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Updated almost 6 years ago,
- Investor
- Youngstown, OH
- 2,405
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Should I sell or rent my primary after I move?
Hi BP!
I'm in the process of looking for a MFH to house hack. I've been house hacking a SFH for the last 2-1/2 years. I didn't know much about REI and thought it was my "starter home." Now that I want out, the numbers don't work out well as a pure rental. I won't lose money, but once you add in reserves for maintenance, vacancy, and capex, the rent I need to cash flow is pretty high above market.
I just refinanced a few months ago to free up my eligibility for an FHA loan, and the appraisal came back about $18k over my loan on it. I know I want to sell, I just don't know if I should hold onto it for a year, rent it out, and clean it up a bit, or sell it as-is. I will probably reach out to the agent who sold me the house to get her opinion. Are there any other considerations I should take into account as I make this decision?
TIA!