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Updated over 6 years ago,
BRRRR or flip? I cant decide!
I've got a house under contract and I can't decide whether to flip, or refi and hold as a rental.
Purchase price - $95k
Reno - $45000(estimated guess, meeting with my contractor tomorrow)
Loan costs - $15k
ARV - $215k
If I were to rent it, I think I could get $1600/mo.
Also has real good air bnb potential as it's in a very popular tourist town.
I'd love to hear opinions, I'm not sure which I'll do yet, but I feel I have a good opportunity in front of me! Thanks in advance!