First time homebuyer and next investment

[Landon Leschber]

I have just recently purchased a single family home. A two story 1,800 SF home at the top of the market at $480k. I feel like I have made a poor purchase, also having to go into a bid war and purchased 80k over asking price it doesn't make me feel anymore confident in my purchase. The house did appraise at selling price and I have purchased it with a 3.75 interest with an FHA. Having an assumable loan with interest rates high is the only leverage I feel like I have at this point. In my position, what are the steps that I need to take to start making the right investments for passive income. My thought is to start renting immediately and purchase a rehab property I can rent out. what are your thoughts ?