RENT if you can't sell at your price??

[Dean Hulsing]

I have a 9 units and I recently finished a property that I would like to sell.  However I am sure that I would be able to rent it quickly and I feel very confident in the improvements that I made in order to make a great rental with very little capital expenditures.  The home has 4 bedrooms and is in a C+ to B- Area.  I have approximately 75% of the value of the property invested and it has been on the market for about  one month now.  I feel that I am just holding on and I want to move on to the next project.  I was just wondering how long you would hold a property that you feel was listed at a discount.  I keep thinking that I could always sell the property at a later date but the area is probably not going to appreciate in value.  I think that it would take me about 8.5 years  (about 100 payments/ months)  to receive the amount of payments (gross) that I have it listed for.  If you could shed some light on this subject I would be very appreciative.  Thank you for your expertise.

[Charlie DiLisio]

Why not consider doing a HELOC as an alternative. Most will give 80% and get a free appraisal as well as no closing costs. The only problem I see is some places won't do it because I'm assuming you don't live in the property itself but many will. Use the funds to buy another property and have the tenants pay the loan off. Since it is a loan there are no down sides for tax purposes and the rates are very low at this time. Just a thought! One month is really not that long either and you can re-list again so it shows up as a new property on the MLS. I don't know your market either since winter is approaching but I only see upside for you. Good luck and best regards.