First Multi-Unit Purchase

[Hunter Ferrari]

Hey BP, 

I just bought my first property and I am looking to use it as a long long term hold. What I am looking for by posting this is some advice on what my options are to get this property refinanced within the next five years. I am going to give the details of the purchase just to highlight where I am starting so you can help be figure out where I need to be. 

Purchase Price: $130,000

Out of Pocket (Down Payment & Closing) : $14, 290

Monthly Income: $1,615

Expenses (Mortgage, Taxes, Insurance, CapEx, Repairs, Vacancy, Management): $1,493

Cashflow: $122

CoC: 10.16%

Loan was owner financed with a 15 year term at 3% interest but there is a balloon payment after 5 years. 

My biggest concern is getting to the point that I can refinance the property within 5 years. I have good credit but an abundance of student loan debt (THANKS LAW SCHOOL) so I am looking for any advice on how to manage this situation moving forward. 

Closing was Dec. 31, 2020 and balloon is due December 15, 2026.

I appreciate any and all comments!! Thank you!