Q I own a three-family home in Astoria, Queens. I'd like to move with my family to La Habra, Calif., and rent out the Astoria property. My brother lives nearby and could keep an eye on it. Do you think it's a good idea?
A You're smart not to sell your home in Astoria now, as values keep rising despite the soft market everywhere else. If you hang on to it, it should prove to be a fat and juicy retirement account years from now.
Ask yourself a very honest question: Is your brother capable of managing the property for you? Setups like these start with the best of intentions and often go sour.
If you're sure your brother can manage the property without incident, then pay him the customary 5% to 10% of the rent he collects so he manages it with enthusiasm.
Should I rent out or sell my home in Astoria?