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Updated over 7 years ago,
Flip or Rent? What should I do?
I would love your input on this decision:
I've had 3 offers accepted in the last 3 days. I'm buying all cash, paying for rehab, and then either selling retail or renting. I'd love your input on what I should do for each (flip or rent):
#1 = ARV $90-95k, $60k in for purchase and rehab. Rents at $900-925, and M(P+I) + insurance + taxes = $553
#2(duplex) = ARV $130-135k, $105k in for purchase and rehab. Rents at $1500 and M(P+I) + insurance + taxes = $860
#3 = ARV $130-135k, $105 in for purchase and rehab. Rents at $1,150, and M(P+I) + insurance + taxes = $850
also, because I am paying all cash on all of these (private money) and have the ability to cash out refinance, if I were to rent one of these then I would essentially get all my money back that I had spent for the purchase and rehab.
For example, if I had $75,000 into a project and it appraised at $100,000 when I went for the cash out refinance, I would essentially get all of my money back and then own A rental with no money out of pocket.
Thanks in advance!