To Sell or not to sell and RENT

[Edward R.]

Welll as I posted before in the Fall, I have a flip property we bought and now it comes down to "what do we do, sell or not to sell?"  Its a desirable neighborhood AND school district.  We bought it for $82K, put $25K into. renovated the entire ranch style home.  Has a large nicely finished basement, 4 bedroom, awesome kitchen, 1/2 acre fenced in private back yard.  It's a nice property and my guess it would sell within a week, maybe 2 (very low inventory in district)

Although we bought in Sept. we completed it in January. then had more important things to tend to over the past few months.  Our carrying costs on the home are $700.   Listing the home for sale will be $169K  Then I threw it on a website for rental at $2200 and there was alot of interest in renting it (and from what I could tell they were professional/career people which is typical in the area).  I also live in the area myself.

So what does one do?  We orgianlly bought it to flip, but rental at $2200 is nothing to sneeze at.  My realtor (very good friend and successful) says take advantage of the market and sell it and find the next project.  

[Nathan Gesner]

Flipping is a job. Long-term rentals build wealth. 

With the kind of cash-flow you're getting on this property, it's an ideal specimen for cutting your teeth on being a Landlord. If you can make it, the rewards are far greater when you hold onto it long-term.