Today we spoke with Lee Heffley, our accountant. Ed told him the whole story and Lee told Ed all the benefits there is to owning rental property. After a long conversation with many questions, Ed and Lee hung up and Ed decided we needed to keep the Carrollton house and rent it out.
My sister Laura, our real estate agent, is going to be so confused. We've had two offers to lease the house while it was on the market (135 days) with no buyers and now that we have a buyer, we want to lease it. Crazy!!!
Anyway, so the new plan is to hire a management company and let them rent it out and manage it for us. Neither Ed nor I have the time or patience to do that...AND we can write off the cost of the management company - win/win!
So here's we stand today.
1. Both houses will be rented by utilizing a management company
2. Bridlewood has contract is at the underwriters
3. Ed and Lisa need to secure financing
More to come!
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