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Updated almost 7 years ago, 02/15/2018
What would you do in my situation??
So I am going to try my best to tell you all the variables in my situation to try to get the best game plan.
1. Me and my wife (23 and 24) have 1 rental property that has 2 doors. The top makes $1300 and the bottom we currently live in but when we get into the next property it will rent for $850.
2. The mortgage for property 1 is $1434.00 a month. (I did end up jumping on a property based on emotion and excitement so I won't do that again... In hind sight I would have looked for a BRRRR property)
3. Me and my wife have $7500 in savings.
4. I have a personal line of $15000 untouched.
5. I have a credit score of 745.
6. My wife and I have made a budget we can live with where we can save $20000 a year.
7. I am interested in buy and hold, flipping, apartments, really anything but wholesaling.
8. We have no debt other than the mortgage of the suited property that we own.
9. Lastly... I am very impatient and am itching to get my next property and I don't want to make a bad financial decision based on my being impatient.
I know it's a lot but I just am looking around how best to use my resources to further my portfolio the quickest.
Thanks! :)