Evaluating a deal already done

[Steven Horvath]

I really like this site and have learned a lot from it already. Long story short
bought a hud home in Houston for 82k 1600sqft 4/2/2 30yr old
avrg house goes for 100-108k in the neighborhood
currently owe 79k at 6.25% fixed 30 yr
confident i could realistically sell it for 108k
owe 7k on my credit card that i used for capitol to fix it up. which is my credit limit and crushing my score- which eliminates the possibility of a refinance. However the house is completely renovated.
i pay 790/month for mrtg,ins,tax
200 year HOA dues
i rent it out for 1150/month
Pls keep in mind that i bought this house with among other things, a partner who bailed and left me with few options. Also i had NO real estate knowledge at the time. I am pretty sure it dosent meet up to the 50 % or 2% rule, and I am curious what the members of BP think about my current situation, and all advice/criticism is appriciated.

[Bill Gulley]

Hi, sounds like you been there and done that! If you decide to keep it and save for the next one, and you're not married, save the money, say at least six months before you expect to buy, to have your funds in her account. She can buy with funds on hand. And hope you stay together, lol.
Selling with a tenant in place may bring you a better price, depending on the cap rate used by an appraiser. It's better for an investor to buy with a cash flow than empty. If it's to be sold as owner occupied, you might list in July or August, notify your tenant and work out showings.Generally, Jan through Mar is kind of slow, depending on where you are. So shoot for a closing before the snow hits your area, if it does at all!.. Bill