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[Mondai]

My father and I had a talk yesterday because my parents are leaving me with our childhood home after they pass on. After some suggestions, I will most likely turn the house in an AirBnb (it’s a quiet neighborhood near the beach and a resort/casino). I like the house but I don’t really want to live there. My wife is getting her childhood home in a similar deal and we will most likely live there when the time comes. What plans would you guys have if you had an extra place?

 

[Rest]

Rent it out. Use the profits to buy more houses.

 

[12Goblins]

honestly, people are animals (much worse actually) so I'm not sure it would be worth it for me to rent it out in order to make money. I'd rather let people I know use it for free, so I know they will appreciate it and tend to it with respect

once people pay for things they feel so entitled to do whatever the fuck they want.

 

[haxan7]

Depends what the numbers look like selling it vs. renting it out. Have to take a lot of different factors into account like how much effort I'll have to put into renting it. Is the house far from me? If I live within an hour drive, it's easier to rent.

Does the house have an HOA? If so, do they even allow renting? Do I have to rent it out to a single family or can I rent rooms to different people? Does the city have rules I have to take into account when renting it out?

 

[Fbh]

It would really depend on a lot of factors like where it is, how much I can sell/rent it for, how I'm doing financially, etc.

Anecdotally I can tell you I've talked to several people who started out renting their properties on a daily basis but then eventually went with a monthly model instead. The place I'm renting right now used to be an Airbnb but the owner told me it could be a lot of extra work having to ensure it's constantly cleaned, fixing things, dealing with bad guests, etc. So now he looks for people who are interested in renting it for a longer term, it makes him less money but it's also less work.

 

[Rentahamster]

Get a third house.

 

[nush]

At one point I had three, I rotated living in all of them depending on where I was at the time. Renters never respect your property so I was quite happy with the profits from the growing property market and it meant I had less to do to get them into a saleable state at the end.

 

[casablanca]

Do you live near the house ? Do you have a lot of free time ?
I personally decided to give it to an agency that handles the renting ang gives me a fixed monthly amount that is negotiated every year depending on inflation etc. Not the most optimal solution if you want to make the most of it but I don’t do shit.

 

[EverydayBeast]

Turn one into a big ass gaming room go nuts with electronics, get custom work done.

 

[///PATRIOT]

My father and I had a talk yesterday because my parents are leaving me with our childhood home after they pass on. After some suggestions, I will most likely turn the house in an AirBnb (it’s a quiet neighborhood near the beach and a resort/casino). I like the house but I don’t really want to live there. My wife is getting her childhood home in a similar deal and we will most likely live there when the time comes. What plans would you guys have if you had an extra place?

My plan is to be your brother.

 

[R6Rider]

I currently don't have a house, but if I did, and then somehow got a second: I'd more than likely turn it into an AirBnB. Less long term BS to deal with.

Location would play a big factor on what I would do with it though.

 

[Alex Anderson]

Secret second family

 

[ipukespiders]

No interest in having a rental (fuck poor people), so I'd use it as a vacation house.

 

[MaestroMike]

Ill give you 40 k for it right here right now OP ! What say u ?!

 

[dr_octagon]

Store stolen goods and claim a thief is using the house without my permission. I am the thief in this scenario.

 

[lethial]

I think renting it out is a more consistent passive income then AirBnB but who knows these days.

 

[StreetsofBeige]

Rent it out. Use the profits to buy more houses.

This is the correct answer. Ka-ching!

 

[Rival]

I’d probably try to get a second family to put in it.

 

[Kenpachii]

Rent it out, u get easy money while sitting on the house which gets more and more worth every year.

Also the people that rent it will maintain it.

Win all around, unless u got shitty renters but with some background checks u will be fine.

 

[Ionian]

I think renting it out is a more consistent passive income then AirBnB but who knows these days.

You'd be right.

 

[Ionian]

I’d probably try to get a second family to put in it.

They'll take care of it. The leaving is tricky.

EDIT; just expect no respect.

EDIT 2: They Nested.

 

[nush]

Also the people that rent it will maintain it.

No, they call you for every little thing that is broken that would take 5 minutes and a tiny amount of money to fix themselves. Textbook false economy by the renters every time, spend hours calling and messaging the landlord over a few weeks for a shower drain that's blocked by thier own hair because it's not "Their job" to clean up after themselves. For example.

 

[StateofMajora]

What about renters that refuse to leave and the law doesn’t do anything to get them out?

Seen cases like that recently, which kinda permanently put renting my house out of my mind. But the thought of dealing with renters wasn’t too appealing to begin with.

 

[Laieon]

I would wonder where the first one came from.

 

[Ionian]

No, they call you for every little thing that is broken that would take 5 minutes and a tiny amount of money to fix themselves. Textbook false economy by the renters every time, spend hours calling and messaging the landlord over a few weeks for a shower drain that's blocked by thier own hair because it's not "Their job" to clean up after themselves. For example.

Had one cunt break a tap on a cast-iron bath. Thing was dribbling but leaked downstairs.

Got a plumber out, he busted it worse. Started spraying water all over the place.

He said "Yeah that's broken". My Jaw dropped and told him to leave.

At the door tried to charge me. Think I gave him a tenner for petrol. "But my supplies I bought!". Fucker asked me if I had a wrench.

Moral of the story, if you're a landlord and find a decent tradesman. Keep them, they're worth their weight in gold.

