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Updated about 4 years ago on . Most recent reply

User Stats

140
Posts
36
Votes
Delmas Edwards
  • Warren, MI
36
Votes |
140
Posts

I need help in what I should do, what are my options?

Delmas Edwards
  • Warren, MI
Posted

I have a rental property I purchased cash using my credit cards. I purchased it for 18k rehabbed it and now it appraised about 35k. The interest rates went up and I really don't want to sell for 35k I'll break even on my credit cards and still have to pay taxes on it being sold plus closing cost and etc. I have a tenant with a 1-year lease paying $775. I want to learn lease options but please let me know what are my options and your comments are appreciated. This is my first rental. No skin in the game.

Most Popular Reply

User Stats

140
Posts
36
Votes
Delmas Edwards
  • Warren, MI
36
Votes |
140
Posts
Delmas Edwards
  • Warren, MI
Replied

This my first property. C+ working neighboorhood. I believe Detroit going to make it's way back in due time. I manage this property myself. My tenant has taken care of my rental and been paying on time. We have had a plumbing issue due to tree roots but my cousin is a plumber and I use him to maintain it and also use root x. I fill I want to keep this property and find other options to be able to continue to hold so I can learn from this process and have more of these in the future to be able to give affordable housing to tenants.  Thanks for all you guys comments I really appreciate the feedback.

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