Getting Started in Rentals
Hello BiggerPockets Community,
I am looking for some advice from some experienced real estate investors. Little background, I’m 27 and currently live in a 1000sq ft home. It’s 3 beds, 2 bath, finished basement, and two car detached garage in the suburbs. I bought the home for 148 about 3 years ago. The estimate on it is currently 180-200,000.
I am in the process of closing on our hopefully forever home, much larger with some property. I have been reading lots of information to make the best move. I know real estate is where it’s at, and my first initial target to get started was a single family home rental. My plan was to rent out the house I’m currently living in. My mortgage plus escrow is 996 a month, and rent in the area is about $1500 a month.
My question to is to rent out my current home once I’m out of it, or sell the home while market is high, and hopefully buy two properties or a duplex kind of in the same area. I know I used my two primary loans, so I’ll need 15% down on my future properties. The plus side is I know the house I’m currently in and will have more risk buying a different house. What would be the better financial move here? I look forward to learning and becoming a successful real estate investor!
Thanks in advance,
Preston