Newbie here, just bought first property, where to go from here?
Hey all, first time posting, I've been lurking the forums for some time now though. I'm 22 and I just purchased my first property in the Philadelphia suburbs and wanted to get all your opinions on how i did and where to go from here. I've been looking for a property for myself for awhile and came across a property in the area i was looking at that was listed on Auction.com as an occupied REO, did my due diligence on the property and everything checked out so i went for it, its a 4bed/3.5bath 1800 sq/f twin built in 2001. Bought the property for a total of $131,000. I borrowed $100,000 from a family member. After closing i negotiated with the occupants to be out in a week and a half. Once they were out i spent the next couple of days cleaning and painting, literally all the place needed to my surprise. Within a week i had an appraisal and it came in at $192,000 enough to get my full purchase price back plus the closing costs for both closings using a delayed mortgage. Less than a month later i just closed and got all my cash back and payed back the money i borrowed. Trying to get an idea of what i want to do next, would like to rent out a room of the house to someone as i don't need all the space. Also thinking about using the cash i got back and a HELOC to purchase a multifamily property but would like to continue using creative ways to finance deals and putting as little down as possible. Thoughts, ideas, things i could have done differently?? Thanks for any input!