Bought property last December under market. Paid 282 no closing costs. 3% down. Worth 340 right now. If I paint and fix up kitchen, all bathrooms, and a few other dated stuff I think I could get 380-400.
Would you flip or what would you do? I either will sell or refinance to a low rate. But as of right now I can’t make any money renting the place out. I’ll be -135 cash flow.
What would you do?
So sell for a profit or keep at a recurring loss? I think you already answered your question.
Definitely sell. Whether to fix up or not depends on the rehab costs. Right now, you're looking at about a 37k profit. But if the rehab is 20k then you get about 55k profit. Time is money and there is additional risk with fixing it up.
Or if I sell now I’ll make 20k. That’s if I don’t fix anything up.