Flip or hold? In a massive limbo
We bought a property in the DC area initially as a flip. But through the process, we met a local property manager who analyzed our property and gave us numbers in income. So we decided to go that route as a short term rental. We’re now just thinking is it worth the hassle long term since interest rates ar so high as our mortgage will be quite high. Or should we just hold it for a couple years until we can refinance and then grow our cash flow. As it stands, here’s what we’re projecting:
Profit if we sell: 60-115k
Rent if we hold: $400-1,000 p month in profit
Anyone have any advice? We’re young and want to hold long term but aren’t sure if we should take advantage of the market and take our high profits as is. Would appreciate any insight!!