Started out, need advice. Already have one property and have 100K in the bank.

[Matthew McCarty]

Hello, BiggerPockets community! I'm looking to make smart decisions for 2025, and this seems like a great place to start. I just finished reading "Set for Life" by Scott Trench. Does anyone have recommendations for another book that could help me?

I currently own one rental property in Danbury, CT. I pay $875 (including principal, interest, taxes, and insurance) and rent it out for $1,625. I have about $155,000 in equity with a current mortgage rate of 3.25%. Additionally, I have $100,000 in cash in the bank, and my monthly expenses for my home and family are around $3,500.

My wife earns between $100,000 and $120,000 from her W2 job, while I've recently lost my job but found a new one that pays $65,000 a year. I’ve found a condo close to home that I'm considering buying for $195,000. I plan to put down $50,000 and expect to net about $300 a month from it.

Does anyone have other options or advice that I should consider?

[Greg Scott]

Congrats on your success so far.

Some random thoughts for you:

- It might be difficult to tap the equity in the rental at this time given the current state of interest rates. A second mortgage or HELOC might allow you to unlock some funds without losing the 3.25% rate.

- I recommend avoiding condos.  There are numerous reasons why they usually do not make good rent properties.  Or better said, they are vastly inferior to single family properties.

- With $100K, you have a lot of options.  If you learn how to use Hard Money loans properly and how to find good deals in need of rehab, there are plenty of areas of the country where you could buy 3-4 rent properties in solid middle class areas with good cashflow.