Potentially selling an investment property

[Ashley G.]

I have an investment property in IN.
I purchased in 2022 for $200k. It appraised for $205k.

Purchased for kids future/college fund (maybe relevant maybe not)

Mortgage rate is 4.4% currently paying $1149 a month (including taxes/Insurance)

Currently rents for $1550 (room for upping rent to $1600+)

In the 2 years Ive had it, Ive added a roof(insurance claim),new windows, new bathroom, plumbing. All of which has helped me reduce my taxable income resulting in me getting $$$ tax returns (which i don't hate)

Last week i received a text from MJRESOLVES (never heard of them).

Ultimately this is what theyve offered

Purchase price $250k

Down Payment $5k

Monthly payment $1000

10 Year balloon payment.

They will cover all property expenses including taxes.

They want tenants gone within 30 days.

I still owe $146k on the property.

My tenants are good people. Month-Month contract. Pay on time. No complaints. Will likely be there another 1 year if not a bit more. Area has no issues with finding tenants. Big companies close by room for growth in the area.

Ive never sold a property before and have no idea about seller financing. Im in no rush to sell and in no need to sell. Property aimed to be paid off in 20 years to pay for kids college/marriage/car etc etc etc)

Does anyone have any pros/cons of the above? Why is it a good deal or why is it a bad deal?

Thanks for any wisdom sent my way

[Nicholas L.]

No, no, no, no.  Maybe it's a real, genuine buyer on the other end.  Maybe it's not.

But you don't need to sell. So if you don't need the funds, keep the house forever.

There's no reason for them to pay that much above market value.