First Property.

5 Replies

I found a property for under 28,000. It's ARV is 65,000. I am just starting out, would it be better to sell back to a investor, or fix it up myself? It needs about 6-8k of work.

How many comps did you pull to determine the arv? How did you determine the rehab cost? Where did you find the property?

4 comps within 2 blocks that recently sold this past 6 months. Needs paint, carpet, light fixtures, and trim. Zillow and Trulia.

if you're trying to get a bunch of properties under your belt to create some cash flow, and you feel comfortable with the area it is in, fix it yourself and rent it out.

if you need the cash for something else, or want to save up for a more expensive place for a rental, flip it.

Depends on how confident you are in the comps and the repair figures (they tend to go over budget), but from the numbers you gave, I think doing this one yourself makes sense. Especially since it appears like it will be a quick rehab.

Medium apartment logoAndrew Syrios, Stewardship Investments | http://www.StewardshipProperties.com | Podcast Guest on Show #121

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