Helping me get started

[Chris Hernandez]

I currently reside in DFW making 80k/year. I graduated college two years ago and have been working full time since. I lived at home during this time and my family and I just bought a $420k house a few months ago and it is completely in my name. My monthly payment is $1200. I have a good amount in savings and contribute 6% to my 401k.

What I want to do now is get into real estate to create another stream of income. My question, is in my situation, (having this large house in my name) what are my best options? I have thought about using between 20-40k cash as a down payment on a property and then renting it out. I also have thought purchasing a multi family house to rent out but I am concerned about what I can get approved for with a house already in my name.

Any insight or advice is really appreciated.