Advice on Next Steps

[Paul Clemens]

Hello all,

I was looking for some advice with possible best next steps to expand on a newbie portfolio with 1 live in duplex (live on bottom, rent the top floor) rental. Especially in this market with high interest rates, high competition, and low supply. Here is the situation I'm in and what my goal is....

I currently live in central Connecticut about 30 minutes from Hartford. My wife and 5 children currently live in a duplex where we rent the top floor and live on the bottom. Our total mortgage is $2,300 a month. We rent the top floor for $1400 a month, leaving us paying $900 a month for just our house. We do not have much savings so could not afford to put another down payment on another multifamily , but since buying the property for 295K in 2021, the estimated price of the home currently is 407-430K. We put 25K as a down payment. With that said, are there any possible low risk steps we can take to acquire more property and build our portfolio with the low savings we have, but the increased appreciation and potential equity since buying the property in 2021. We are locked in a 30 year fixed at 3.3 percent for this property. All advice is wanted and welcome. Thank you so much. 

PS. If you need more information to give better advice, please do not hesitate to ask.