First rental $1,300/month

[Jairo Serrano]

First investment property currently rents for $1,300/month with principle, interest, tax and insurance and mortgage insurance at $1,056.35/month. Because of it’s appreciation we now have 20% equity so we want to get an appraisal to get rid of mortgage insurance ($101.24/month). We pay $75/month for landscaping. After we get rid of mortgage insurance our remaining gross profit will be right around $270/month. By summer 2019 I plan to have about $30,000 in saving plus hopefully can get another $30,000 through refinancing to use as downpayment for new property and repairs. Hope to generate at least $500/month gross profit from next property. Thoughts or suggestions?