To sell rehabbed property or hold options

[Juan Alvarez]

I started my real estate investing journey earlier this year by buying an out of state property in Detroit Michigan with the goal to fix and flip as a turnkey. I did some major rehab (new roof, windows, etc) and also have a tenant in place now. I have analyzed the hold option prior to closing to make sure that if I decided to hold, this deal would cash flow. After listing as a turnkey for a few weeks, the traction has been minimal and have begun exploring DSCR loan options to refinance and hold as my hard money loan is maturing in a little over a month and I do not want to extend.

Would like opinions on things to consider that I may not be thinking about as a rookie on conventional or DSCR loan assuming it appraises for the calculated ARV during analysis vs finding other ways to flip now. Any guidance, thoughts, perspectives would be greatly appreciated. Thank you in advance!

[Alan Asriants]

KEEP THE BEST, FLIP THE REST

If this is in a D class area and you're chasing cash flow from section 8 tenants, I would sell it, move on and reinvest your capital in a solid area.

If this is a solid area (A-B Class) with lots of job opportunities, growth in area, etc, then hold out for a tenant and rent it. You cannot refi most loans without an existing tenant and lease in place

Being out of state complicates things a bit here.