All Forum Posts by: Mike Khalil

Need some advice from my fellow BP bloggers.

I have a property currently listed for sale and it’s been on the market for about 20 days now and not much action has been going on and the house is priced at market value. So i recently decided to list the property for lease on CL too see maybe if renting would be an option instead of accumulating all this carrying cost I’m having to pay each day that passes by. Days later i get a few interested clients and one of the is a young man 24 years old and is very motivated to move in asap and he always has 2 other roommates that are close to that age and i willing to over pay currently listed at $1650 a month with a security deposit equal that amount and he’s offering $150 over the monthly rent and $4k monthly deposit when i expressed my concerns over having young people living in the house and trashing it after a full rehab was done in the property just last month, so now I’m stuck between so i take my chance or do i simply wait for the right offer to arrive or maybe another Potential tenant that’s safer maybe a family.

I did a tenant screen check (cozy.com) on all 3 individuals that will be living in the property and everything checks out and they make a combined $5500 a month, they currently study and work.

I'm not too crazy and the flip because there isn't much equity to be made over spent on the rehab i think so I'm left with about 15-20k if it sells with the current price listed but doing a BRRRR may make more sense in this situation.

Sorry if this sounds a little confusing but I’m a bigger and this will be my 2nd rental just need some opinions.

Bought house off market 188k

Spent 20k rehab

2K carrying cost a month (2months to date)