in 2004 i purchased a house for 250K putting down roughly 50K. It’s a two family and i lived in it for 2 years and then moved. It seems that on average i make $500 per month in rent as it seems i’m constantly pouring money into it. (it’s over 100 years old). I moved 1000 Miles away in 2005 and it causes me a fair amount of stress. I can rent both units for 1350 (after management company) but it seems i never have both units filled! It’s frustrating because i so rarely get rent checks and it eats a lot of money per month (roughly 1750). i wrote off about 13K in losses last year.
So…What should i be willing to sell my house for (i think it’s a simple NPV equation, but i’m not confident in my answer). (by the way, the house has seemingly depreciated over this time period). Last note, although it shouldn’t matter, i’m fairly young and used part of an inheritance when i was 24 to purchase this. (thought it was a smart move at the time, didn’t anticipate leaving). Thank you!!
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What Price Should I Sell My Rental Property For?4 comments to What Price Should I Sell My Rental Property For? |
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Well you should sell it for about 20k less than u bought it, and take off some more for any damages or problems with it…or fix them up before you sell it…
It really depends on where it is aswell. You could spend another 2k on fixing it all up real nice, and then gain 10k on it’s sale price.
It really depends on whether you just wanna get it sold and over with…or keep it a few more months and do it all up.
But yeah….Oh well….
GOOD LUCK!
You should sell it for 25k less than you bought it and leave some nice things like some flat screens or a new refrigerator
sell it to me for 1 dolla
you make 1350/mo. from rent but your puttin’ up about 1750. Since you wrote off 13K last year, you should either make the flight to the area to make your own assessment, or you can ask a friend still in the area for a good, trustworthy property appraiser. Then make your decision.
If it were me, knowing that I would have owned the lot for only 4 yrs., I would do some searching for a general contracter w/ experience in remodeling homes. Apply for a grant to fix the property, and use the gifted funds.