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Updated over 10 years ago on . Most recent reply

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Peter Smith
  • Homeowner
  • New York City, NY
10
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20
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How did you decide?

Peter Smith
  • Homeowner
  • New York City, NY
Posted

How have you chosen if you want to do a flip or rental? Do you typically decide before starting the project or after the house has been rehabbed? And is the type of rehabbing different depending on if it is a rental or a flip? My initial goal was to rehab and rent out, but I can see the allure of collecting the profit upon the sale. What are your thoughts?

Most Popular Reply

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1,843
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Franklin Romine
  • Visalia-Fresno, CA
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1,843
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Franklin Romine
  • Visalia-Fresno, CA
Replied

I owned 20+ rentals before I even considered flipping or selling a single property.  I'm wired for passive income.  Once I had a balance in my income I started flipping more.  Even now any extra cash I have I need it tied up into rentals.  There like some rental demon in me telling me to park cash in rentals.  

On your question I would only hold the property if the cash flow supports the expenses of the property.  If your gambling on appreciation then I would have other sources of income.

Today right this moment flipping and a pile of cash is cool.  What's cooler is being older chatting at a cocktail party about all the dam rentals you still own....

Frank

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