Value add buy & hold or buy & sell

[Calvin Liang]

My thought about multifamily buy&hold is mostly from the podcast “lifetime cashflow through real estate investing”. I recently read this book “the complete guild to buying and selling apartment building”. This book favorites buy&sell over hold. 

Both of them put a lot of emphasis on value add. I am just about to close my first 5 units apartment deal. For those who has longer investment experiences, what is your take on this.

Assume that We purchase the same propert for both approach, for buy&hold the plan is to refinance out for the next purchase. What do you think would turn out better in 8 - 15 years period? Buy&hold, buy&sell or the mixed of both case by case?