Continue to Rent or Sell Property -Need Fast Advice

[Michelle Romano]

Hello Investors -  Need advice on whethr to continue renting or sell.   I have a single family property that has been rented since 2010. The property is in Phila 19138 area.   Tenants moved out 6/30/17.    They were very careless and left the property in a mess.  Need to rehab the kitchen, both bathrooms, doors, lighting, paint, exterior, etc.     The property needs rehab either way but the cost to rehab depends on keeping or selling.   Below are my calculations for each.   Second problem, I don't have the money to rehab and will need to take out a loan which is not included in my calculations).  I did not have any guidance starting out and made some mistakes and now I am asking for your guidance and advice.   If I sell I would like to use the money and learn the right way to buy, fix and flip.   I also completed two flips in 2008 and made a profit with a partner who no longer wanted to invest in real estate.  

I prefer not to disclose personal information on the public forum but would do so and discuss options privately.  Its two weeks since the tenants moved out and need to make a decision ASAP - as time is of the essence.

Apprciate your help and suggestions.  Thank you!!

Fix and Sell

ARV: $ 145,000.00

Price or Existing Mtg:            (52,000.00)

Rehab Costs:                          (25,000.00)

Carrying Costs (60 day) -      ( 1,400.00)

Closing Costs 3%:                  ( 4,350.00)

Agents Fee 3%                       ( 4,350.00)

Margin Error 3%                    ( 4,350.00)

                                               $ 53,550.00

Fix and Hold

Rent Monthly                       $ 1,150.00

P & I Only Mtg Payment:       ( 471.78)

Insurance (monthly)              ( 105.00)

Taxes:                                       ( 120.00)

Maintenance:                          ( 150.00)

                                                  $ 303.22

Michelle Romano

[Jon Lee]

Hi @Michelle Romano...there are a few details that need to be known that you might not want to share on the forum.  If you still need someone to bounce idea's off of...just PM me and we can set up time to discuss possible options.