Need Some Advice!!

[Almin Skender]

Hello BP, my father and I bought a property for 28,000 about 3 months ago. A family friend loaned us 33,000 to buy the house and a little extra for repairs. We put an additional 5,000 dollars of our own money into repairs. The house right now is worth about 94,000 and we should be done with everything in a week. 

The family friend agreed to lend us the money if we bought the house and flipped it real quick and sold it to pay him back. What I wanted to do was a buy and hold strategy but we can't really do that because he wants his money back. I know this house a lot of equity and would like to avoid paying tax's and let the price keep going up.

My question is should I try to get a loan for this house and pay the family friend back with that money so I can do the buy and hold strategy or should I just sell it pay him back and with the money made on the property after paying him back buy 2 or 3 house with a 25% down payment with a lender. Also my father and I did all the work on the property no contractor. 

Please let me know open to suggestions. I'm 21 years old and still learning everyday and trying to become a real estate investor. 

Thank You! 

[Patrick Liska]

 So you have 37,000 into the house that is worth 94,000, I'm assuming you paid all cash for it ? which means you can borrow probably about 75,000 against it. take an equity line out, pay your friend back and have $42,000 to by another house, while getting income from that one. and repeat, off to a good start.