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Updated about 10 years ago,
Own Two Houses (Looking for advice on the next step)
I wasn't sure which section it was best to put this under so hopefully it won't be too out of place here. Love the site and appreciate you guys who take the time to offer advice.
My situation in a nut shell is as follows. I own two houses currently in central Arkansas.
House 1: purchased for 99,500 @3.75% interest in 2011 with around 4k down. 4 bedroom, 2 bath. Totally renovated when I bought it except for windows. I had new windows installed in 2013. Currently the house is rented for 950 a month and cash flows for right at $100 (more once the PMI payment falls of). I owe about $70,000 still on the 30 year loan.
House 2: purchased for 98,500 @4.25% and around 9k down in 2014. Currently owe around 85,000 The mortgage for this house is right around $550, but I have two roommates whose total rent equals $725/month. I intend to stay in this house for the foreseeable future
I have 15k in the bank and am curious what you guys would advise as far as where I could go from here. My goal is passive income through long term buy and hold. Hopefully I didn't leave anything super important out. Thank you for your time!