You are just starting out, what would your next step be if...

[Scott Hollister]

What would your next step be if you had these options…

Current Real Estate:

Two single family homes on one deed.

4 bed, 2 bath. Income 1500 (Rent will be raised to market this summer 1650+)

2 bed, 1 bath. Primary residence with roommate. (Mortgage is covered)

Current income.

Teaching salary: 45k year

Coaching: 1700 year

Personal Training Business: 250-500 monthly.

Liabilities

Student loans, 525 per month. (Balance 50k+)

Currently: 

Looking at a duplex in the 100k-130k range. Using either a HELOC or home equity loan for 20% down with a 30 year fixed at 4.25%. (Non-Primary)

The debate, my primary residence was purchased through FHA with 3.5% down, PMI is $228.51 a month. I have been paying extra towards principle each month to cancel at 78% LTV/5-year mark. However, I just read that I cannot request it off if there is a HELCO. I would have to pay off 18-25k by next December (5 year mark) to cancel the PMI. This also puts me out on a limb (Highly leveraged).

Other options:

Use HELOC for fix and flip (Summers off as a teacher)

BRRRR and refinance out next summer

Wait for PMI to be cancelled (Next December)

Or maybe there is something better that I haven’t thought off/learned yet?

What advice would you offer to someone who is in my position? My goal is financial freedom, 7500 gross income per month through real estate. I have a can do attitude and labor skills to handle most projects. While I don’t mind managing my properties, I would like to be hands off as soon as possible. My number goal is to be a great father/husband/grandfather/etc. So I value my time, the less I can give to managing properties the more I can give to them. (Currently no children, not married)