Buying & Selling Real Estate Discussion

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Brent Paul
  • Rental Property Investor
  • Shakopee, MN
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How do I decide whether to sell my house or keep it as a rental?

Brent Paul
  • Rental Property Investor
  • Shakopee, MN
Posted Aug 4 2019, 05:12

I have owned the house for 3 years and with all the building around me I have seen tremendous growth.  

 Recently I spoke with a realtor and they said they would list it at 220k which is way more than the 170k I still owe on it.  Houses are selling on average at around 2 days.  However with houses selling fast it also leaves very few open rentals available.  Every single apartment building is full.  I called each one.  She thinks we could get into a multiple bidder situation, but I am not counting on that.  The house has potential as the basement is unfinished and just needs general updating to see full potential.  I don't have the time or the money to do that which is why I am considering selling and getting into something else.

My 3 bedroom would rent for 1500-1575 per month with cash flow around 250 per month according to the bigger pockets calculator.

I haven't made up my mind yet on what to do, but I am curious to hear from others who have been in a similar situation.

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