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Updated about 8 years ago on . Most recent reply
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With one rental and one primary, What do I do Next?
I would consider myself still a newbie in Real Estate investing. I have a rental property that brings in $250 per month. The house I live in, I was able to get a modification. Now my mortgage payment is $326 PITI-H. I can rent my primary for $1025 giving me almost $700 in rental income. Both of these homes are manufactured homes with the land. I was able to get a FHA pre-qual for $200k. I found a manufactured home with the land in my community for $85k no HVAC only swap cooler. Total cost of repairs under 10k and the house will be worth about $115k. I went and got another pre-qual letter for $150k specifically for older manufactured homes. My plan is to move out of my primary, rent it out, find a 3rd property that I can move into fix and within 6mos. rent out and find another property. This would give me in 6 months, 3 rentals and a primary residence. This is my plan so far with the goal that within a couple years I could manage my property and not have to work the crazy job I have now. I should also add that my mother own 17 rentals in our community. I'm being taught slow and steady. My credit is getting better, I have a job that pays well, and I have about 20k cash to work with. My primary has about $80k in equity, thank you remodification. Slow and steady, I'm not sure about. Am I better to stay on the course I'm on or pull out my equity and use that to invest? I've been reading BP for a while now and I am a pro member. I don't think my situation is unique but I am getting advice from a successful person, who only invests one way. I wanted to reach out and see if someone has a better idea. I feel like I am at a cross roads. If I do what I'm being guided to do then I will be a landlord making a minimum of $200 per month on my rentals so if I want $2k per month to live I would need 10 rentals.