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Updated about 9 years ago,
I own 2 free and clear rentals, what should I do next?
Hello BP world and happy holidays!
I'm new to BP and have been listening to one youtube video on my commutes to and fro work for the past 2 months. I own 2 free and clear properties in south Texas ( one is a solid 3/2 worth about $50k and the other is a 3/1 worth maybe $30k ). The 3/2 rents for $500 and the 3/1 for $400.
My question is "If you were in my position, what would you do next?" Here's a quick back story because I want anyone out there willing to give this new BP some advice that is thanking everyone in advance.
I'm 33 and work full time and can devote about 5-7 hours per week into real estate - for now. I make a decent living however, I'm the only income earner now so I have decided that now is the time to put these properties to work.
Here are my questions or options. Once again, any future replies to my first post will be much appreciated.
My plan so far is to get some type of loan ( need advice) against the 3/2 $50k house to fix some cosmetic's and maybe add a 2nd bath to the $30k 3/1 home. This way I can raise the rent to $500. I got an estimate of $5000 for this to be completed. If whatever loan I went with was around $35k that would leave me with $29k to invest in my next purchase.
What should I do with the $29k left over?
Do a small quick cheap flip?
Down payment on a duplex or triplex?
I'm sure you all will need more specific information as you read this but for now, lets' start here.
Excited to be part of the BP family and ready to welcome your advice.