 

[Ionian]

What about renters that refuse to leave and the law doesn’t do anything to get them out?

Seen cases like that recently, which kinda permanently put renting my house out of my mind. But the thought of dealing with renters wasn’t too appealing to begin with.

Can and does happen. Here anyway they can stay rent-free until you get a court order and a Sheriff to evict.

Costly process, in many cases if you're too nice they'll camp out and it's cheaper to pay them off. Courts aren't cheap and involves a sheriff and a case after. Could bankrupt you.

Happens all the time.

EDIT: It's a civil matter, police can't do shit.

 

[Mondai]

Selling my childhood house would be a waste , but I am not 100% sure yet if I want to rent it or AirBnb it.

 

[Nester99]

I’d Sell it

 

[Cyberpunkd]

My father and I had a talk yesterday because my parents are leaving me with our childhood home after they pass on. After some suggestions, I will most likely turn the house in an AirBnb (it’s a quiet neighborhood near the beach and a resort/casino). I like the house but I don’t really want to live there. My wife is getting her childhood home in a similar deal and we will most likely live there when the time comes. What plans would you guys have if you had an extra place?

Given the lack of housing you could at least rent it on a long-term basis so it actually helps someone instead of giving profits to a startup causing housing crisis.
People ever wonder why house and apartment prices go up like crazy? AirBnB is a big culprit.

 

[Mondai]

Given the lack of housing you could at least rent it on a long-term basis so it actually helps someone instead of giving profits to a startup causing housing crisis.
People ever wonder why house and apartment prices go up like crazy? AirBnB is a big culprit.

Good comment , I do consider renting it as well, but I am not sure yet, I am never selling it though.

 

[FunkMiller]

Rented my second place out for a few years, before selling it last autumn. I miss the income, but it can be a real stress, no matter how good your agency is. I’ve been looking at the market here in Queensland to maybe pick something up to holiday let, but honestly not sure if it’s worth the hassle.

 

[Y0ssarian]

Sell it

 

[Kenpachii]

No, they call you for every little thing that is broken that would take 5 minutes and a tiny amount of money to fix themselves. Textbook false economy by the renters every time, spend hours calling and messaging the landlord over a few weeks for a shower drain that's blocked by thier own hair because it's not "Their job" to clean up after themselves. For example.

I only do big maintenance, if the shower is plugged because of there own doing, they can expect to pay it themselves.

 

[AJUMP23]

I have 2 houses, one is rental.

 

[Gifmaker]

Wonder how I got a first one in the first place, mainly

 

[nush]

I only do big maintenance, if the shower is plugged because of there own doing, they can expect to pay it themselves.

That was just a simple example of the type of things tenants expect landlords to fix. Typically tenant have a mindset of staying in a hotel and the landlord is a customer service rep. I've read so many stories of people getting mad that a landlord wont come and fix a simple thing for them immediately because it's broken. Ten minutes and a small amount of expenditure to fix but they spend way more time making themselves mad somebody won't fix it for them.

 

[DeceptiveAlarm]

Send my kids there. Invite prostitute to my new bachelor pad. Buy cocaine

 

[levyjl1988]

Either rent it out.
Or upgrade it and make it into a secondary property. Fill it up and make it a library full of collectables and office for live streaming, offices for development, etc.

 

[p_xavier]

Sell it. Being a landlord is not worth it. Invest the money from the sale instead. I used to have a condo and a smaller house. Sold them for a bigger house.

 

[SJRB]

Let's start with a first one and take it from there.

 

[Pagusas]

I hope to start building a second house soon somewhere, ideally somewhere quiet, pretty and away from people (like South Dekota or something), When I do that I'll keep my primary residence in Dallas as my full time home and make that my getaway place where I visit every few weeks, to eventually become my retirment home for me and my family, selling the primary home at that point to set us up well with an additional few million to retire on.

 

[Catphish]

I'd sell it and invest in my retirement.

 

[DAHGAMING]

Crack house that joint.

 

[Doom85]

Try to figure out how I got the first one without my knowledge.

 

[HoodWinked]

With interest rates going up housing prices might stagnate so right now could be the best time to sell.

 

[Deleted member 1159]

Honestly the hassle of renting it out probably wouldn’t be worth it for me, unless it was like in the same neighborhood so I could take care of maintenance myself easily. One house is a big enough pain in the ass for me. I’d likely sell it and either pay off my remaining mortgage or save it for retirement.

 

[BigBooper]

If it was nearby, I'd consider renting it. The way housing prices have gone up though, you might consider just taking a lump sum now and sell it if you have some other use for the money. Don't sell it though if the money will just sit in the bank.

FYI, in case you haven't considered it and if this is applicable to ya'll, if they agree with it have your parents transfer ownership of the house to you several years ahead of time. If they had to go to a nursing home and the bills exhausted their savings, the nursing home would take ownership of their house.

 

[StateofMajora]

With interest rates going up housing prices might stagnate so right now could be the best time to sell.

Finalizing my house sale on the 31st, made 35% profit, after fees after 2 years and not repairing anything major.

Going to live in an apartment (which is cheaper than my mortgage was) until prices take a hit. Taking the money for now and it's going right into stocks in the mean time.

I feel like prices at the very least won't go any higher due to interest rates. Knock on wood!

 

[AJUMP23]

Wonder how I got a first one in the first place, mainly

Save, start small, don't seek a loan beyond your means.