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Updated over 2 years ago,

User Stats

5
Posts
1
Votes
Bobby E.
  • New to Real Estate
  • Central Virginia
1
Votes |
5
Posts

Rent primary residence or sell

Bobby E.
  • New to Real Estate
  • Central Virginia
Posted

I dabbled in real estate investing early in life then a divorce happened and ended it. Now i'm back to getting into it at age of 53. 

My house of 20 years is ether going on the market for sell or deed to my NEW rental business. I think selling would be my best option. I would like to hear from others with experience please. house is located outside of Lynchburg, VA in a high demand zip code. Inventory is still low. most homes on market are low 200's or above 400's . not many 4bd , 3ba homes for $325k range.

house appraised for $315,000

after some paint and minor fixes will list for $325,000 

balance on loan is $126,000 @ 3.375% interest

sell for $325k,  pay $16k in commission left with $309k

pay off mortgage $126k and equity loan off $66k and have $117k left to invest. 

Property Management co. says I can get $1,800/month rent for no problem. 

I pulled $66k out to consolidate $26k in unsecured debt and to put down payment on a Tri plex in next county over with an off market deal.  $185k - will get $2100 in rent.  ($45k down payment)

our market is still pretty great and lots of cash buyers so agent thinks i'll get 325k within a week. 

I have 3 other off market opportunity's in addition to the triplex that i'm suppose to have first dibs.  the first one at start of 2023 will be a duplex at $145k and will bring in $1450/month in rent. ($37k down payment)

so should i rent my house out? or go ahead and sell it and use cash for the triplex and duplex ($82k down for both) and have  $35k left to work toward getting the quadplex in 2024 when it's available.

thanks in Advance  

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