Rental Property Investor · Mount Pleasant · Member since 2022 · 11 posts · 15 votes
Bought a house on 3.77 acres. Putting about 15k in it. Should I flip it and make instant money or brrrr it and wait it out. Second rent house of 2022. New to this gig.
Realtor · Providence, RI · Member since 2022 · 404 posts · 262 votes
3y
Hi David congrats on your purchase. Would need to know at min - purchase price, finished value of property and finished rental income to make a fair recommendation.
Lender · PA · Member since 2019 · 533 posts · 461 votes
3y
In order to get a accurate answer to a great question you will need to provide the following information:
Purchase Price:
Rehab Costs
Taxes
After repair value
Fair market rent
Armed with that information a lender or investor can give you a reasoned opinion as to the best strategy for this deal. It is important to know the refinancing numbers for a fix and hold. It allows you to calculate your total carrying and transaction costs as well as the final P.I.T.I. If you provide me with the information above I would be glad to give you my two cents for what its worth! Good luck and keep moving forward!
Investor · Denver, CO · Member since 2022 · 184 posts · 78 votes
3y
I have never understood why people are so keen to sell an asset that goes up in value in exchange for dollars that go down in value... Is your return really going to be that much better elsewhere after factoring in selling costs?