I need some help! I bought my first investment property a year ago. This has been a learning experience for sure. We have had several setbacks which can mostly be attributed to our inexperience. We are now closing in on finishing up within the next 4 weeks. I initially purchased the property to a
BRRR property but I am considering flipping as we have spent more than we anticipated. Here are the numbers:
Total Rehab: $ 87,000
Total investment: $110,000
Again not sure what other information would be helpful but let me know any thoughts.
Was your rehab financed or was it cash out of pocket? Whats your market look like? Is it active or slow? How long are comparable lasting in your market? If you think you can sell it fast and it wont sit on the market forever I personally would flip it and start another project. If it might take forever to sell then renting it out and later refinancing doesn't look like a bad Idea. Truthfully it really depends on your goals. If you enjoyed the whole process of finding the property, buying it rehabbing and don't mind doing it again then why not sell and repeat. If your wanting to get some long term cash flow then get a renter in it and in a little while refi and then start over. Best of luck to you.
@Nathan Hughes thanks for the advice. We paid cash for the purchase of the house $23,000 and financed the rest. The market is fast for selling so I am leaning more towards that. Thanks for the reply!