Multi-Family, Decisions on Flip or Hold
Bear with me, there is a question at the end.
I've been an active reading member of BP for over a year and in that time have relocated from the Vail, CO area to Trinidad, CO where I purchased several residential and commercial properties. Did real well on some and others are still working themselves out. Most recently, we purchased a 7 unit apartment building along with a 2/1 house on the same lot in Raton, NM. The idea was of course passive income. Over the past 70 days I have remodeled and updated almost all of the apartments and we will be fully occupied on September 1. BTW, we love in the 2/1 with plans to move out of that in the Spring when we want to become workampers and travel full-time. Monthly income on the apartments will be $4200 minus included utilities of about $500. We can get another $750 for our 2/1 when we move out. There is an onsite laundry room and we have three garages that could be rented for additional income.
The question. Hold or Flip a remodeled cash cow? (Paid $152,000 and think I could easily get $250-275,000).
Most Popular Reply
Hold it long enough to refinance based on a fully occupied worth of NOI and I bet you'll pull out more than the total cost and still have a cash flowing asset.