All Forum Posts by: Michael Imperiale

Michael S.  My goal right now is to sell the house.  But if I get "stuck" with the house because I can not sell it at this time I am wondering if I can use this to start to build my "portfolio".  At the time my concern is that the mortgage is within $200/mo of what I believe I can rent it for (Mortgage =1290 / estimated rent - 1400).  I only have 20% equity due to a refir in 2012 with no cash out to lower my interest rate

Doesit make sense to hold onto the house and rent it out at a small loss monthly and wait for it to increase in value until I can sell for a profit or rent for a profit?  Does it make sense to dump some cash into the principal and refi for a lower monthly mortgage to show monthly profit?  Should I lower the price to sell it and pay the difference out of my pocket if It comes to that? 

The real estate agent priced the house lower then any house in the neighborhood but still a couple $ more per Sq foot. So far only a few showings and no offers. I have seen a few homes in the area that have sold for 3$ a SQ FT less then what I am priced at but that would mean I need to bring $$$ to the table at close. 

Thanks for reading

I am new to the site and have a question.  I have a property that i purchased in 2005 in an area that took a huge hit during the real estate "bubble".  At the time I was not comfortable walking away so I held onto it even though the value went to almost 1/2 of what I paid for it.  

Fast forward - I still own the property and have had it rented for the past ~4 years.  The value of the house has finally climbed back to what i paid and I am looking to sell.  

The home has been on the market for approximately 45 days and there have been no offers and few showings.  

The renters vacated the property when I put it on the market so I am paying the mortgage without and income from the property.  I am thinking that if it does not sell I should put it back on the rental market and wait for a better time.  

I was offered a "contract for deed" from a random person that did some work on the house.  It sounds like a great idea with the way it was presented.  But if it was so good for me to let him do this I am thinking it could be just as good for me to hold onto it.

My question is as a new member and a very little experience with renting it out (the people that rented it last were friends).  What direction do I go?  Do I lower the price to sell do I try to rent it and wait?  How do I weigh these to determine my best option.

Thanks for reading!