What’s my best option now ? what should i do ?

Buying & Selling Real Estate
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What’s my best option now ? what should i do ?

Michael Almeida
Contractor · Fort Myers, FL · Member since 2019 · 18 posts · 3 votes

I have a house i bought for 100k i still owe 85k , i did a lot of stuff in my house as i’m a remodeler , the house worth 155k now.

And i have 20k cash i’ve saved .

Should i sell the house ? refinance ? What’s my best option now ? I would like to sell the house and get what is left to buy another cash , and get out of monthly payments .

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  • Bryan Devitt
    Contractor · Oxford, MA · Member since 2018 · 807 posts · 745 votes
    7y

    @Michael Almeida if that is what you want to do, why are you asking strangers? Are you interested in refinancing to take out as much as possible and keeping it as a rental? If yes, how much does/will it rent for? What are your monthly holding costs?

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  • Michael Almeida
    OP
    Contractor · Fort Myers, FL · Member since 2019 · 18 posts · 3 votes
    7y

    @Bryan Devitt the house would rent for $1200 easly .

    I’ve been thinking on refinance too , but as i don’t have ssn yet my possibilities are short . This house was owner financing .

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  • Bryan Devitt
    Contractor · Oxford, MA · Member since 2018 · 807 posts · 745 votes
    7y
    Originally posted by @Michael Almeida:

    @Bryan Devitt the house would rent for $1200 easly .

    I’ve been thinking on refinance too , but as i don’t have ssn yet my possibilities are short . This house was owner financing .

     I would follow your plan then. Sell it and take the money to either find another fixer upper to do it again. 

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