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Updated over 9 years ago on . Most recent reply

Buy and hold purchase possible flip????
Recently purchased duplex in Swissvale, superb of Pittsburgh PA. Bought site unseen purchase price 22500 sold 10 yrs ago for 48000 but highly neglected 2 unit 1st floor unit 3 bed 1 bath. 2nd floor unit 2 bed 1 bath. 80% done with remodeling. As I'm painting exterior of house today I had 3 people come ask me if the property was for sale. This house is in a C- neighboorhood also no utilities are separated was not in budget to separate after property is complete I should have about 16000 into it total rehab taxes closing cost of 3500 all in at 42000 I bought this property specifically to hold. And was going to sec 8 the property neighborhood probably 25% sec 8 this is my 2nd purchase 1st property better neighborhood and is rented to a good tenant. Been doing some research on sec 8 don't know exact numbers but was told all utilities included up to 1200$ a month for 3 bedroom and 1000$ for the 2 bedroom . I have gone over the numbers and pretty much verified from past utility bills. Taxes and insurance property should run me between 1200 and 1300 a month. Potential cash flow of 900 to 1000$ a month. Selling this property I believe I can get between 75000 to 80000. Had 3 people come by today was caught off guard. One a realtor who asked if I wanted to market the property with her. I'm in a major deliema. Property is potentially a cash cow as a hold investment. Or potentially profit 30 to 35000 for 4 weeks worth of work. Also forgot corner lot garage enough off street parking for 4 cars. So the question is what would you do.
Most Popular Reply

This is a killer deal. Depends on your ultimate goal. You could sell and get a chunk of cash for your next deal
Or you could hold, cash flow, don't kill the golden goose that is laying the egg and possibly refi
Tough decision but a good problem to have
Good luck
Gino