You’re stressing: It’s a rental
When George Scott, an independent technology consultant, and his wife, Staciah, moved to Houston from Brooklyn, N.Y., in 2003, they planned to buy a home, live there briefly and move on, selling it at a profit.
They found a big, older home in a tree-lined neighborhood for $160,000 and stayed until 2006. Then they found a new home.
George Scott listed the old house himself to avoid agents’ fees. He asked $195,000. No buyers stepped up. “No one could get a mortgage,” he says. Finally, he rented it, expanding his little real-estate empire to three properties — the new home and two rentals, the old Brooklyn place and his first Houston home.
Between renters, he tried selling again, in 2012, but without success. The rental is bleeding money, and he knows he should reduce the price and market it again. But he dreads asking his tenants to leave and spending even more on necessary renovations. “I know I’m going to take a hit,” he says.
- On our blog, ‘Listed: Will homeownership really make you happy?