Need Input on whether to Sell or Keep

3 Replies

Hello,

I bought a home to live in in December of 2015. Fast forward 2 years later I had to move out of town for work and had to rent it. The rent income nearly covered all of the costs (PITI + PM) and the last two tenants broke their leases early and ended up buying their own home.

There is some deferred maintenance around 25-30k that I have delayed because it was a rental. I tried to put the house on the market for Sale and I got an accepted contract for 24k (list price 299k accepted 275k) less than asking price as is. The potential buyer did the inspection and found that the patio deck (15k to replace) was deemed unsafe and needed to be redone and ended up terminating the contract.

I need input from savvy investors on what would be the best course of action here to capitalize on this opportunity:

1- Relist the house on the market and hope for a better buyer and knock down the price? if so, by how much?

2- Handle the deferred maintenance (25-30k) and list for rent and then refinance (room for increased rent) 


Any input is greatly appreciated

Did you try and get them to pay 290k and then just give them 15k at closing?  You get the 275k you were okay with and they get to finance the 15k over 30 years.  If you're still out of town, sell.

@Simo Hak How much is the property worth after the repairs? If the difference in value is more than the repairs cost then do the repairs.

From the information given this property seems like a loser. I would sell it, even if that means taking a loss. It is better to cut your losses that increasing them by waiting. Make this headache go away.