Rent It or Flip It? Please Help! : ezLandlordForms

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Brent C

started a topic over 12 years ago

First time investor...Please give me your opinion on my dilemma: I bought a forclosure house for 10k in cash and i have put 5k into renovations. It's a 2 bed 1 bath and i can rent it for $750/month or I can sell it for probably around $50k (in order to sell it quickly). What do i do? Thanks, Brent

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Ryan O

said over 12 years ago

If this is your only investment property I would flip it and buy a couple more with the money you made. Maybe buy one for a rental and then buy a second one to flip. This has been my approach and in just over three years I have four rentals that are paid for.

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Bob R

said over 12 years ago

Note: assuming you can sell the house for $50K, the actual profit will be about $15K-25K due to taxes, etc (50K - 5K - RE Fee - Taxes - ?). What to do depends on your situation: do you own or rent, married, children, etc.

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Tomselec7 T

said over 12 years ago

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David M

said over 1 year ago

I have 2 partners that want to go in on a 2 bedroom 800 sq ft house and reno it a little and flip it. Its a first time investment for all 3 of us. We want to double our money and put it towards the next bigger house and reno and flip that one too..

Current Mortgage is paid off. SO I am looking to draft a legal document that outlines what each partners initial capital investment is and what their percentage of ROI is. And outlines the next steps we all agree to take once work begins. Can i use a form on this EZlandlordforms site to draft that?