Updated over 5 years ago on . Most recent reply
First Timer advice please!
Good afternoon, I'm reaching out in hopes to find some advice or educated opinions on what to do with this first house rehab. This is my absolute first flip that I bought and remodeled (some myself and most hired out). My first plan was to fix it up and rent but with the market being so strong and this house being so nice I feel that selling makes more sense in this situation. So assuming that there is a profit to be made once it sells I'm curious what to do after. My first thought is to find another flip and go right back at it again but so far I'm having trouble finding that next destressed property with profit potential. I don't plan to by anything else until this sells and that should be this fall.
I have a loan on the property and have been financing the rehab through my personal savings. Once the property sells I plan to pay off the note and then take the profit + lending to purchase another flip. Do you members believe this sounds correct or am i off? would love to be educated here. Thanks again.