What is the next step?

[Shane Gaboury]

I currently am in my mid-twenties and own a 3Br Condo in Northern Virginia and rent out one of the bedrooms for 800 and the mortgage is $1,500.  What should I do with my discretionary cash flow?

1. Set up a solo 401k?

2. Pay down principal?

3. Save for second property?

[Russell Brazil]

Save up for a 2nd property. Solo 401k is for earned self employment income. Your rental income is passive and won't qualify.

If you are income eligible for a Roth Ira you might want to consider that as well.