Just made My first Purchase,

[Sid Newstrom]

Good Morning,

I have just Purchased my first buy and hold rental.

I purchased it for 74k with 30% down on a 5% balloon (this is acting like a bridge loan as I plan to refi in 2 months). The Property looks to need roughly 10k in repairs and can rent for 900 mo. Right now I plan to refi after reno. In doing so I can pull out nearly all of the injected cash if I choose as the appraisal came in at 105k before repairs and comps three doors down on either side have sold for 117,000 and one on the market now at 123k. SO.... After looking at the numbers a quick fix and flip doesn't look so bad either. Any suggestions as to what would be a better choice? I plan to hold but the quick potential cash looks pretty good too.