The Plan To My First Property

[Joshua Fair]

I bought my house 3 years ago for $105,000 the appreciation on it of to date is $50,000. Projection for the house is it will go up another $20,000 by the end of the year. In 4 months a hospital will be opening 5 min away.

My plan is to rent the house out when the hospital opens for around $1,700 month. I currently pay now $800.00 month with taxes and insurance included in that price. Houses renting in my sub division are currently going for $1,400 month, and do not have hardwood floors and stainless steel appliances like mine.

Does this sound like a good way to start my investment portfolio, it will not be the 2% rule but more 1.7%.

Once I do the above steps what would your next step be to adding another house or multi-family unit?