Am I overlooking something?
For a cross-country move, we desperately need to sell our residence within 2 months.
Paid $139k in 2007.
Have a $15k rehab loan that let us put on steel siding and new windows.
Have $99k left on mortgage.
Market has tanked here in St. Cloud, MN.
5 months on the market with the top rated realty company in the area.
Struggling to sell at $124,900 after starting at $129,900. 10 showings, no offers.
I was looking at renting this place out (since I already have 1 rental property) & waiting for the market to continue it's rebound.
But the 50% rule is scaring me off now, as the house barely cash-flows when only considering PITI and PropMgt. $1100/mth income vs. $940/mth outgo.
Am I overlooking viable options for moving this property? Contract for Deed? Rent to Own? Craigslist?
[b]Please be candid. Eyes wide open.
Thanks BP. I love this online community!
Bonkers in St. Cloud