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Updated almost 12 years ago on . Most recent reply

User Stats

96
Posts
10
Votes
Cameron P.
  • Real Estate Investor
  • Grand rapids, MI
10
Votes |
96
Posts

To Wholesale Or To Hold? Am I to new to make the switch?

Cameron P.
  • Real Estate Investor
  • Grand rapids, MI
Posted

Ok Guys Just got another deal come in. I honestly don't know what way I should go with my exit strategy. The house is worth about 50k and I have it under contract for 23k. Honestly I think I could get away with about 500 dollars in repair and a day with me and my father at the house finishing the rehabs (minor and supplies are there). There is a current long term renter in there now and currently rents it for 525 a month. I know that I could wholesale this deal and make a fast 10-15k. Or should I hold it? The property is supposedly a block outside of the Belknap Lookout but shows it on zillow. I could get a private money loan and pay off early and hold as cash flow or sell it later as it is estimated for the area to increase 1.6% next year alone. Im very new to real estate and if you were to ask me 2 months ago I couldnt tell you what REI stood for. I have wholesaled two deals so far and have 3 under contract as of last week. Never been a landlord and wondering if doing this deal this way is to soon or how I should go about it. Thanks to everyone input in advance and I cant thank you guys enough for all the help and support!

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