First Rental: Triplex

[Evan McNally]

First I’d like to say I am new to this. I am 25 and eager to build some passive income! I just recently made an offer on a triplex and the offer was accepted. I am closing on this the 21st. I bought the property from a guy that was cashing out his portfolio and moving away. The purchase price was 35,500. All tenants pay their own utilities. The property brings in 1300 a month. I am purchasing this with cash. I am looking for a way to expand after getting this property. I was wanting a few ideas on how to expand. I thought about trying to finance the house after I doctor it up a little bit and using that money to purchase another one. My credit isn’t the greatest 650. So I was wondering what would be a good way to go about getting more with financing. Would it be better to start a business and build that credit up or??? Thanks in advance.