To refinance and rent or to sell as is

[Jaki Ollango]

I got my 1st property from a wholesaler. We did foundation repairs and some cosmetic upgrades but unfortunately we have not been able to sell as twice the buyers have said their inspectors noted issues. We have pulled the property from the market. My dilemma is we ran out of money to do anything else. I am thinking my options are either to try and sell as is or to try to refinance and rent it out. If it is selling, what is the best way to find a buyer to buy it as is? If it is refinancing so as to rent, would a conventional lender do it seeing that the inspector feels more work is needed? The property was paid for by hard money lender hence the urgency. Also, the property is in Sanger, TX 76266. Thanks.

[John Chapman]

If you have run out of money, then you definitely should not rent it as landlording is a capital intensive business. Also, and I'm kind of reading between the lines, it seems like you might have to do additional work just to get it rent ready. Either that or lower the rent or your rental standards to point where it's not worth it. This market is nuts, so I would probably just put it on the MLS as is. Nothing magical about it. Priced right, it'll move.