Getting my first property

[Luis Karres]

Hi everyone. After countless hours of research and listening to realestate investing videos I feel ready to take action. I am seeking feedback on my first step and plans for the future. I am a truck driver and I plan on renting out property's until I can afford to quit my job and invest full time.

I am currently under contract for a row house Listed at $135,000 and offer accepted for $126,000. FHA. 6k to close next month. $850/month Mortgage. Better than my current apartment rent at $1,500/month. I can afford 200k-300k home but aiming for low money down, low mortgage, quicker to pay down, and this unit I believe can rent for $1200/month utilities not included.

my future plan would be refinance/ appraisal for 20% equity in order to remove PMI and lower mortgage to $700/month to cash flow $500/month estimating the rent income at $1200/month. Also I would save 20% down payment for the next home. I believe that would take 1-2 years.

I am not sure what I would do next but I am sure I will qualify for another similar mortgage. This first property would cash flow $6k/year. I would keep it in a savings account to fund future investments and would pay out of pocket for any repairs while paying for the next mortgage, and still saving money from my earned income. Any feedback is much appreciated.