AM » |
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We had someone call for a showing yesterday so I don't think we need to be thinking about renting quite yet.
In a past life my wife had a job screening potential renters, and she was very good at it. So if it comes to that...
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mdwlark
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« Reply #77 on: August 07, 2008, 10:53:40 AM » |
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I'm in a similar dilemma. There have been recent changes in the laws giving tax-exempt status on capital gains on primary residences if they are converted to rentals, so talk to a tax consultant or tax attorney.
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pedanterast
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« Reply #78 on: August 07, 2008, 07:08:49 PM » |
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In order to get tax-free gain on sale, you have to have used the house as your primary residence for two of the five years preceding the sale. These two years need not be consecutive. So, if you move out and rent it, you have to sell within three years and there is no leeway if, for example, the closing gets delayed. I wouldn't risk renting it for more than two and a half years, for this reason, and even so after two years you'd want total showing privileges, etc. In fact renting it for two years is a lot less risky. This strategy is riskier if you are moving away from the area; if you aren't and you can't sell within three years you can preserve the tax-free gain by moving back into it.
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prof_mom
Snarktastic
Distinguished Senior Member
Posts: 3,931
Mackerel smacking champion
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« Reply #79 on: August 07, 2008, 07:49:52 PM » |
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I am sorry to hear they backed out of the offer. It is great that you have such a positive outlook.
As clean pointed out, it would have been MUCH worse if they had backed out after you took it off the market for weeks. However, you should find a new agent. No offer is binding unless it has been signed by all parties within a certain amount of time (this varies by state). Your agent should have gotten this in writing. At least that way you would have been able to hold onto your deposit.
We turned down an offer on our old house that we later wish we had taken. One never knows what will happen with the market.
Rental property can be profitable but it requires a lot of work and stress. Do what you can to just sell and move on with your life. If you don't, you will be able to take Wonderboy back to visit friends and write off many of the costs of the visit. That isn't all bad.
Good luck with everything. I'll keep my fingers crossed for you.
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*!* is contagious, but appropriate hu use can protect you (see http://www.hupronoun.org/). My God. Take your pom poms elsewhere unless you have something substantive to say. |
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poiuy
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« Reply #80 on: August 13, 2008, 12:26:57 PM » |
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Hi Larryc: any update on your house?
We are suddenly in a similar situation. We thought we had our house rented for next year (while we are on sabbatical), but 5 days after verbal agreement, and just before signing the lease, the tenants suddenly backed out. We're scrambling to find alternatives (and I just turned down another inquiry this morning!). We're not trying to make any profits, just to minimize losses and not have the house empty.
We could also use lots of good wishes and powerful juju at this time, please....
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mdwlark
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« Reply #81 on: August 13, 2008, 03:07:18 PM » |
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Well, I just consulted with a friend I trust a lot, and decided to follow my realtor's advice cut my losses and drop my asking price $20,000. This hurts. A lot. I hope you are doing OK Larryc and poiuy. This sucks.
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anon99
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« Reply #82 on: August 13, 2008, 10:53:06 PM » |
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Hi Larryc: any update on your house?
We are suddenly in a similar situation. We thought we had our house rented for next year (while we are on sabbatical), but 5 days after verbal agreement, and just before signing the lease, the tenants suddenly backed out. We're scrambling to find alternatives (and I just turned down another inquiry this morning!). We're not trying to make any profits, just to minimize losses and not have the house empty.
We could also use lots of good wishes and powerful juju at this time, please....
If you are really stuck, send out an email to a faculty and postdoc list or find a responsible grad student who would like to house sit for minimal cost. One of the faculty members here just did that. A postdoc in the department was able to rent the house, he got a great deal on rent and the faculty member got a great person to stay in the house. Good luck. |
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larryc
Hu hatin'
Distinguished Senior Member
Posts: 18,285
Eschew the hu.
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« Reply #83 on: August 13, 2008, 11:10:25 PM » |
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No update in particular. We moved out and the house is on the market. We had a showing today, there is still a lot of interest. The neighbor on one side is mowing the lawn for us and the neighbor on the other side is watering the plants and the neighbor down the street is going to do a top-to-bottom cleaning of the place. (We are paying her.)
The neighbors are wonderful and have really turned out to help us the last few weeks. Three different people cried today when wishing us goodbye...
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euro_trash
stands with the workers of Wisconsin
Distinguished Senior Member
Posts: 1,653
Just toxic enough to keep you on edge
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« Reply #84 on: August 14, 2008, 12:44:15 AM » |
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Don't fret Larryc, the future awaits!
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Euro_trash is blinded by his love for Endnote
I hate to sound like euro-trash, but
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llanfair
Village idiot and Very
Distinguished Senior Member
Posts: 23,199
Whither Canada?
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« Reply #85 on: August 14, 2008, 09:58:40 AM » |
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No update in particular. We moved out and the house is on the market. We had a showing today, there is still a lot of interest. The neighbor on one side is mowing the lawn for us and the neighbor on the other side is watering the plants and the neighbor down the street is going to do a top-to-bottom cleaning of the place. (We are paying her.)
The neighbors are wonderful and have really turned out to help us the last few weeks. Three different people cried today when wishing us goodbye...
What wonderful neighbours. May you find similar warmth in your new location! |
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This place stinks like a pair of armoured trousers after the Hundred Years' War.
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prytania3
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« Reply #86 on: August 14, 2008, 11:25:43 AM » |
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I realize you will only be one click away on the internet no matter where you are, but your moving seems so unsettling--like you are somehow going to be far, far away.
Bye Larryc! Good luck! Drive safely!
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Clowns, I tell you. Clowns.
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poiuy
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« Reply #87 on: August 15, 2008, 04:54:57 AM » |
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anon99: we've put the word out on faculty/postdoc/grad student lists. Nothing yet, and I suspect the timing is difficult (most people have already found housing).
mdwlark: I really feel your pain. That's about the size of the hit we're taking by not being able to rent out.
Larryc: good luck with your travels and finding a buyer. We also have a wonderful neighbor who's been helping with our house stuff. It's a great neighborhood.
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