Should I sell my flip house, or keep it as a rental?

Question

Hello all! I have purchased a house with cash that I have flipped and currently have on the market. It has been on the market for almost 2 months now. It has been shown 13 times, but still have not received the first offer. With interest rates rising, the market here locally has come to a screeching halt. So should I sell my property and take no profit? Or should I cash-out refi, and turn the place into a rental that would cash flow me about $200/month??

Any recommendations would be greatly appreciated!

Joe Villeneuve · Answer

REFI

Melanie Thomas · Answer

I would use it as a rental! Sell at a later time! Good luck & happy investing!

Account Closed · Answer

I'd personally wait to sell until rates come down and get a HELOC in the meantime and use that cash as a downpayment on the next property.

Christopher Liu · Answer

@Brad Whit if it was me I’d refinance and keep it as a rental.

Garrett Crosby · Answer

If you are able to cash out refinance with some certainty of cash flowing 200/month, then it’s a no brained in my opinion. I always recommend keeping real estate as long as you can. :) Lot’s of good advice here, but absolutely didn’t want to pass up on telling you to keep it and cash flow it - especially in this current market.

Best of luck!

Eliott Elias · Answer

Refi and turn into a rental, build that wealth baby

Wale Lawal · Answer

@Brad Whit

No profit is not a good option.

You can consider cash-out refi and sell it later.

Consult an experienced agent or investor to explore other options.

All the best!

Nate Sanow · Answer

Have you already lowered the price? Are you working with an agent? Are you doing any open houses? Have you considered seller paid closing costs? I just wonder if there’s something in the middle here that is less extreme, like, you don’t have to take it off the market if all you’ve done is list at a wishful thinking price but have a lot of room to come down. If I’m Missing something i do apologize but I just sold something for a client Friday that took a long time with the previous listing with no effort because that was a discount broker who put in zero effort (that’s actually the agreement so I’m not faulting her) but once I took it over we drove up interest with marketing, strategy, and got it sold For like 97% of asking price to a cash buyer. All I’m saying is just because the plane has turbulence doesn’t mean you have to jump out into a parachute.

Kenneth Garrett · Answer

@Brad Whit

I would turn the project into a BRRRR at this time. No profit is not an option for me. Refinance it, put a good quality renter in it and if you decide to flip it later you’ll be way ahead by enjoying the cash flow. I self managed my properties while working full time to increase my cash flow. Remember in the long term rentals produce higher profits then flips do it just takes more time.

Sebastian Hernandez · Answer

@Brad Whit, if possible, do a cash-out refi

Should I sell my flip house, or keep it as a rental?

Should I sell my flip house, or keep it as a rental?

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