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Rent or Cash Out?

Discussion in 'Money & Finance Forum' started by sadic1, Sep 30, 2005.

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  1. Sep 30, 2005 at 10:06 AM #1
    sadic1

    sadic1 Full Access Member

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    I have an opportunity to rent out my doublewide to a hot chick going through a divorce. She seems financially dependable and really wants the place. Just as that's going on, yesterday I get this lady showing up at my door of my regular house who tracked us down by pulling the sale/tax info from the place. She owns some land on the same block and her daughter and son in law want my place and are preapproved for a loan. I'd make way more than I paid for it and be done with thehassle of fixing it up, etc. I know after I sell it, it will continue to appreciate, but it would be nice to make some big cash. On the other hand, I can make $500 a month and keep it.
     
  2. Sep 30, 2005 at 10:11 AM #2
    meatpile

    meatpile 7-9

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    Sell it.
     
  3. Sep 30, 2005 at 10:12 AM #3
    outofstate

    outofstate Full Access Member

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    If you owe on it.....cash out. If its your free and clear.....rent it. :twocents:
     
  4. Sep 30, 2005 at 10:12 AM #4
    sadic1

    sadic1 Full Access Member

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    That's the way I'm leaning. Less headaches.
     
  5. Sep 30, 2005 at 10:13 AM #5
    sadic1

    sadic1 Full Access Member

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    It's free and clear. Can you explain your logic?
     
  6. Sep 30, 2005 at 10:13 AM #6
    Clamon

    Clamon Full Access Member

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    I say cash out. The hot chick could stay a month or two and then move on. Then you'd have no renter and the buyers may be gone too. Not to mention "seems financially dependable" does not mean that she will be a good paying renter. He husband could have left because she was spending all his money. Heck, I make quite a bit of money but I'm broke as a joke. So I'm sure I seem financially dependable but....... JMO
     
  7. Sep 30, 2005 at 10:16 AM #7
    DaveW

    DaveW Super Moderator

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    hot chick and double wide dont go together. I think sadic is full of shit again.
     
  8. Sep 30, 2005 at 10:17 AM #8
    meatpile

    meatpile 7-9

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    Take that cash and invest it in something that doesn;t require money / time to maintain. :twocents:
     
  9. Sep 30, 2005 at 10:19 AM #9
    DaveW

    DaveW Super Moderator

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    buy some big tires, new axles and springs for your jeep!
     
  10. Sep 30, 2005 at 10:19 AM #10
    chipshot

    chipshot Full Access Member

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    you mean like an investment that could more easily lose value?
     
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