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Updated 13 days ago, 12/05/2024
![Ava Petruso's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2616550/1733372097-avatar-avap11.jpg?twic=v1/output=image/crop=617x617@12x84/cover=128x128&v=2)
Currently fix and flip but debating
I am a new investor and currently 5 weeks into a rehab and my FIRST deal! I've been dreaming of this for 8 years! I have been a high volume realtor for 8 years, worked with a lot of investors and have been waiting to get into investing. The property I bought was a referral from a past client and a deal I could not pass up. Not to mention it's 3 miles from my house in the suburbs. My sister and I bought the property from the seller as a fix and flip which is still the current plan. But I am so intrigued with the BRRRR method just not sure this is the one for that. So I wanted to ask y'all's opinion. My long term investing goals are to build a portfolio and continue investing with my husband after this project. Here are a few facts on the buy.
1. Purchased the property cash for $345,500.
2. ARV is $625,000
3. Rehab our goal is $100,000 but budgeted $120,000 because it’s a full gut.
4. We are doing a lot of the work ourselves and have a very reliable contractor for the things we can’t do.
5. Rent in this specific area is anywhere from $3500-$4000/mn
If we fix and flip we would walk away with a good amount of equity that I would plan on reinvesting, my sister would keep her portion. If we did the BRRRR method, I would buy her out and own the property but after paying back our hard lender, I'm just not sure it would be a good investment for me. Because I want to continue investing, avoiding paying the personal gains is what my mind is occupied with.
Assuming everything is split 50/50 what are your thoughts on taking the cash and reinvesting or working the BRRRR method.
I know that was a lot. Thanks for your help! Let me know if you need info. First time posting in here! Very excited to sift through these forums!
Ava Petruso