Need to Sell A Home That's Not Fully Renovated. What Do I Do?
I have a home that I planned to airbnb but now things are picking up in my other business and I just don't have the time to focus on it. I'm trying to decide if I should sell it or just finish the renovations and hold it. What do I do?
In terms of wealth building, I would try and hold it or flip it and re-invest in something else. It sounds like you are pretty busy so the easiest scenario would be to hold it so long as it will produce good cash flow and not put too much on your plate. The property looks great to be honest. What is left of the rehab?? The white on white actually looks really good! I struggled with doing that for a while and eventually decided against it.
You already own it and almost ready to implement your plan. Hire someone to help you get to the finish line and then have it professionally managed
You need to finish the rehab before selling or you will take a BIG hit as only flippers trying to make a profit will offer low on it. P.S. Looks like a stunning rehab just finish it looks close!
#3 Managing Your Property Contributor
I agree it looks great. Hire someone to finish whatever is left. If you don't want to do STR, what about a medium term rental? Less turnover and it usually targets professionals.
If you want to sell there is a company called Curbio. They will finish the renovations and won't charge upfront fees. You will only have to pay them at closing with an invoice they provide at closing. If you plan to keep the residence then slowly renonvating over time is an answer or hiring someone to manage the renovation while you handle your business is another option. Either way, I don't mind helping at all. Those are beautiful pictures and I am curious to know what the house looks like in it's entirety!
@Winston Mcfarlane, I agree with the majority. You're almost at the finish line, complete the project and hire someone to manage. Would the property perform as an LTR traditional rental? Rent for a year, then refinance once rates come back down to pull your money out. Hope this helps!
If you look at some of the most wealthiest investors they say that they wish they would of held on to some of their first properties when they had the chance. You should defiantly keep the property. It does not see like there is much to fix up. If you are to busy to maintain and keep up with the business side of running an airbnb then just put a long term renter in there. Rent it out to where you could at least cover the mortgage (if it makes sense). This way someone is helping you build your longterm wealth, they are literally paying for the house for you. Sure you might have to handle some things in the house once in a while but the overall maintenance will be way less than an airbnb. Then maybe when you find yourself ready you can always airbnb it then. If you really do want to sell your property though you should. decide fast. The market will eventually enter the market and there is already less buyers than before. Home prices will be effected and from what I am seeing it has already slightly started to happen.