Should I rent or sell my residential property?

In a challenging market it may be smart to keep both doors open. Consider having your home on the rental market and the sales market at the same time until something is signed and sealed. Some agents are fine with allowing the home to be on both sales and rental markets and others are not –make sure to check with your agent.
Becoming a landlord by default is something that is becoming more and more common. In a market where many owners are upside down in their mortgage and the home is not selling the only option is to rent the property which will help in collecting income {rent} on the property.

Thinking of making your investment a rental property? Consider this:

• Pro: Tax deductions such as: mortgage interest, property taxes, advertising, repairs, maintenance expenses, management fees, insurance and home depreciation.
• Pro: If you are able to cover your mortgage you will be keeping the property while it appreciates to sell in a better market.
• Pro: Income {Rent} on your investment – Not having your home vacant.

• Con: Possible damage to the property
• Con: City Rental guidelines vary city to city and some can be costly. Ex:
• Con: Potential legal or financial problems with tenants

If you are an absent landlord hiring a Property Manager may be a good idea. This is an added expense however may be worth it if you need a local “right arm” to make sure things continue to go smooth with your tenants. Good communication with the property manager you choose is crucial.

Completing a background check on all interested potential tenants is strongly advised. Get the facts on who will be living in your home. Background agencies confirm credit, criminal, employment and rental information.

Know your rights as a landlord –The Attorney General’s office is there to help answer any questions. Landlord and Tenants Rights are posted on the site.

Where to get help: The Complete Management Services team can help at any time during your decision to rent your home or property. Call Cheri Ludwig {Co-Owner Complete Management Services with any questions @ 612-251-3223 or check out our website @