Question for you other investors:
I have two duplexes (four doors) that I want(ed) to sell.
They went under contract in early August with a late August closing date. The closing was going as planned and then Harvey hit. No problem, we'll push the closing back - I'm in no hurry nor is the buyer. I call the buyer and tell her to extend the contract through the end of September.
Last week, the lender makes a small change to her terms that I'm not sure the buyeris thrilled about. It's not a deal killing change, but a change nonetheless. I inquired to the buyer last week if she's still interested the deal in light of the new change. I haven't heard back from her nor have I been presented with an extension.
I made the decision to sell after a slough of repairs that came through, dealing with jammed up A/C's, etc. and had had enough of other people's problems. I threw a fat number at the buyer and he offered 96% of it. Game on.
In the meantime, I'm having second thoughts about selling them. I currently clear about $900 each month after PITI. Based on my rents, vacancy rates, expenses, etc., the sales price I agreed to is about 3% above market value (Value = Income/10% cap rate).
If I sale, I'll make about 26% in a 30 month time frame.
What do you do?
I have two duplexes (four doors) that I want(ed) to sell.
They went under contract in early August with a late August closing date. The closing was going as planned and then Harvey hit. No problem, we'll push the closing back - I'm in no hurry nor is the buyer. I call the buyer and tell her to extend the contract through the end of September.
Last week, the lender makes a small change to her terms that I'm not sure the buyeris thrilled about. It's not a deal killing change, but a change nonetheless. I inquired to the buyer last week if she's still interested the deal in light of the new change. I haven't heard back from her nor have I been presented with an extension.
I made the decision to sell after a slough of repairs that came through, dealing with jammed up A/C's, etc. and had had enough of other people's problems. I threw a fat number at the buyer and he offered 96% of it. Game on.
In the meantime, I'm having second thoughts about selling them. I currently clear about $900 each month after PITI. Based on my rents, vacancy rates, expenses, etc., the sales price I agreed to is about 3% above market value (Value = Income/10% cap rate).
If I sale, I'll make about 26% in a 30 month time frame.
What do you do?