Want to get started. Own a home already and have a small amount saved up. Is it possible?

[Mike M.]

Hello everyone,

Looking to get some feedback as I'm very interested in making real estate a second job for me. I work full time as a branch manager for a major bank and am realizing that this is a job that will not help me live a fulfilled life and my dream is to one day transition to being a full time real estate investor. My financial situation is as follows:

Credit Score : 740-750

Credit card utilization : 10-20%max (aka very little credit card debt)

No car Payment

Owe 134k on my house that I purchased in April 2013. House is worth ~205-215k

My payment including HOA is around 900 in old town Scottsdale, AZ

Could easily rent it out for 1500-1600 because of location and everything is recently remodeled. Very desirable place to live

I have about 10k saved up in savings

What are my options? I have listened to multiple podcasts and read multiple real estate books and am just scared to take action. Is my best bet getting a private money loan and trying to buy a property that is at the auction? Do I refi my current property and pull some cash out of it to add to my 10k that I already have saved up in my savings and use that towards a down payment on a multi family residence that I could live in for a year? What are you suggestions? I appreciate any and all help!!

-Mike