Turning down $30k profit, am I nuts???

[Matt W.]

So I'm in the middle of my first BRRRR project in downtown Wilmington, NC. Bought from a wholesaler for 60K 3 months ago, after closing costs, new roof, cleanup and junk removal and some brick work I'm in it for 70K

The "scariest" issue was a broken main beam in the super small crawlspace.  After getting a few outrageous estimates, I youtubed it, bought a giant 6"x6"x8' steel angle iron beam, and got under there and fixed it myself.  Nasty work!

Anyways I get a cold call out of the blue from some wholesaler asking to buy it, I say make an offer.  At first they say 80K and I say no thanks.  They soon come up to 100k which, after hesitating, also declined. 

I figure after short term capital gains taxes I would only walk away with @15-18K. The house is a major rehab, looking at 75K more to complete but when it's done ARV should be @ 215-225. It will be a legal 4/2 and a good cash flow property.

I don't need the quick bump of cash, my long term plan is to buy and hold, do 2 BRRRR's a year for the next 10 years and should be retired. Plus my wife has a high earning W2 job and we would get killed with taxes on the profit.

My hesitation is that since this is my first MAJOR rehab, I'm worried some major problem will come up.  Admittedly, when I bought it I used an estimating software and so far the figures are matching pretty closely. 

I know that if I want to do 20 of these, I need to quit being wishy washy and don't even let the thought of selling right now enter my mind. I guess this post is just to vent! I am very bullish on Wilmington/ southeastern NC, as we have the highest ratio of people moving in vs. moving out in the country, good weather, low taxes, beaches and water on 3 sides so sprawl is limited. 

Thanks for reading and any advice is appreciated.