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General Real Estate Investing

User Stats

27
Posts
10
Votes
Scott Vaeth
Pro Member
  • Greenville, SC
10
Votes |
27
Posts

What should I do now with my first investment property?

Scott Vaeth
Pro Member
  • Greenville, SC
Posted Jun 5 2024, 17:32

I recently bought my first investment property that will start as my primary residence with 5% down. The goal is to BRRRR it, as it required a lot of work, then house hack during the time I will be living there. From my understanding, I'll need 20% equity in the house for me to do a cash out refi which may take years to accomplish. Now that the rehab is complete, there's some equity in the property, and I'm moving in, I can't help but wonder if it's smart to take this time to do something on the side to pay down my mortgage faster or start educating myself on screening tenants and doing my due diligence. I would think having a landlord or rental dwelling policy is a much higher cost to be mindful of. I wasn't sure if other people at this stage when starting out feel the same way. Any advice is greatly appreciated!

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