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Updated about 4 years ago,
Starting out and not sure the best thing to do
Hello fellow real estate lovers. I'm stuck at a cross road in a sense. I have a property in Jacksonville, North Carolina that I've renovated. It's been on the market for sale and had an offer that fell through. Now it's time for the back up plan of making it a rental. My future goal is to have rentals, I just don't think now is the best time. I have a hard money loan and I need to get out of it with either a bridge loan or a 20/30 year fixed loan. I'm open to selling to an investor. I do have a property manager who just signed a lease for this property for two years. ARV is 110k, rent is at $1,000 a month. My property manager is charging 10%. I've done the numbers cashing out with a rental loan, at 75%, that would be $82,500 roughly making a monthly payment around $577. So with all that and setting $50 a side each month for maintenance the monthly cash flow would be around $273. Any guidance is appreciated.