New to Real Estate World

[Duy Xuan Do]

Hello everyone, I'm brand new to the Real Estate world and I watch a lot of Podcast from BiggerPockets, but  I need some advises please. I purchased my house in 2021 and already paid off the house last month. My house currently worth $325,000 and I want to get into Long term Rental Properties. I also paid off all my debt and that means I have no money right now, so I chose Cash Out Refinance and got approved for $200,000 + Property Tax and Insurance the total monthly mortgage is $1700/month. I put the rest of the information into BiggerPockets calculator with Rent = $1500/month I got $1000 Cash Flow in my New Property. That means I still have $700/month to pay for my mortgage. Did I do something wrong or I'm just bad at understanding Real Estate. Can you guys help me with this please? I really appreciate it a lot and thank you everyone.