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Updated about 2 years ago on . Most recent reply

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306
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Amir B.
  • Rental Property Investor
  • Elk Grove, CA
76
Votes |
306
Posts

When to sell an investment home

Amir B.
  • Rental Property Investor
  • Elk Grove, CA
Posted

Hello BPers,

I'd like feedback on when an investor should decide to sell their investment.

I bought an SFH in Parma, OH, in June of 2017. I bought it for $86,500, including closing costs. I immediately found a renter for $1097, and she stayed until this past September. After about a year, I paid it off. After she left, I spent about $7,000 on repairs, paint, etc. After two months, I still haven't found a tenant (I did briefly, but the tenant backed out) and found out today that the basement needs waterproofing, which can cost between $4500-$5200. The house was built in 1955, and thinking if I should sell it.

My goal was to gross $5,000 per month between my three properties. I have a duplex in Euclid renting out for $2600 monthly. 

Many thanks for considering my request.

Amir

@James Wise

Most Popular Reply

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13,401
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Joe Villeneuve
#5 All Forums Contributor
  • Plymouth, MI
19,437
Votes |
13,401
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Joe Villeneuve
#5 All Forums Contributor
  • Plymouth, MI
Replied

Why did you pay it off?  You just paid full price for the property.

Why are you concerned about the gross?  The gross doesn't matter.

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