First Rental Property

[Daniel Pitner]

My wife and I are both 24 years old and we own a small home in the Phoenix market. Our plan is to purchase a new home and keep the home we are currently living in and turn it into a rental property but I am a little unsure if the numbers will work. I’m looking for advice on what you guys would do. Here are some of the details of our current home :

-Home Value: $186k

-monthly mortgage after escrow and PMI: $960

-homes rent for around $1300 in our area

What strategies would you employee? Long term or short term rentals? Is there not enough cash flow to make this profitable? I look forward to hearing all of your feedback!