New with a question
Hi everyone, My name is Rick Rascoe and I am new here. I formerly studied sheet's program, and read many others like Garrison. I did a couple of deals a several years ago, eventually blew it, took a long time to lick my wounds and realize I need to get into real estate again, but with more due diligence and patience. I need to get busy because I am 49 and don't want to work in the mill till I die.
The question: I still own the home I previously lived in free and clear. It was sided before I moved out, has been re-painted inside, and has been recarpeted. There are issues like; temporary steps to the porch; a bank will likely say the roof needs replaced; the heat is electric baseboard with a pellet stove in the living room (could remove it).
Do I:
1. Keep it and rent it out (yes I am willing to be a landlord)?
2. Sell it on a 3 year lease option for top market price plus 2 years appreciation ($71600) and the rental income ($600 - $700 mo.)?
3. Sell it for cash ($60000) and use that cash to use on creative deals on other properties?
I would like some of your input. I have sat on the property for two years (that's ALOT of lost income!)
4. Rent and pull money out. This is the option I think makes more sense, but the two financial institutions I spoke with only lend on your main home.