Hi all!
I'm new here but my fiance recommended with forum for some advice. I own a rental property in Lake Arrowhead area (since 2022) that I initially had as a STR, but have had long term tenants in since last year. I'll be honest -- I purchased this with inheritance when my parents passed as an investment when the competition was high and went in $50k over asking and had to put $145k down with my self employed loan. I refinanced last January which lowered by rate to 5.9% but my loan amount went up to $311k (previously $278k). Now that I'm thinking about selling it seems impossible to ever make that money back, as most comparables are trending at most $395k. My tenants are great and are interested in buying it eventually, in which case I would do FSBO (hiring a lawyer) but cannot afford the $400k I quoted them (with me still taking a loss). Does anyone have experience with FSBO or Rent-to-Own to tenants? Any advice? Do I just list it and take the loss?
I'm 33 and my fiance and I are looking to move to Asheville in the near future so I'm hoping to off-load this property in the next year.
Thanks in advance for any help!
