I bought a condo in the beginning of Covid and decided to not move into it and instead flip it. I put a renter in it for $2100. Total monthly expenses are $1200, so its cashflowing $900 per month
I bought it for 190k and put around $25k into it. The current market is commanding around $300k for it.
Even with relator fees and longterm gains, Im walking away with a decent ROI.
Real Estate Agent · Los Angeles, CA · Member since 2021 · 215 posts · 103 votes
5y
Hi @Benjamin Higgins, sounds like a great investment you have on your hands. My question is what's your next move? Do you own the place you are living in now? Is your goal to build a portfolio or "flip" properties for cash on hand?
If you're looking for my first impression, I'd keep the condo, take out equity, and buy another one.
Hi @Benjamin Higgins, sounds like a great investment you have on your hands. My question is what's your next move? Do you own the place you are living in now? Is your goal to build a portfolio or "flip" properties for cash on hand?
If you're looking for my first impression, I'd keep the condo, take out equity, and buy another one.
Hope this helps!
I'm in the process of getting a HELOC. was approved for $100k based on 80% LTV. Waiting for appraisal. The idea being buy another rental.