Author Topic: UPDATE: Should I live with parents and rent out my studio?  (Read 473 times)

startingout

  • 5 O'Clock Shadow
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UPDATE: Should I live with parents and rent out my studio?
« on: June 10, 2021, 09:55:06 PM »
Original post: https://forum.mrmoneymustache.com/real-estate-and-landlording/should-i-live-with-parents-and-rent-out-my-studio/

You all can tell me you told me so. :P

I ended up buying the studio so that I could move out of my parents' place. Unfortunately, I immediately discovered that one of my neighbors smoked indoors at various hours around the clock, and the smoke would immediately flood my studio each time. I immediately moved out. I ended up getting married a year later and never moved back in. I did rent it for most of the time, but it's been a struggle to find good tenants since the pandemic hit because most of my tenants had been students from a nearby university. Which of course moved all classes online. (There hasn't been any reports of cigarette smoke from the tenants.)

Luckily, I can still afford to have the rental sit empty which is its current state. Now my parents are helping me manage the studio because I just want to sell it.

Sibley

  • Walrus Stache
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Re: UPDATE: Should I live with parents and rent out my studio?
« Reply #1 on: June 11, 2021, 03:27:23 PM »
Quite frankly, some people have to find out the hard way. Seems like you might be one of them. Key is to learn from your experiences and mistakes, including the mistake of disregarding advice. Glad you're hanging in there at least.

Villanelle

  • Magnum Stache
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Re: UPDATE: Should I live with parents and rent out my studio?
« Reply #2 on: June 13, 2021, 10:19:23 AM »
You "just want to sell it". What does that mean?  Call an RE agent and get it listed.  Is it currently rented?  When is the lease up?  Let the agent know it is rented and seek their advice of how far in advance of the end of the lease you should list. 

uniwelder

  • Bristles
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Re: UPDATE: Should I live with parents and rent out my studio?
« Reply #3 on: June 13, 2021, 01:32:06 PM »
I'm glad you're updating from your original post.  I went back and read through the original from 6 years ago.

Since you've decided to sell, can you fill us in on what your experience has been renting it out for 5 or so years?  Whether it turned out as an ok investment, quality of tenants, management company, expected sale price, etc?  Also whether you'd trying landlording again and what you'd do differently (or the same)?

Mr. Green

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Re: UPDATE: Should I live with parents and rent out my studio?
« Reply #4 on: June 14, 2021, 06:48:09 PM »
Surely, now is the time to sell. It seems like places can be falling down these days and there's still someone who wants to buy it as asking price