Purchased first investment property What next??

[Millard Wilson]

Hi friends!

well after a long wait i finally purchased my first investment property exactly one month ago!!! i am very excited about it because this has been something i have wanted to do for quite some time now. the home i purchased needed a slight remodel and to be updated which i am almost done with i just have the basement left to finish. so before i ask my question let me give you the rundown. i purchased A three bedroom home with one bath but there will be another full bathroom in the basement. I'm in a halfway decent neighborhood and the home sits directly across the street from hospital. When doing my due diligence before purchasing this home I checked other local homes nearby in the same neighborhood and they were going for around 40k To $45,000 and I purchased mine for $22,500. I purchased this one with cash so I have no mortgage. Right now me and my family are staying in this home. my goal is to rent it out at the end of the year. I know I want to purchase more real estate property and so my question is what is the next best move to do so. Should I take the equity out of this home to purchase the next one? Should I try to finance one through the bank? Or should I save and try to purchase another one cash? Right now I am 28 years old and my goal is to have enough rental property to replace my current job and income by the time i am 34 and do Real estate investment Full time. Any help would be a greatly appreciated thanks!