When to Flip vs. BRRRR in Today's market?

[Kevin Banks]

Hi All,

I recently finished renovating a single family home which is currently on the market for sale in the Cleveland Area. The renovation took much longer than expected (1 year) and as we know market conditions have changed considerably. I'm currently paying a hard money lender a monthly installment payment for the funds used to acquire and renovate the property. I'm considering refinancing at a lower rate and renting the property out, but with interest rates increasing my monthly cash flow would be break even. I'd like to know when it makes sense to BRRRR the property as a rental vs. continuing to wait for the ideal purchase offer from a buyer. Can anyone share any general rules of thumb or advice on how they've dealt with this successfully in the past?

Thanks All!

Kevin B.