Welcome back to my video blog! Lately, I’ve been asked a lot about whether it is better to take a financial hit of foreclosure or short sale or to rent out the property.
A lot of people are surprised when they find out the
better option may be to take the loss. Why is that? I have two key aspects to
look at when considering your situation.
The first question to ask yourself is would you buy the
property as a rental? Will the property generate a positive cash flow? If not,
it may be better to sell.
The second question is whether you live in town or not.
Most tenants will eat a landlord up if they are out of town.
If you Google this topic you will find thousands of articles
giving the pros and cons of renting vs. taking a financial hit.
If you have any questions please give me a call.
