Flip or rent previous house

[Dakota Beyer]

I have my first house that I am planning on finishing the remodels do I flip or keep as a rental? I bought this house off of a friends grandpa that went to a nursing home. When I bought it it was way undervalued I bought it. I owe 64000 and as soon as I finish some odds and ends I think I can get it to appraise for $140-$150,000. I would like to rent it for $1200/month which would be about a 500 profit per month. I am wondering what most people would recommend doing and if so should I take the remodeling a step further and do a new kitchen and bathroom?

[Lien Vuong]

I would rehab and BRRR. Overall the long term goal of holding on real estate, esp one that cash flows and is in good condition will always appreciate for you. It will become your 'bank' and you can draw from it and keep the property for long term appreciation. Once you sell you will be out like the rest of us trying to find the same deal again ..