Rent or Flip
Looking for some thoughts/advice. I recently purchased a home at an auction and am deciding whether to use FHA and living in it for a year or so until I can buy a duplex and move into the duplex then rent it out or just flipping it and taking the profits to go find another deal? I am leaning towards keeping it as a rental due to a couple of reasons such as findings multi families in my area now is pretty scarce and it is in a good rental area near military base that consistently has people renting. I got it for $67K and conservatively would appraise for $130K, most likely more than that. Thanks for your input!
Most Popular Reply
Welcome to BiggerPockets!
Based on what you're sharing, I would flip the house. With the potential of receiving $63K (not including other costs), you may be able to purchase two other homes. One you can purchase with a FHA loan and another as a rental…or reload at the auction.
You have a great “problem” here, but I recommend running the potential numbers of each strategy to be sure.
I wish you all the best.