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Old 04-16-2008, 08:55 PM
 
4 posts, read 8,257 times
Reputation: 10

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I'm an investor and I am hoping for some advice. I own a SFH in falls church in an ok neighborhood in Falls Church, off of Graham Rd, between 29 and 50. I bought it last year for 385k and put 80+k into it, COMPLETE REMODEL of the entire home, now a 4 BR/3BA but still small on .2 acres. The address is 7231 Tyler Ave Falls church.

It's a neighborhood that is somewhat turned around, but very hispanic. I don't know if I could get the $479k. Things just don't seem to be selling. What does everyone think?
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Old 04-16-2008, 09:01 PM
 
930 posts, read 2,171,401 times
Reputation: 1000
You bought it to flip? I think we shouldn't abuse the word "investor".
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Old 04-16-2008, 09:15 PM
 
4 posts, read 8,257 times
Reputation: 10
I did buy it to flip. It was my 12th house over several years. I just put too much into the house. I don't mean to abuse the term investor but I've been involved in real estate for years.
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Old 04-18-2008, 10:37 AM
 
Location: McLean, VA
790 posts, read 1,610,606 times
Reputation: 556
Housing prices in that area are pretty depressed right now. If you sold, you'd have to take a huge loss [which you already know]. If you rent, there is a high risk the tenants won't take good care of your freshly remodeled home.

It's a tough choice. If you can take the financial hit, I'd sell. It's going to be a while before prices go up in this market.
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Old 04-19-2008, 01:31 PM
 
Location: Ashburn, VA
989 posts, read 2,473,684 times
Reputation: 637
Rent it out. The rental market still seems to be relatively strong... We always advertise on craigslist then hold an open house for prospective tenants. Seems to work pretty well.
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Old 04-19-2008, 05:47 PM
 
Location: Bettendorf, IA
446 posts, read 1,225,276 times
Reputation: 199
If you sell now you will take a bath. Even with the upgrades you would be hard pressed to get what you paid for the place. Check the comps before you decide. However, you may want to hold on to the place but be VERY picky who you rent to. It pays to keep a a place vacant and make mortage payments than to rush into renting to someone and their family that might well trash the place just to make cash flow.
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