Personal Finance / Live-In Flip Advice

[Ryan Biankowski]

Hey all, 

Thanks for reading, looking for a some extra advice here.  

I bought my home 6 months ago, it was foreclosed but I knew the property well and that I could make a lot of profit on it if I just fixed a few things. My realtor tells me I could make up to 40k profit if I sold it this spring. I only bought the house with 5% down since I don't have too much money, therefore I am paying PMI and holding costs while living it in it. I make decent money with my day job as an engineer but I have school loans to pay off, car loan, medical bills, furniture financing etc.

The options I see now are: 

1.  Keep the house & take out hard money loans to continue flipping other houses.  (HIGH RISK)

2.  Sell this house, split the profits between purchasing small live in home + use profits to do another flip which I will have to finance again. 

3.  Keep house for 2 more years, continue to repair and do nothing on the side.  

I am looking for new perspective and viable exit strategies here.  Thank you!