First deal! Flip it or rent it???
Me and my dad have finally gotten our first deal. We are in the middle of Reno now. Our initial plan was to flip it then use that money to start buying and holding.
My question is should we just start holding with this one and re finance our money out of it??
It’s a 730 sq ft 2 bed 1 bath single family in a great area in Oklahoma City. Nw 46 and may ave.
Paid 56,500$ and got an additional loan for 6500$ for Reno. 20% down with traditional bank financing.
After Reno it should be worth around 82-88k. Would rent for rite around 800-850$ monthly.
If there’s any other info that may help your responses let me know.
Just looking for advice and possibly some shared similar experiences.
Thank you guys!