We are almost finished with our first flip house, yea! I know it was a dumb to try and do this with the way the real estate market is right now, but it was my Grandfather's house. He passed away and my Mom gave me an excellent deal on it, that I just couldn't pass up. It is in a desirable neighborhood and the houses don't sit for long, so we were hoping to sell it fairly quick. Before we put it on the market, we are curious about renting it out until the market recovers in the hopes we can make a profit, if not at least get out of it what we put into it. I know renting can be a nightmare, but it might be worth it in this case. Any thoughts on renting vs selling and possibly taking a loss? Also, if we decide to rent instead, how do you calculate what the rent should be each month? Is it a percentage above the note, or is it based solely on what similar homes in the area rent for? Thanks!
2007-09-05
10:29:11
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10 answers
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asked by
bijou
4
in
Renting & Real Estate