New Investor Financing: Flip or Rent?

[Dennis Britto]

I'm from the Philadelphia PA area and am a new investor. I've come to a crossroads with my financial future in real estate and was hoping for some advice. I recently flipped a property and ended up losing a couple grand on the deal because I went over budget on repairs and the buyer's inability to close in a timely manner due to the mortgage company. My loss could be directly associated to holding fees because I used hard money and credit cards (along with my own cash) for the purchase and repairs.

As a result, I'm thinking to buy and hold instead of flip due to the lack of qualified buyers in my area. Upon doing my research, it's been difficult to find banks willing to give me reasonable terms for a refinance for an investment property (6 month seasoning period, LTV). I have very good credit and my own capital for closing and repairs but, not for the purchase. I would use hard money for the purchase but, would need to refinance ASAP to satisfy the terms of my hard money loan (6 months).

I originally wanted to do a few flips and gain capital to pay cash for a rental but, the lack of qualified buyers really worries me. I don't have the time to wholesale. I'm looking for help with a logical investment strategy. Any feedback would be appreciated.