BiggerPockets

Good luck..
don't miss your cowboy's game in new stadium:)

He just called and said he can't yet justify the sales price based on comps. He's going to contact the lender tomorrow to see what they want to do. Sales price $58K (61K with closing cost rolled back in). Comps support high 40's. He said he wanted to call first to potentially avoid the appraisal charge--I do appreciate that.

Now, do I want to sell it for less or keep it as a rental? Rent for $800. Hmm...

Originally posted by Josh Green

what do u have into it jon? what are your numbers?

Too much. This was my first rehab 20 months ago. Paid $23K without a thorough inspection. I figured since it sold for $68K 8 months prior, I was safe. It needed more than I thought and I over did the rehab at $35K. $58K in. Education.

Jon,

If rents are really $800, sounds like you keep it - as long as you make sure you get a really good tenant. You don't want trashy people trashing your place after that extensive amount of work.

Originally posted by Steve Babiak

Jon,

If rents are really $800, sounds like you keep it - as long as you make sure you get a really good tenant. You don't want trashy people trashing your place after that extensive amount of work.

You're right, I hate to depreciate the nice finish out with a bad tenant.

I just talked to the lender and we are going to try a different appraiser.