My first rehab!!

[suzy]

I am almost finished rehabbing a 1920's craftsman that I purchased for $91,000, rehab costs of $15,000.  I am putting it on the market for $135,900. I financed the house on my home equity line of credit.  Should I try to get a fixed rate loan incase it doesn't sell for a long time?  I guess if it didn't sell I could rent it.  

[kdhastedt]

Unless you really think that you won't be able to sell it, it probably doesn't make sense to refi the property.  You will have all of the closing costs and then turn around and pay more when you sell it... Paying closing costs twice will cut into your profit (and maybe quite a bit!).

Do you have 'comps' on the property justifying the $135.9K?  Is it listed with an agent?  What are the average days on market (DOM) in your area?  

I would give it an average amount of sales time for your market and then make a decision.

Where is it located?

Keith

[suzy]

First - thanks for the info.  The property is located in Columbus, Ohio and I have had a realtor give me an appraisal of $137,000.  I put a for sale by owner sign in the yard just to see what happens for a couple of weeks until I finish cleaning, painting the basement.  Did have someone stop and go thru the house and seemed very interested.  She wanted me to call her when everything is completed, but will list with a realtor if she is not interested.  I guess I'm a little nervous about the interest rates going up.

[black95gt]

make sure you refi it before you list it if you are going to, because it is hard to for about 6 months or so after it is off the market.