Updated almost 5 years ago on . Most recent reply
Hold, sell or remodel
I made a rush decision buying a property. Some red flags I ignored:
1. The property was supposedly in the market for two years and wasn't sold.
2. It's not a duplex or triplex but too many rooms for a single-family.
3. I can only have 1 lease and no more than 3 strangers (according to Philly rule) but I have rooms for more than 3 strangers.
4. There wasn't much room for negotiation and the seller took advantage of my sense of urgency.
5. He sold the property as is and I fell for it..
6. It's not too shattered for complete remodel work.
7. It's not duplex or triplex so now I am getting backlash from family and relatives who think the ultimate solution is to remodel or just sell.
I spoke to a seller agent who said the max I can profit is around $15k which isn't profitable at all. And it doesn't make sense to remodel a house that's livable in my opinion. It's a 100-year-old house and if I remodel, mine as well demolish and start over. I can't afford that big of a project now, so I don't wanna touch the remodeling.
Now, how do I make a decision to hold or sell.. keeping in mind that there are duplex/triplex property deals I might be losing right now and some fix and flip opportunities that won't wait for me in few years down the line?