Updated over 7 years ago on . Most recent reply
Hold or Flip -- Need some advice
I currently have a SFR undergoing renovations that should be complete by mid-August. I purchased the property using hard money (including financing most of the renovations) and now I am trying to decide whether to flip it or refinance and hold it for a year. I started out with the intent to flip, but after more investigation on taxes and a little unsure of which direction to go. This is my first deal, any advice would be great appreciated. Here are a few numbers on the deal:
- purchase price 140K
- estimated ARV 230K
- renovations 40K
Most Popular Reply
This is a screaming sell. HML financed. Costs to refi will be about $6,000.
You do realize market conditions change.