Selling a rental property I just purchased

[Louie Joles]

I recently purchased a rental in my home town in Louisiana and I have a offer I could use some help on making a decision…. I’ll get right to it.

I purchased a double wide on a lot for 65k I bought it out right to use for a rental rents on these types of property in my area 1,000 to 1,300 per month the property could use some small repairs roughly 4K-5k in repairs there is currently no tenant renting the property it apprised for 93k last year

So I had a offer if I was willing to owner finance the property to a guy I know pretty well he offered me $10k down payment $1k per month for 15years witch comes out to be a total amount of $190k (no interest in this agreement) I was wondering if selling to this person was a good ideal due to the fact it’s going to take 15 years to receive my money although I’m gettin well over appraisal also on any default I’d be getting the property back I’m new to this and don’t know if I should sell or keep it HELP!!!!

[Jeffrey Donis]

I agree with @Dustin Allen. It sounds like you could cash flow more per year by keeping it. If you're buying real estate for the cash flow, then keeping it sounds like a better choice. Also, you keep the tax benefits. However, if you rent it out yourself, you need to either manage it yourself or hire a property management company. If you owner finance it, you could receive the passive income without the headache of being a landlord. Do you know if you'd want to manage it yourself, or outsource it to a property management company?