Need advice, sell or keep as rental

[Erica Osborn]

Hello! I have a house that I was rehabbing for sale. My repairs far exceeded my budget on this one.

With this sale at market value I am loosing 4,000. I need to do a 2,200 additional repair on the house in order for my current buyer to place FHA financing on the house, getting me up to losing 6,200.

With keeping this project as a rental I would place financing on it and get 75% of the value out, place property management on it, and net 200/month.

I own the house free and clear, I used all my own cash for the property and am anxious to get my $ out and get started on my next 2 projects (since I will be leveraging my cash in the future instead of having it all in one project).

Re-reading this makes it seem like a no brainer to keep as a rental......are you reading the same thing? Please make my brain work....help me think it through.

Thank you!

[Rick Stein]

I agree with Kate. Get a lease on it and refinance. Your tenant would be paying your mortgage and you would have the cash you need.