Financing in 19139>Question Details

Lbc4581, Home Owner in 19139

A rental property has been left to me in need of repair. Would I do better to sell now or apply for financing to get the work done?

Asked by Lbc4581, 19139 Fri Mar 9, 2012

I would like to know if I should get a home equity loan or a HELOC to get this property in working order to supplement my income or would I be better off selling the property. I would be using the revenue from the rent to supplement my part-time income and cover the expenses of the property, i.e. insurances, taxes and payments of a loan

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Talk to your accountant or financial consultant as to how best this asset can be used for your benefit.

Fran and Mark Redding
Prudential Fox Roach
1010 Stony Hill Road
Yardley PA 19067
215-321-3307 Direct
215-208-7169 Cell
Web Reference:
0 votes Thank Flag Link Fri Mar 9, 2012
Dear LBC4581:

Sounds like extra income would be helpful to you and your current situation. Think hard before selling it, and take an slow and careful look at the costs for repair, maintenance and how much time it will take to manage.

Best way to assess this is a basic pro and con list. But remember, tangible assets are strong options over investing the money markets, particularly in places like Philly where the market is so healthy, and there is a finite amount of real estate. Its valuable.

Ana Barlow, Coldwell Banker Preferred Philadelphia
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0 votes Thank Flag Link Fri Mar 9, 2012
Hello Lbc,

There are people that would buy your property as is and I would be one of them as I am currently looking to buy rental property in the city.
What you have to do is figurte out the cost to get the property in working order and the price of rents and then see if there is sufficient monthly income for you to deal with the issues that go along with being a landlord.

It really is a matter of doing the numbers and seeing which makes the most sense.

Call me if you want me to go over some numbers with you. I may be a buyer too

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
0 votes Thank Flag Link Fri Mar 9, 2012
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