So im new to investing in RE, Im currently investing in single family homes. Im renting one out now & currently renovating one. This renovation has taken way longer than expected, being its covid and there's a lot of weird contractors out here. Im not going to beat myself up about it, I give myself credit for at least taking the leap.
these are the numbers
19k for initial purchase
10k on new roof and patios
maybe 6k inside with labor
im torn between holding or flipping...we are about 85% done I've owned about 6 months
There's not really a right or wrong answer. It depends on your goals and your market. If it'll cash flow with a tenant and continue to appreciate, why not hold it? Are you wanting to 1031 into a bigger better project? I guess it comes down to whether you want the cash injection or the cash flow. With our properties, we typically get to about the same point you're at before we decide to sale or hold. It's a numbers game and can vary based on your market and the season.
How much can you rent it for? I would figure out the return as a rental and then as a flip. But as @Billy Daniel mentioned, it all depends upon your goals as an investor.
thanks for the input guys, I would like to eventually create freedom. I would say it can generate 800-825 bucks monthly
@Nick Gee hold hold hold!