I have a house I purchased on a lease purchase agreement which I'm able to assign. (ie I can sell it and keep the profit)
I have it for $137,500. The market is about $150k-$160k it would take about $5k in upgrades to reach that $160k mark and it may still only be $155k. Tough market to get exact numbers as it's pretty rural.
I could buy it and rent it out, downside is I'm moving 2.5 hrs away and wouldn't be by here to often. I could also put the 5k in and hope for the top of the market. Or I could sell as is and get $145k or better and walk away and buy my next one.
What are your thoughts?
The reason I'm questioning it is from a podcast about how someone wished they had kept every house they had owned and rented them out.
If you're moving 150 minutes away, I'd sell it and take the short quick profit and move on to the next one.
Well, it depends...
2 1/2 hrs away is not that far in my estimation. You could visit it once per quarter.
If the rent is sustainable for you to hold on to the property, you might want to keep it as a rental.
On the other hand if you don't have the wherewithal to manage it remotely, then, hang up and move on.
Ironically enough, one day you might reflect on that podcast and say if you had only adhered to it :-)
The bottom line is that there is no wrong or right answer to your question. You have to go with your gut feeling at times.
Good luck with your final decision.
What would it rent for?
Are you the owner or do you have an option for it? If you only have an option, you may see if the owner is interested in buying it back.
This post has been removed.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!