How to buy another investment property

[Account Closed]

Hi guys, I’m a 22 year old full time employee and college student. I recently bought an investment property in Ormond Beach, FL and am currently remodeling it. I bought it for $85K and am putting about $25K into it. My original plan was to flip it for a quick profit but my project manager (he is also one of my closest friends) thinks that I should rent it out for a year or so and let the tenant pay down the mortgage while the condo also appreciates in value. My plan is to move to Orlando sometime next year and I’d like to buy another investment property there. I will be attending the University of Central Florida while working full time, so the idea is to stay in the property until I have enough saved up to move out and rent that property out as well. I may even be able to rent the spare bedroom to a buddy of mine that lives out there. My dilemma is that I put $11K on a Home Depot credit card for my first investment property. That money is interest free if paid off in 2 years. I’ll only have a positive cash flow of under $200 every month after the mortgage, HOA, and taxes are paid. A portion of my employment wages will have to be used to pay the credit card bill off, but I will save a little more than half. I am currently living with my parents until I move to Orlando. How should I go about getting another investment property in Orlando? Should I wait to purchase another property or is there a strategy to get this done? I can attempt to work as much overtime as my job allows me to in order to pay the credit card off as quick as possible. I work at a hospital so overtime is available most the time but I don’t want to go based off assumptions. I am brand new to investing but I am actively studying. Thanks in advance to all those who take the time to advise and provide me with wise council. Blessings, Shivam

[Sean Lambert]

I'd say pay off the credit card and get the place rented.  

Hopefully your $200/month cash flow is also including other expenses, like management, vacancy, water/sewer (if you plan on paying for that) and garbage service (if not included in the HOA).