Advice for next step

[Michael Harris]

I got into a mobile home on 3 acres in suburb of Tulsa ok, the owner quit claimed deed to me and we signed a contract that I would rehab and sell at that time he gets $60,000. I am almost done with the rehab and I am considering a few options.

The comps on the property have been around 190k but I feel this property isn’t quite as good as the comps I could find so I’m running with the assumption of getting about 175k.

1. Sell house and buy a cheaper house all cash avoid the current high interest rate. Down side the houses in this price range are older and possibly not in best neighborhoods, more repairs possibly harder to find good renters.

2. Use proceeds as down payment on higher quality house maybe even new house, less repairs, can look I. Better areas. Will have high interest mortgage.

3. Refinance and rent the mobile out, already have tenants interested. Use refinance fund payout person I bought from and do either 1 or 2 above.