Should I Keep this property as a rental?

[Jeffery Neal]

I started my first true flip about 3 weeks ago. Things are going pretty smooth. I am trying to decide if I should truly flip the property of apply the burr strategy. Below are the numbers let me know your thoughts.

ARV 160K

Total Investment 100k

Rent 1200

[Philip Pape]

Hi @Jeffery Neal, I'm a new investor myself so my reply here is not to provide an "answer" but to stimulate the right questions so you can decide what's best for your personal goals. With that in mind, here are some relevant questions that affect the answer I believe:

What is your strategy as a business? Have you already decided to focus on flipping, buy-and-hold, etc.? How does this mesh with that so you stay focused and learn from the experience? For example, if you want to be a flipper does holding the property meet your goals of, say, learning to market and sell a property?

Do you need capital for your next deal, or are you OK tying up your investment in this property?

Does your financing support holding the property? For example, do you need to re-fi a hard money or rehab loan into a 15 or 30-year conventional?

Have you performed a cash flow analysis based on not only the rent but anticipated vacancy and all anticipated expenses, being conservative as this is your first property?

Do you want the challenge (or hassle) of dealing with tenants and property maintenance, or are you setup for that?

These are just a few questions that I hope will help you make the right decision for your business. Hope they help!