Oy. I keep going back and forth on the rental house. Should I sell it? And to do that is costly...needs a new roof. And one side of the fence needs replacing. If I keep it...the roof needs replacing and one side of the fence needs replacing.
I did raise the rent earlier in the year. But not enough. The IRS expects me to charge the going rate. The problem is the going rate has skyrocketed which means my returns could get targeted that much easier. Oy.
The manager here at our complex just told me that our units are now going to $895 which is $70 more than I expected. My rent already was going to take a nearly $100 jump. I was talking with co-workers who are paying $1000 to $1500 for apartments.
So my next option is to put the house with a management company and let them deal with getting closer to the rent that it should be getting. Me, I'm too soft-hearted. It's back to that never do business with friends thing. If I had ran it as a business all along there would not be a big back rent owing and it would be at a current market rate.
It's not like I have to decide today but I do think I need to do something.
No comments:
Post a Comment