Bought my first home

[Michael Joseph Allen II]

Hey BP, Some back story; I work for a new home construction company here in Lubbock, TX. I’m 24 years old and when I started was consistently encouraged to buy a home as quickly as possible for specific reasons. Fast forward a year and I’m near the end of the construction of my new home. However it hasn’t felt as, “I’m going to live the American Dream” as I thought it would be. All of this is to say, Ive been investing time and resources into my financial IQ as “Rich Dad” would put it and found BP. After reading so many stories of success here on the site and really thinking pretty heavily on my future I had moved to the conclusion of renting out the home rather than “house-hacking” or making the home my primary residence. So for the numbers I’d love to make a cash flow of 350 dollars on the property. It is 1550 sqft, the mortgage is 810, taxes 330, insurance 55, no PMI. The home has an extremely comprehensive warranty for the first two years and I had the crazy thought of just not saving for any other expenditures for the first two years in order to save the cash flow from the home and money from my 9-5 to buy another home. But I also feel like someone here may be able to explain why my gut is telling me that’s a rookie mistake. I’ve only got about 1300 of my own money invested in the home as well. All this taken into acct. I’m pretty sure the 3/2 only needs to rent around 1550 to get to my desired goal. I planned on talking to some of the property management companies around town over the next few days. Do my numbers seem correct? Am I making the right decisions? Am I being overly optimistic? What else should I be accting for? P.s. The rent for my current apt. is 900 all bills included in that number, which needless to say is downright robbery in the area. Incase that is necessary.