Flip or Rent or Finance the sale??

Question

I feel i know the answer but would love to hear from the experts. For example...

I bought home for $10,000

it needs about $20,000 repairs I'm all in at $30,000

I can sell for $80,000 all day long, BUT its in an area where life is tough. What if i sell land contract. Something like $10,000 down and 9%??

I pay cash for everything so as long as i get $10,000 out i'm fine. Should i take $50,000 and run or get much more over 20 years??

Brian Rouse · Answer

My short term goal and long term goal are similar. I don't ever want to finance anything! I do a flip take profit and buy more. I keep nothing right now, because i don't need to. Long term would be to have a rental income of $250,000 plus coming in. This would be my second income, i have a retail store as well. With property's that are all paid for, so if i need a little more income one year. I can sell one off. Now i haven't sat down to figure this all out. But that's the plan.

Chris Wood · Answer

Didn't touch on the renting part, also a great option with those numbers. But sometimes easier to build up cash for bigger deals with other options. Depending on what your longer term goal is.

Chris Wood · Answer

I personally love these numbers. And depending on the area, I would long term sell. But if the area is rough as you say, has a tendency to lead to challenges which take time. So personally I would either try to sell to someone who wants to work for equity. More than likely the won't be able to put the 10k down. But maybe 3-5 and recoup the rest in 2 years. Or do the quick flip if you think you can get sold before winter. I will be curious to know what you do, good luck.

Flip or Rent or Finance the sale??

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