Rent or Sell my Flip?

[Jess Turner]

Hello, 

I am a brand new investor who bought my first property (a small split entry 3 bedroom, 2 bath) and am in the process of nearly gutting it now. I bought it for $180,000 with 25% down, so I have a 20-year mortgage for $135,000.  I will be at $40,000 to $50,000 for rehab costs including a $25,000 Heloc. Tax and insurance is high in my area- $2,000 a year for insurance and $3,600 for tax. If we sell it, I expect I could get $280,000. Potential rent could be $2,100. The house is located in the best school district in the state, and it’s one of the few older homes in the area. Most homes nearby are in the $700,000+. Please talk to me about the formulas you use to decide to rent or sell. I want to flip again as soon as possible. What’s the best method for that? Also, any tax advice or any other tips would be super helpful and appreciated! I am absolutely loving this industry and can’t believe I didn’t do this sooner!