Calc review of first property two years later, what next?

[Jaron Smith]

Hey everyone,

Below is a report of my first and only ever deal. I did and FHA loan with 3.5% down, its a triplex in a c+ class neighborhood. I bought it, did cosmetic rehab work in one of the units myself and lived in that unit while working on the upstairs unit. When the upstairs unit was finished we moved up top, and lived there for the until we reached the one year mark of the FHA loan origination date, as FHA requires. We then moved into a townhouse complex where we currently are renting. The triplex is fully occupied and the numbers in the report reflect it as so.

I put a lot of the material and tools on credit cards, which I am 8 weeks away from having no credit card debt at all (YAY!) I work 60 hours a week and I'm able to pay $1300 a week on my credit card bills. I don't want to do another purchase putting materials on high interest credit cards.

The questions I have are

Should I be looking for another house right now ? I want to continue to expand my portfolio

I am reading David Greene's BRRRRR book right now and I really want to implement that strategy, can I do a HML or something similar to continue adding to my portfolio? Or should I continue paying my credit cards aggressively and then continue to save aggressively in order to purchase properties cash? I am getting the itch to expand as it has been longer than I anticipated in between purchases.

Sorry if that seemed like a rant, thanks for reading and I look forward to hearing what you  have to say!

Jaron Smith

Sandusky, Ohio

View report

*This link comes directly from our calculators, based on information input by the member who posted.