Auction property- flip or rent?

[Jaime Villegas]

Hello,

I have a property I purchased at auction for cash. This is my 2nd property I purchase at auction, but this is the first I actually remodel. The 1st property I was able to sell "as is" without doing any work except just cleaning it. I was able to make a quick 10k off the property. This 2nd property I purchased, I wanted to remodel and go thru the process of flipping the home. The property was in a lot worse shape than I expected, and I basically had to remodel the whole home. I bought the house for 93k and have invested 14k in repairs. I did all the work myself. I am 107k into the house right now and plan to be done here within the next 2 weeks. Properties in that area have been selling for around 140k-160k. I would like to sell for 150k. I have had the home for about 11months now, which is way longer than I was planning. I am still trying to figure out if I should flip the home or rent it and do the BRRR method. But my question is "can I even refinance a home that is paid off"? My thought is, If a bank or lender can give me 75% of what the home is worth, and if i can rent the home out, I can purchase another property while the rent pays the loan, only if the numbers make sense of course. The location of the home seems to be a great rental location and have had lots of people walk up and ask if its for rent. The home is 4BR and 1.5bath. One thing I am concerned about if I flip the home is how much am I going to pay in taxes on my profit? And then I would have realtor fees and closing fees as well. If anybody has any thoughts or ideas on what I should do I would appreciate it? I try to read and learn as much as I can from these blogs.