Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
Rehabbing & House Flipping
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 13 years ago on . Most recent reply

User Stats

32
Posts
3
Votes
Mariana Skonieczka
  • Rehabber
  • Erie, PA
3
Votes |
32
Posts

When to decide to rent?

Mariana Skonieczka
  • Rehabber
  • Erie, PA
Posted

I purchased a house at Auction.com last Sept. I put over $10,000 into fixing it up. It has been for sale since Dec. My realtor is my sister-in-law and she has set up about 10 open houses since Dec. We have had several people with a strong interest but nothing ever comes to fruition! I want to flip again and have been doing due diligence on several properties. I cannot buy another one until this one is sold. My question is: What amount of time do I give it to sell my house before I decide to rent it? I have cut the price twice. Is there a reason why someone wouldn't want to purchase a flip house? Everyone who sees this house raves about how cute it is. I'm confused and frustrated!

Most Popular Reply

User Stats

1,148
Posts
903
Votes
Brian Levredge
  • Investor
  • Chattanooga, TN
903
Votes |
1,148
Posts
Brian Levredge
  • Investor
  • Chattanooga, TN
Replied

If it's been shown that many times and you still haven't gotten an offer, then you probably have it priced too high, assuming everything with the house and area is in good shape. How did you do your comps? How is your SIL marketing the property?

As far as renting is concerned that should have been a secondary exit you were prepared for in the beginning. I don't know that there is a hard and fast rule on the amount of time you list a house for sale before deciding to rent it out. If you rent it, you are in essence locking your investment into that property, so you should make sure you are ok with doing that in the first place.

  • Brian Levredge
  • Loading replies...