Am I DOING THIS RIGHT!!!

[Juan Avalos]

What's up my BP family!! ok so here is my actual scenario - please let me know if I'm doing this right- - Bought a home cash ($25k) its now renting out for $750 a month - Refinancing at Conventional loan 30 years taking out 75% out ($18500) - new mortgage $110 - Buying another home at $25k ( of course putting in some money to complete the rest of the $25k) and in hopes of getting $700-$750 a month - is it common in paying closing to take out the 75% of the home value? - Is what I'm doing worth it and smart? im looking at possible $1500 monthly rents and only paying $110 in mortgage and $150 in PM - Insurance will be another $100 and taxes $100 a month. TOTAL $1500 coming in TOTAL $460 going out TOTAL investment - $25500k ( 25K first home, took out $18500 and $7000 extra put in for the second home) assuming second home will be $25500