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Updated almost 20 years ago on .
Buying first investment....Advice needed...
Alright well since this is my first post I suppose I should introduce myself. My name is Collin and I am 20 years old, I live in San Diego and I am studying for my real estate license.
First off, I own a condo here in San Diego and I paid 175k for and now was just appraised at 360k. I refinanced just this last month and took out 55k in cash and just this last week I put an offer on a cabin in the mountains for 165k.
The lender had me go with a loan that was 10% down and the payment would be around 650/ month. I could rent the place in the mountains as a permanent rental and get about 900-950/month in rent but for now I think I am gonna go with a property management company and rent it as a vacation rental for 100/ night. From what I hear and have read the vacation rentals do alright up there.
I would eventually like to purchase more properties and hopefully earn enough from the investing to purchase a nicer house on more land here in San Diego. I am not too sure how I would be able to go from 2 properties to coming up with money for a third simply through an investment property...
Any advice or help would be appreciated.