I was very surprised at the reluctance you expressed to the last caller asking if she should sell or rent her house when moving in with her sister. While I can understand how geographic distance can present a challenge, I lived in a six-unit building for 11 years while renting out 5 of the units. I moved less than two miles away, and have continued to manage the building for the past 12 years. When I look at my ROI, and further consider the transaction costs and taxes which would reduce the principal available to me if I were to sell, I cannot imagine that I would come out ahead financially by selling and attempting to invest the proceeds elsewhere. The caller, moving only a mile away, would continue to be a part of the local community, and would be well equipped to monitor the property. I would strongly encourage anyone in a position to keep a property with low debt as an investment to do so.
AMERICAN PUBLIC MEDIA
261 S. Figueroa Street, Los Angeles, CA 90012
American Public Media's online services are supported by users like you. Contribute now…