BRRRR vs flipping - IRR calculation tells me flipping is better?

[Alex D'Anjou]

Hi All,

Question from a newbie here on the strategy of BRRRR vs Flipping.

My wife and I bought a condo in Metrowest Boston in March 2020 for $132,000 in cash, rehabbed it for approx $20,000 and its current value is approx $200,000. It is currently renting for $1,800 a month. When we bought the place, we intended to just rent it, not flip it. However, through BP, I found the IRR calculations and that shows that every year we hold the property we are losing IRR? Wouldn't that mean it would be better not to BRRRR and always flip from a pure money growth standpoint?

Currently looking at getting a HELOC on the property for $156k for use when/if we find the next deal but the IRR number has made me think maybe it's better to just sell it now with the hot RE market that is still here. How do other BRRRR investors view this? Why go one way or the other?

Thanks in advance!