Originally Posted by snrusnak
Well I think the biggest problem is that it is a large piece of property in central florida, where everyone wants 1/8 acre lots with cookie cutter homes. To have someone manage it as a rental and maintain it would cost a fortune. I've offered to keep it up if they decided to leave now and leave it empty while trying to sell it, but they said they don't want to do that.
I'd buy it if I could afford it, it's a nice piece of land and the whole house is redone within the last 5 years.
Is it anywhere around West Palm Beach? My cousin is a real estate agent down there if you need someone to help sell it I can probly get in touch with him for you. Been awhile since I talked to him so Im sure he still doing it? As far as the reverse mortgage, if your parents do the renting out they can have legal documents drawn up for the tenants to be 100% responsible for everything from damages to lawn care.... Only time they would need to go down is when the tenant leaves and new tenants apply. Renting out a house can bring in a really nice income if they just keep it until the housing market picks up. But also have an agent to target people who are looking to relocate due to jobs changes/transfers/military... big market there is in the right area.