Need your advice -- Flip instantly or Hold for next year

Member since 2025 · 1 post · 2 votes

I do not have enough cash to flip the house right now, do I have to consider the hard money loan or any other loan?

Flip price:100,000

If I just spend 10,000 to repair and rent it out this year, it could cover partly mortgage.

Holiday season is coming, need your suggestion.

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Jason Taken
Lender · Chicago, IL · Member since 2021 · 424 posts · 145 votes
10mo
This post is missing information needed to provide you with a perspective. Can you provide more details on the numbers/profit/etc?
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Nadeem Alamgir
Real Estate Agent · Member since 2023 · 831 posts · 577 votes
10mo
@Dan Luo

Hard money could be an option, but it really depends on the ARV, current condition, loan terms, and your exit strategy. Without those info it's tough to say.

If the numbers work as a rental and you can get it rent ready with $10K, that’s usually the safer play short term. You can always refinance later or sell once you build more equity and experience.
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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
10mo
Do you own the house ? Do you have a mortgage on it or equity? You could get a loan that's not hard money but a bridge loan which is a lot less than true hard money
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Stuart UdisPro Member
Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
10mo
Do not buy real estate without a clear plan of execution unless you’re extremely seasoned and buying A+++ located real estate. That’s where you can buy and figure the rest out later. If you and the real estate don’t check those boxes don’t buy the real estate.
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