Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
Followed Discussions Followed Categories Followed People Followed Locations
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Randy Chappell

Randy Chappell has started 1 posts and replied 4 times.

Post: should I rent or should I sell?

Randy ChappellPosted
  • Senatobia, MS
  • Posts 4
  • Votes 6

I really appreciate the advice and expertise in this area.  I will do a little cost evaluation (realistic rent in the area as well as talking with my property manager friend on cost as well) and see which is more feasible (cutting my losses or renting long term).  

Again, thank you for your help!

Post: should I rent or should I sell?

Randy ChappellPosted
  • Senatobia, MS
  • Posts 4
  • Votes 6

Linda, just for clarification, I have a friend who does that (property management) for a living.  

Ciera, it's truly hard to believe the market will be worse than this in the future.  We would be selling the house for $10,000 more than what we bought it for 13 years ago after sinking probably $40,000 into it in repairs and upgrades and adding 600 square feet of finished space.  

Post: should I rent or should I sell?

Randy ChappellPosted
  • Senatobia, MS
  • Posts 4
  • Votes 6

Ciera, I appreciate your input.  The bottom has dropped out of the market as too many are leaving the area and the market is flooded with homes.  My house is already very close to being 50 a square foot and I'm beginning to wonder how much lower I can go at this point.  

Post: should I rent or should I sell?

Randy ChappellPosted
  • Senatobia, MS
  • Posts 4
  • Votes 6

Greetings,

My wife and I purchased a house in a small community (mainly in a tourist industry because of the Lake of the Ozarks but our house is not on the lake) almost 12 years ago.  We purchased the house from an individual (for sale by owner) for $129,000.  The home is 2900 and it was dated (not updates since it was built in the late 70's).  We immediately put $30,000 in upgrades and have upgraded more since the purchase (including finishing 600 square feet of basement space).  But the housing market is currently very poor in our community and we are wondering if selling is really the right decision.  We had the house appraised for a lower interest rate several years into the note and we currently owe $101,000 on it (at the time, before the market crash, the appraiser gave me a quote of $175,000 on the house).  Now it appears we could have to drop down to $150,000 to sell the house (and with a realtor at 7%, we stand to lose a lot of the equity we have put into the home).  There are not a lot of large homes for rent in the area so I'm wondering if I should rent instead of selling and see if the market improves (I can't imagine that it couldn't improve).

We already own a new home and we don't really need to make money on it (but making two house payments along with electric, water, trash, etc. is not great) but we would have liked to get a little of our equity out of the previous home so we could replace a few things in our new home. 

We actually live in a different state but I have several people who I could pay a $100 to who would watch out for the home and deal with repairs as needed.  What about refinancing the house as a rental?  Is that smart?  Any advice you might have would be good.