Should I do another flip with my profit
House I just flipped -
Bought for 9k
Materials were 21k
Selling for 72k (close in 8 days)
Net sale from sale - $66,480
Net profit - 66,480 minus 9k minus 21k = $36,480 minus taxes = 32,832
Background - there is another house down the street. Asking 17.9. I could probably get it for 14k with cash. From the looks of it, it doesnt need anywhere near 21k in repairs. 12-14 I would estimate. All-in would be roughly 28k. Resale potential would be around 80-85k. Estimated profit there would be roughly $43,650 and would take approximately 3-4 months to finish and Id start in October, finish by February.
Question is, is this a viable option or not. I am still in debt (trying to get debt-free) HOWEVER, with this first flip netting me positive numbers, it is difficult to turn my back on yet another property that could do the same and this may now BECOME a possible career. Some people would say :"get to work and pay off your debt," well I would propose this IS getting to work.
I HAD planned to leave Ohio, move to Colorado, and become an RE agent there, in turn hoping to make much more I ever would on flips in Ohio. Doing this first flip was a a lot of education and I believe it was good.
So the question is, what would YOU do
- take extra cash, flip another in Ohio, another 45-50k profit by feb. 2020 or
- move on to Colorado, become an RE there and try to kill it as a RE salesperson
Whether I stayed here or went there, I believe I'd roughly earn the same in a year if I do what I expect so income isnt all that different. 50k as a RE agent in six months, or 50k flipping this in about that same time.
Any guidance is appreciated.