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If you want to sell your houses, set the price at a level where somebody will buy. Look at the price on nearby homes for sale, find out what comparable sold houses sold for, and then price yours lower.
Refusing to go below a certain price means you're going to go on bleeding money, until the banks foreclose.
Leasing them out is fine, if it'll cover your mortgage (if it won't, that's a 100% sure sign you overpaid), but be careful. Being a landlord is a job, and it's not an easy one.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Try a lease option right now. You may attract a buyer that's just a little gun shy on buying right at the moment, or someone that may need a little help with a down payment.
If your still seeking some advice on these to mortgage if you have a alternate email. I can very much be of assistance. Write back, let me know how that sounds.
If you want to sell your houses, set the price at a level where somebody will buy. Look at the price on nearby homes for sale, find out what comparable sold houses sold for, and then price yours lower.
Refusing to go below a certain price means you're going to go on bleeding money, until the banks foreclose.
Leasing them out is fine, if it'll cover your mortgage (if it won't, that's a 100% sure sign you overpaid), but be careful. Being a landlord is a job, and it's not an easy one.
LinusK.. I have had comparables done in this neighborhood and it is priced at a level where it should sell, but it hasnt sold yet. Im not sure I know what you mean about a rent payment not covering a mortgage payment, why would that mean I overpaid? That makes no sense to me. But thanks.
If it's cheaper to rent than to own, that means something's out of whack.
Think of it like a car. Suppose it costs $30/day to rent a car, or $900/month. If it cost more than that to finance the purchase of the same car, (more than $900/month) then you know something's wrong with the car market.
The same thing is true of a house. If it costs more to finance a house than you can get for renting it, then you paid too much.
Linus..Sorry but I dont agree with that reasoning at all. I absolutely did not overpay for that house. But any mortgage payment depends on the amount of financing you do and the rate that you get. I may have a really low mortgage payment or a really high one on the same price house. Thats not a true indication of value of the purchase.
Anyway, the issue is still that, despite a good price, it still is not selling. I am not sure if I will do the rental route yet, as I dont have any experience with it. But I may have to as a last resort. Thanks again.
And if you could rent if for enough to cover your mortgage (plus insurance, taxes, repairs, maintenance, evictions, and vacancies) then you would have paid the right price when you bought it.
And if you could rent if for enough to cover your mortgage (plus insurance, taxes, repairs, maintenance, evictions, and vacancies) then you would have paid the right price when you bought it.
Not always true, I would think it depends on the inventory saturation of the particular market.
Well, I guess if you listed it for $1 you would be correct in your blanket statement, it would sell.
What is the value of the properties vs. what you can take for them?
Great question!
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