Help! Should I rent or L/O - Posted by Grant
Posted by Grant on April 23, 2002 at 18:41:52:
I have a home that I own that is vacant. My initial intention is to rent it out for a couple years. I have tried to sell it but there is an over supply of houses in my area and not enough buyers. (Lots of new homes being built in this area.)
I feel I would have to take a huge hit on sales price if I want to move it quickly. The home is only 5 years old and in very good shape.
Basically, should I do a straight rental or should I lease option the property? I would like to cash it out in a year or two. I have approxiamtely 35k in equity in this property that I could use for other deals. Do banks allow you to use home equity to finance other real esate deals?
I feel I could take in $225/month in cash flow from this property on a straight rental.
Thanks for your suggestions