Dear Barbara,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?
5 comments:
Sure. Astoria, the bastion of homeownership and an island in urban decay that surrounds Manhattan a few decades ago is no longer.
Today, as the inner ring gets better, Astoria slides into the 70s.
Astoria is no longer considered a place to put down roots with people that have a vested interest.
It is now a cow to be milked.
That will kill it.
I think the presevation movement has a major failure by ignoring this issue of absentee landlords replacing owner occupied housing.
This is the single biggest issue that is killing our communities in Queens.
Owner occupied housing should be an official policy of the city.
Why are you slamming Astoria? According to astorians.com the biggest problem in the community is the failure to get good Thai food.
Well, if Astorians were not so passive they might have a hand in what happens to their community.
The problem is the people.
The vacuum their apathy creates is filled by the poltiicans and developers.
The core of the community left 30 or 40 years ago. Their replacement, elderly Greeks and Italians, of peasant stock, do not make waves.
Now that generation is being to die off.
Newer residents, transient hipsters and illegal immigrants, will not be around long enough to care.
Another absentee landlord who "loves"
Astoria so much he's moving out to the west coast!
I guess the "quality of life" ain't what it used to be in this new, diversely vibrant asthma alley!
So now you're going to milk your profits from afar while enjoying the good life that people like you helped to destroy in Astoria!
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