Closed our first deal! All cash. Rehab -> Rent out -> Then what?

[Jake Recz]

Hello everybody! 

I have been here a little over six months or so. My wife was all for REI. So we jumped in. On the 17th of September after going through a roller coaster ride with the bank who owned the house, we FINALLY closed the deal! Total cash invested is somewhere around $52k. The property is in Central NJ. Great safe area, flood zone. We are starting the rehab soon. The house is in great shape so $12k rehab budget should do it. Believe it or not we closed this deal with power of attorney, since we are in Europe. I was actually enjoying a beer while the deal was closing. Greatest feeling in the world! All thanks to BP! :)

As you can imagine we are both hooked. We need ideas though. The property was bought with cash. After rehab it should be worth at a MINIMUM $140k. This truly was a steal and we did our homework on it. As soon as we are done rehabbing we want to jump into another deal. So what are our options? What would you all recommend? We plan to keep this house as a rental. The goal is to create passive income, and before you say it- I know, REI is not as passive as the infomercials make it seem :)