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Updated over 3 years ago,
First time selling a house
I have a renter-occupied 4 br 2.5 bt house in Sanford NC I want to sell but I want to go about doing it the smartest way possible.
There is a 14k forbearance balance. I have the cash but spending my cash is the last course of action I want to take.
It is currently Renting for $1,500 and the tenants are awesome. They have been there for over 2 years now and I have had zero issues with them they more often than not pay their rent early. They are very interested in buying the property using seller financing.
Amazing tenants, beautiful property, but I want to get the money and use it on another project.
I don't know the best way to go about this:
a. Sell and have the forbearance money taken from the sale.
b. Take a line of business credit to cover the 14k, do a cashout refinance, and then sell it? ( Am I creating too many steps?)
c. Spend my cash to cover the 14k, cashout refinance and sell.
I want the best return I can possibly get.
Also curious about how to defur the taxes because I want to use the money on a new project.
I'm open to all suggestions, opinions and guidance.
Thank you