Newbie here, just bought first property, where to go from here?

[Rick Jones]

Hey all, first time posting, I've been lurking the forums for some time now though. I'm 22 and I just purchased my first property in the Philadelphia suburbs and wanted to get all your opinions on how i did and where to go from here. I've been looking for a property for myself for awhile and came across a property in the area i was looking at that was listed on Auction.com as an occupied REO, did my due diligence on the property and everything checked out so i went for it, its a 4bed/3.5bath 1800 sq/f twin built in 2001. Bought the property for a total of $131,000. I borrowed $100,000 from a family member. After closing i negotiated with the occupants to be out in a week and a half. Once they were out i spent the next couple of days cleaning and painting, literally all the place needed to my surprise. Within a week i had an appraisal and it came in at $192,000 enough to get my full purchase price back plus the closing costs for both closings using a delayed mortgage. Less than a month later i just closed and got all my cash back and payed back the money i borrowed. Trying to get an idea of what i want to do next, would like to rent out a room of the house to someone as i don't need all the space. Also thinking about using the cash i got back and a HELOC to purchase a multifamily property but would like to continue using creative ways to finance deals and putting as little down as possible. Thoughts, ideas, things i could have done differently?? Thanks for any input!

[Natosha Roudebush]

Good for you! I purchased my first property almost 5 years ago, at 21. I held onto it and rented rooms, then moved on to other states so I rented to a family. I live in Hawaii now, the property is in So. Cal and I manage it remotely. Never paid a penny toward my mortgage and luckily no issues thus far! I've been an unsubscribe lurker on BP for quite some time, but unfortunately don't have the wealth of knowledge and experience others have to give you full advice, but I'll tell you what I would do! If I where in your situation (at your age), I'd invest in a cash flow property and hold on as long as you can. Multi family would be great! There is PM to be found, then you can refi if the numbers work for a bank in 12+ months. I've never successfully found PM, but home to soon! I do know this-don't place the property in your name, start an LLC. Start building a portfolio of properties and retire early! ??Good luck buddy, hope all works out!