beginner in real estate and looking to further expand
Hello everyone!
I bought first home in October of 2020 through a FHA loan. I have recently moved out and decided to rent it out. This is my first rental property and so I have no idea how to manage the property so I have hired a third party property manager. After all the mortgage payments are paid plus PM fees, I'm earning about $300 monthly in cash flow. I'm current staying with my mom until I find another home to purchase. I plan to educate myself further and learn how to analyze deals. My goal is to earn enough capital in a one year to purchase a distressed property in cash and rehab and rent. I am electrician by trade and I believe I can earn enough and perhaps take out a Heloc/cash out refi on my rental to cover rehab costs.
If anyone has any advice to give as to where to go from here, I would greatly appreciate it.