Rehabbing & House Flipping

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James Robert
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Should I sell now or wait?

James Robert
Posted Aug 10 2022, 21:31

Hello 

I am a Realtor here in Cincy and also aspiring investor. I current own a single family home in a great area. I paid 183k for the home and the floors are sloped, some foundation settling on a stone foundation. Nothing you can really do but jack up the house. Costly. 

I am living in this house, 8 months in and have done numerous updates. I no longer want to live in this house as I dislike the sloping. I did not care that much when I bought it because I was excited about my first property. Now that I live here, I very much dislike it. I would have to jack up the house (3k) then have new flooring put in which would be 5-10k. I have already dropped a fair amount of money on bathroom updates, kitchen etc. I could sell it for probably 235-250 right now and I paid 183k. I am scared the market is going to turn (already is) and I will not be able to sell it. It has a strange layout. If buyers get more options they may not want my home. It would cash flow about $800 but the sloping will get worse over time if I do not fix the problem. I kinda just want to sell it now, take the hit on taxes & move on. What would you do? 

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Chris Seveney
  • Investor
  • Northern Virginia
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Chris Seveney
  • Investor
  • Northern Virginia
Replied Aug 11 2022, 03:51

@James Robert

You already made up your mind based on your post

Sell it

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Jordan Fiore
  • Real Estate Agent
  • Cincinnati, OH
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Jordan Fiore
  • Real Estate Agent
  • Cincinnati, OH
Replied Aug 11 2022, 10:13

No one has a crystal ball on what exactly the market will do but since you live in this house and do not enjoy it anymore then it seems you want to sell it. You have put some time and money into making it better which is a good thing. Potential buyers will want to see that. Best of luck with everything!

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Marco Fiore
  • Real Estate Agent
  • Cincinnati, OH
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Marco Fiore
  • Real Estate Agent
  • Cincinnati, OH
Replied Nov 2 2022, 11:34

There's no right or wrong answer when it comes to this question. It all depends on your situation and what solution you are looking for. Overall, people should consider time in the market over timing the market. Best of luck with your endeavors.