Hi guys/girls, I am in need of advice from anyone that has ever rented out a large home.
I live in Orange County CA and I own 3 homes. I have rented out 2 homes in the past but they are only about 1400 sqft. The current home that I live in is 3500 sqft with a large lot.
I don't like being a landlord and even if I am making good money in rentals right now I plan to eventually sell my rentals and just keep one house. I believe the stress associated with renting could be so stressful that in the long run I am not sure if its worth it.
But anyhow, the current situation is that I bought a larger home because I took advantage of the super low interest of 3.2 fixed two years ago. However I now drive one hour to work instead of 25 minutes before. I realized that I hate the extra drive and I wish I was back in my smaller house that is closer to work and my parents. I put my house on the market a month ago but nothing is selling right now in my area. everything around here is just not selling at the moment. We had a few showings but nothing. We work a lot in my family business so showing the house has been A PAIN IN THE ASS. I realize how stressful it is to get the house cleaned up all day for someone to just come one minute to look at the house and say "ok, thanks for your time". I don't know if there is a shift going on from a sellers market to a buyers market but it does not look good. I was thinking maybe renting this house in case I cant sell for what I want. I would really like to move back but I am not desperate. I could deal with the drive I just prefer to be closer to my parents and work. specially since I just found out that my dad is sick and he lives in the same city where I own my other house.
So the question is: Is it worth renting out such a large house? Could the wear and tear on such a large house eventually leave me regretting ever renting this large house?
My mortgage is 2,500 and the rents for this house go about 4,000. I pay about 8,500 on property taxes per year.