All Forum Posts by: Jason Bridges

@Jonathan Godes @Kyle Kelley I appreciate your feedback, and the more research I've done, I'm actually leaning in that direction as well.  Initially the plan was to buy and hold, but we see the potential in the property and would love to flip it and turn the profit into 2 or 3 more buy and hold properties.  That would be the best case scenario!  If I'm not able to make at least a $40K profit, then renting would be my fall back plan.  Thanks again, its great to get different opinions on this.

@Arlan Potter Thanks for the insight!  We actually bought this house as a short sale, not at an auction.  But I hope to work my way up to buying properties at auction in the future.  We are most likely going to flip the property as the average going price in the neighborhood is currently between $100K and $140K.  However, if we find we can't get that amount, renting is always a great option for $1K a month income.

@Daniel Moore Thanks for the great feedback, you gave me lots to think about!  I'll do my research on the things you suggested like amortization, irs depreciation, economic appreciation, inflation, etc.  Thanks!

@Brett Russell , @Thomas Kempton , @Michael Evans  Thanks everyone for the advice!  Thats why I joined the site, to get great feedback like this.  I really appreciate all tips, and will definitely apply it going forward.

Hello, my wife and I are first time investors. We recently purchased a single family detached home with a tax value of 120K. We bought the property as a short sale for $60K. We are currently undecided on whether we should flip this property and sell it for double the investment, or simply rent it out for the long term gain of $1000 per month.  We estimate the cost of the flip to be aprox. $5K for cosmetic fixes. 

Any advice would be greatly appreciated, thanks!