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Rehabbing & House Flipping

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Jason Prendergast
  • Real Estate Investor
  • Debary, FL
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21
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To flip or rent?

Jason Prendergast
  • Real Estate Investor
  • Debary, FL
Posted Mar 1 2015, 15:06

My wife and I have been talking about flipping for almost 8 years.  Well, we finally picked up a great little house in Debary, FL.  We're working with an agent that not only flips properties himself, but is also part of a mentoring program for people like ourselves (he lives 2 houses over from us).

Now to get to the point. We picked up a "720 sq ft" 2/2 REO on a double lot (.6 acres) with a large 2 car detached garage for $50k. The listing agent didnt list the square footage correctly, and is more like 1100 (will be 1400 after we finish closing in the back patio). The game plan is to have it back on the market by the end of april. We're torn on whether to sell and pay through the nose in taxes or rent for 1000-1100/mo. All of our cash (50k) and about 25k worth of credit card debit will be in this place. The ARV will be somewhere around 109k. What are some of your suggestions?

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