If you have rental property or have rented out your home, how was your experience?

Credit and mortgage advice Forums Buying Your Home Buying Your Home If you have rental property or have rented out your home, how was your experience?

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      I purchased my first home in October 2006 in order to be closer to where I worked at the time. At the time, I worked in a smaller town near the Metro area of the large city I grew up in. In November 2008, when the economy tanked, I got laid off from that job. I now work, socialize, play, etc in the large city that had initially moved away from.

      In September 2009, I put my house in the market. Unfortunately, I am having absolutely no luck getting it sold. Due to the housing market, I’m assuming, many of the homes in my neighborhood have been foreclosed on and it is absolutely impossible to compete with their asking prices – and I am unable to come down any further on mine.

      Initially, I was very reluctant to consider renting out my home. However, the one hour commute and living so far away from everything I do has me reconsidering. It doesn’t look like my home willl sell any time soon and I am more than ready to move back to the city.

      Of course if I do decide to rent out the house I will thoroughly pre-screen the candidates, or perhaps use a management company. I’d like some feedback from other home owners regarding their experiences renting out property. Would you recommend screening candidates on my own, or using a management company? Was renting out the house more of a headache than it was worth, or was your experience a positive one? As much feedback as you can provide would be very helpful!

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