Updated over 5 years ago on . Most recent reply
Need help!! Flip or Rent? Help me analyze
I’m admittedly newer to the real estate investing world. After doing a live in flip in our first home, and remodeling our second home before moving in, I realized I had a strong skill set and the resources that would be beneficial for flipping homes. After looking for a while, my wife and I just purchased our first flip house about 4 weeks ago. I have about 3-4 weeks before it’s completed and ready to list and now I’m wondering if I’m making a mistake by flipping and if I should actually be holding it as a rental. Looking to hear people’s opinions and how more experienced investors break down their preference. The details of the property are this:
Purchased the home for $140 via a hard money loan. Rehab costs are projected to come in around $25-27k. Anticipated sale price of about $220k. From what I gather, comps in the area rent for about $1800-2000.
What to do?...