Tough decision - hold or flip new purchase

[Matt M.]

Hi all,

I closed on an off-market deal 2 weeks ago. My intent was buy and hold, and add to my small but growing portfolio. Kinda thinking to flip it now. I paid $60k, with $17,700 out of pocket to purchase. To make a nice rental, no more than $8-10k rehab. Flip, probably closer to $15k with some nicer finishes. Market value is around $120-130k. My expenses are $700/month with mortgage,taxes,ins,etc. rent would easily be $1250+.

Do I keep it, or potentially profit $30-35k? I would not immediately be able to rehab it, as I’m in the process of another rental rehab for myself, plus customer work. Simply because of timing, probably won’t be ready until end of the year. Did I miss the hot market also for sales? Thanks for any input!

[Aaron K.]

I would keep it every day of the week and twice on Sunday assuming it is in a good area.  People will kill each other for numbers like that on a rental.  Also if you hold you can always change your mind and sell it later with a flip you can't.