First deal looking for advice

[Timothy E Sullivan]

Hello all!! I bought my first house Last March and started the rehab officially in June. I have a full time job, and after work I work on projects until it’s time for bed! The house was neglected for 10 years, but with some work it’s looking good! I’m wrestling with how to do the deal when I’m done with the rehab! I bought it for $115,000 with a 4.125% interest rate. The realtor said to clean the property up put a new roof on it and sell it for $200,000 but I want to have it as a long term rental! My dad tells me that I’m insane if I refinance after a few months, because of the rates now. I just don’t see how I could leave that money in the deal, because that will get me another property and start to scale!  I set a goal for myself to have 10 Units at 40, and to give some insight I’m 28. I think I can get to that number before 40 but want to make it attainable. Just looking for some pointers from people that have gone through this before! Thank you for your time!!

[Bob Willis]

This is not meant in any way to be disrespectful, but be careful on who you listen to when it comes to real estate advice/strategy. Is your Dad an experienced investor, does he know real estate and the market? If yes, then maybe listen to him, if no, maybe not. If you want to be like everyone else do what everyone else does. If you want to be successful do what successful people do, Best of luck.