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Updated almost 3 years ago,
Anyone looking for rental property?--Needing to sell my home
Hey Everyone!
I have wanted to rent out my current home through a HELOC but due to some financing restrictions on my family forever home, we are forced to sell our home and we are going to use our equity to look at some rental options in the midwest where we buy in cash.
We have had an offer accepted today and we are needing to sell our home quicker than I thought which is why I'm posting here because I think it is a great investment opportunity.
Background of Neighborhood-- There are multiple rentals in our neighborhood and I've talked to tenants about how much they pay, what they like/don't like, seen layouts, etc.. I'm not being bias when I say that our home is extremely competitive with the layout and would attract most likely great tenants(my neighbor has been renting for 14 yrs and others have been renting 5 yrs. plus).
Property details: we've taken good care of this home and have made some improvements but since we were planning on it being a rental, I am fairly confident that it doesn't require anything to be repaired or updated(as I stated, based on what I've seen in finishes/layout on multiple rentals in my area). It's 2,900 sq ft. and I think it will sell for around $600k, but we're willing to sale around $550k for cash and quick close. Rent next door is $1900 for 1200 sq ft. unfinished basement and not a great layout, across they street they pay $2,100 for 2,800 sq. ft with cheap finishes.
Let me know if you're interested in having a discussion. I wish I were in a position to keep as a rental, but my loss could be someone else's gain and I want to give back to the community that has been instrumental in my investing education!