My First Investments - Where to go from here?
Hi all,
First, I wanted to say thank you all for the wealth of information located on this site. I came across it a few weeks ago and can't seem to stop browsing since. This is my first post, so I hope to interact and get to know some of you in the future! :)
Background- I'm 20 years old, self employed, and not currently in school (took time off to focus on various business opportunities; YouTube and online-media to be exact). Things are still going well on that end, but it's not a stable career that will last for 40 years, and without a college degree, that is a scary thought.
For this reason, I took up an interest in real estate investing. I did my research, exercised connections, and soaked up as much information as I could over the past month or so. Then, in the past two weeks, I pulled the trigger and bought two single family homes in my area. Details if you're curious (good deals, or no? Any feedback helps):
Property #1
Purchase Price: $73,000 (I believe it will be appraised at $85k+)
Rent: $895/mo
Ins: $60/mo
Prop Manager: $72/mo
Taxes: $1665/yr
Mortgage: $0 (paid cash)
Property #2
Purchase Price: $63,500 (I believe it will be appraised at $90k+ after siding & carpet)
Rent: $925/mo
Ins: $60/mo
Prop Manager: $74/mo
Taxes: $1200/yr
Mortgage: $0 (paid cash)
Based off of the expected appraisals on these homes, I could refi and get most of if not all of my cash back out (I also have more cash available I haven't toyed with yet). This being said, what would you recommend I do next?
- Slow down and don't get in too over my head, too quick?
- Keep pressing on trying to find good SF deals?
- Look into multifamilies? (I want to, but I'm also a little concerned because I'm not as familiar with them).
Any advice you can give me is greatly appreciated!
Trevor