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Updated about 9 years ago,
Sell a profitable rental to start a house flipping business?
Hi everyone,
This is my first time to post, so I'm hoping it's in the right place.
I've had a rental for about three years, it's worth about 165K and I owe 65K on it. My renters just informed me they are ready to move. This investment earns a decent rate of return and has cash flow every month. It's a good house, 12 years old, it strikes me as one of those rentals that could be held for a very long time.
My question is, should I sell it to start a house flipping business? 100K would be enough to at least get started, with the help of some hard money lenders. I've wanted to do this type of business for quite a while now, but never had the capital available to me, until now.
So I realize this is a very broad and general question, just wanted to get some opinions of other investors.
Thanks in advance for your advice.
Chad