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Updated 7 days ago, 12/17/2024
real estate advice for new home owner to grow portfolio
Hi real estate friends,
My wife and I recently bought our first home in Co springs area close to garden of the gods and other attractions in the area. to no surprise our interest rate is a whooping 7.1%, the main house has 4 - BD 2 B. our mortgage is $4009. the property we bought has an attached dwelling unit on the side of it, completely independent from the main unit we live in, we are currently renting it out for 2 years for a tenant for $1545, It has one bedroom one bath.
My question is what are some ways to scale especially since in the current market (is kind of almost impossible)?
or ways to reduce our expenses on mortgage every month. we both make about $105k each yearly. but with us planning to have kids in the future, she may stop working.
Any advise is appreciated
THANK YOU!!!