First Deal Questions

[Cynthia Ferris]

I am looking at my first property in the Dallas market. The property basics are:

• Purchase $70k
• Rental Comps $1000 - $1200
• Sale Comps: $100 - $130k

Repairs appear to be cosmetic in nature but house is a hoarder house so it is difficult to see many areas. I do have limited experience with helping prepare a hoarder house for sale.

I am pre-approved for conventional financing and I can get additional financing for rehab at under 6%. I am leaning towards buy and hold as the home is in a top school district and has a new major roadway in the area bringing in a lot of new commercial & residential building.

Any thoughts as to buy and hold or flip? Are there other significant items I'm missing? I plan to do PM under an LLC but will also do a personal umbrella policy for additional protection.

thanks!