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Updated about 9 years ago on . Most recent reply

User Stats

9
Posts
0
Votes
Sherry Martin
  • Investor
  • Massillon, OH
0
Votes |
9
Posts

Flip or rent?

Sherry Martin
  • Investor
  • Massillon, OH
Posted

I bought a house with the intent of flipping for the cash. Paid $53k and spent $15k fixing it up. Financed 45k thru home equity loan. Now I am rethinking about whether to keep the property and rent it? I have a paid off rental and am debt free except for this house. The market value estimate is $105k and I am listing it for $90k. Rent in that area goes for $825 monthly. How do I determine which is the best decision? Flip or rent? Originally was flipping in order to generate more upfront cash to buy a rental. That's my ultimate goal. Thanks in advance!  Sherry

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