Good morning all. I have been reading advice here for years, and following it (along with some luck) has paid off. But before I start asking questions, a little about myself. I'm 27, in a relationship but not married. I have a good job and make around $55,000 after tax, along with about $10,000 +- on a small excavation/landscaping llc that is more of a hobby than something to be relied upon. I purchased foreclosed home in 2012 as my primary residence and made repairs and updates as time and money allowed. After two years, I put it on the market and within a week it went under contract. It just passed inspection and we close on the 13 of next month. This will leave me with $56,000 after its all said and done. After the mortgage is paid, my only debt will be $13,000 for equipment which I will pay off. This will leave me with $40,000 cash. And this is where my questions begin...Sheridan, Wy has high home prices, and high rents with low vacancy rates. There are deals to be had on homes that need some sweat equity and I am more than willing to do the work. I would like to eventually be able to have a sustainable passive income from rentals, and selling this house leaves me the cash to start. Would you buy a rental property or fixer upper first, and rent a primary residence until the right one comes along to buy? Or am I thinking about it all wrong. I will post later in one of the real estate forums. Thank you all for helping me get to where I am, and thanks in advance for the knowledge to come.
Jake Kraft
