First Cashflow property-What do I do with the $700/month?

[Mana Silva]

27 year old from Hawaii. I recently bought my first cashflow property in Orlando, Florida. I own the property free and clear. It cashflows $700 a month. Honestly, I dont know what to do with this money that is coming in. I do know that I want to re-invest the money coming in back into real estate, but I don't know exactly know what to invest it into. Should I just save up the money and invest it later? If someone could help me with this then that would be great! How can I use this money being made and have it grow for me? Book: "The richest man in Babylon" style! Any advice will be greatly appreciated!

[Patrick Liska]

Mana,

what you should do is put some money aside for emergencies, new roof, furnace, hot water heater, you never know when something will go, this way you can pay for it no problem. if you wanted to invest in another property, you could use the equity you have in that property and use it to purchase another house, by taking out a HELOC.