All Forum Posts by: Elvia Morales

@Elvia Morales, everyones situation is different and everyone's objectives may be different. You should make your decision based on what your situation, needs, goals, and objectives are and proceed with a course of action that best meets the aforementioned. For me personally, I am currently buying to hold and rent. Purely coincidental, I just closed on a single family house in Bolingbrook this morning. So to your question, I would be inclined to do both. Make it a 4 bedroom and rent it. And then sometime after a year has passed, reassess my goals and objectives and sell at that time, should it help achieve that goal/objective. I say after a year because selling before 1 year has passed would create a larger tax liability.

@Elvia Morales Flip it. If you think you can find another like this, flip it. It looks like you should walk away with at least 40k. (Hint, do a flat fee listing and save 3% listing agent commission.)

Once you have more money or time than you can commit to flips, then start holding some. 

 There's of course a lot of variables here. Depending on where the raised ranch is at, there are some common maintenance issues that could be costly over time because of the lack of building codes during the early years of Bolingbrook being established.  I've flipped a few houses in Bolingbrook, and my family has lived here since the first homes were built way back in 1961 so we've come across quite a bit of the issues that could arise depending on what neighborhood you're in. Overall- Bolingbrook is an amazing place to invest, but as you are noticing higher taxes can cut into profits.  Feel free to reach out if you have any specific questions- glad to help out others working in my neck of the woods!

I would lean toward keeping it as a rental as well. If PITI comes out to $2,000 or less with the higher taxes, I'd say it's a keeper.

@Elvia Morales, is your intention to flip it or rent it? How many bedrooms? Is it in 60440 or 60490? Rental numbers may be a little tight in the short term but over time your rent will increase while your loan principal and interest payments remain the same (assuming your loan is fixed rate for the entire term). Regrettably taxes and insurance are still likely to increase.