Selling home after living in it for 1 year!!

Selling home after living in it for 1 year!!

Real Estate Investor · Cabot, AR · Member since 2014 · 70 posts · 38 votes

So here is the situation, my wife and I purchased our home exactly one year ago and I recently accepted a job offer about 2 hours away. When we purchased the home we put 10k down and now we have realized that if we sell with a realtor.....we will be lucky to break even. Currently the houses in my neighborhood rent for $1200+ per month (booming area and college town).....so it seems like I would be better offer selling my home for a few thousand less than I paid for it to an investor by offering them a great property that would have a 10%+ cap rate, would be a better deal for both of us rather than pay 7% commission and closing costs on the property. What do you guys think? Could I spin this situation into an opportunity for someone wanting to get into rental property or no? 

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  • Civil Engineer · Orange County, CA · Member since 2012 · 189 posts · 45 votes
    11y

    Why not keep it yourself? Probably have some good owner financing in place.

  • Investor · Baytown, TX · Member since 2015 · 18 posts · 3 votes
    11y
    Why not rent it out?
  • Investor · Socal · Member since 2015 · 222 posts · 34 votes
    11y

    i'd live in it another year thus not have to pay full capital gains tax when selling (2/recent 5 rule)

  • Jerry W.Pro Member
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    Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
    11y

    @Dan Ward, this is your chance to invest.  The financing is in place run the numbers, can you break even or make a little money.  The higher end rentals often do not cash flow as well but are a lot less headache than cheaper rentals.  You can try it out and see if being a landlord is for you.  If you get a renter in it you may even be able to sell it as a turnkey if you are dead set on selling.

  • Real Estate Investor · Cabot, AR · Member since 2014 · 70 posts · 38 votes
    11y

    The only reason I considered selling is because I need to purchase a home near Little Rock AR area....I've looked at a few already and I just figured that with my income (65k-ish base+ nice quarterly bonuses) wont allow me to have this home in Jonesboro and a main residence a few hours away. Good thing...the town I'm wanting to move to, I would qualify for the USDA Rural development home loan...therefor I could get into it at zero down. I have considered doing a owner finance option, I guess originally I thought "Heck, sell it and get my 10k that I put down back and just sell it" ....now I've realized that when I sell it the realtor will make a nice pay check off of me. 

  • Investor · Leander, TX · Member since 2014 · 20 posts · 2 votes
    11y

    @Dan Ward you might be able to even do a Owner Finance. You get relief of the loan/debt and you might be able to capitalize your current house

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