Hi there
I have a new construction house (3bd/2bth) I purchased / signed contract for closing this month nov 21st.
I was originally intending to rent out my current
4bd/2bth property for which
I have a offer from open door, it was pretty low but after I submitted pics they brought it up to not optimal level but 4000 less than what my realtor predicted to be the low end of the sales estimate. Since I wasn’t originally planning to buy this property but it ended up happening my cash flow is really tight. My general intention is to buy and rent out for long run so if I sell my current home it goes against that but I do have some equity so if I sell it I’ll cash out n will be able to pay off my credit card debt and rest of my car loan improving my cash flow about 750 a month. I am here in jacksonville all alone no family practically with no savings and with moving cost etc it has been difficult to manage which I’m barely able to (no emergencies yet but paycheck to paycheck) ideally I would get property management company to rent out my current home but I’m moving on 23rd so I’ll be putting out on the rental market on the week of thanksgiving which doesn’t help my tight situation. I have a demanding and difficult job so I have been a bit stressed out. I will be able to skip one payment on my current home before I have to make my new payment in start of January at my new property. My question is, in my situation would u sell it or still try to rent it out? My mortgage with my current home is 960 including escrow at 3.5% and rent is projected to be somewhere between 1400-1500. What would you do or recommend, take offer from open door? Or somehow try to rent it out still even if finances may be a bit awry for a couple months and take a chance at rental market here in jacksonville ?
