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?
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.