thoughts on moving, part IV: I can’t be a landlord

The more I think about it the more I believe that being a landlord is going to be an absolute nightmare for me.

There is a big difference between buying and renting property for fun and profit, and renting a piece of property simply because you have no other way to get rid of it. The former is a perfect sound business model when done correctly and something I might try in the future. The second is a recipe for stress, frustration, and potential financial ruin.

I told the tenant to call me today and let me know if the offer we’d worked out was acceptable. I didn’t hear from him. I’m going to give him until midday tomorrow. If I hear from him by then, I’ll continue to entertain the idea of moving into an apartment now and leasing to him, but only have careful consideration of him and his situation, only if I can find a place to live I’m comfortable with, and only in such a way that my month rent is at least $500 cheaper than my mortgage. That way I have some wiggle room in all of this.

In the event that he doesn’t get back to me, I’ll try my hand in the market one more time. I’ll put my house up for sale at a fair and reasonable price based on what it should be worth and not what I can get for it thanks to all the foreclosures that recently swept through my neighborhood. If I manage to get a fair price for the house then so be it. Then I can consider buying another house in this neighborhood (or elsewhere) that is a bit smaller, probably one story, and that suits Celeste and I a little better.

And, in the event that that doesn’t work out either (which it’s highly likely that it wont) then we’ll just stay put for a few more years.

Because, really, I have no idea where Celeste and I will be in life in 2 to 3 years. She’ll be ready to start public school and I’ll certainly want to be in a house by then. I happen to already have a great house in a great neighborhood with great schools. If I happen to be somewhere else great by then, then that’s okay too.

And, if I do end up staying here, which is likely, then I’m going to make some lifestyle changes in regard to travel and employment to make my life easier and give Celeste and I more time together.

Your thoughts?