Hello! I have a house that I was rehabbing for sale. My repairs far exceeded my budget on this one.
With this sale at market value I am loosing 4,000. I need to do a 2,200 additional repair on the house in order for my current buyer to place FHA financing on the house, getting me up to losing 6,200.
With keeping this project as a rental I would place financing on it and get 75% of the value out, place property management on it, and net 200/month.
I own the house free and clear, I used all my own cash for the property and am anxious to get my $ out and get started on my next 2 projects (since I will be leveraging my cash in the future instead of having it all in one project).
Re-reading this makes it seem like a no brainer to keep as a rental......are you reading the same thing? Please make my brain work....help me think it through.
If it's paid off completely, I'd try and BRRR it to get some cash to do another... Best of both worlds I feel...
I agree with Kate. Get a lease on it and refinance. Your tenant would be paying your mortgage and you would have the cash you need.
Thank you guys for your responses, sometimes I are too close to see things straight. Even when they appear simple!