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Updated 8 days ago on . Most recent reply

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Zachary Adcock
  • Nebraska
1
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Should I buy my second rental now, or wait?

Zachary Adcock
  • Nebraska
Posted

Hi I am Zach and new to real estate and Bigger Pockets. I am 26, married 3 months ago and bought my first investment property 5 months ago. The first property is going good, I did some value add by painting the outside and updating the bathroom. I have a good tenant in there and am cash flowing ~$150 a month. Me and my wife have a goal of her quitting her job within the next 5-7 years to stay home and take care of future kids. We think real estate is the way to do that and I keep working my full time job as a Lineman. I bought our personal residence in may of 2021 and it has appreciated a little over $100,000 since then, and has a 2.9% interest rate. We do have a little bit of personal debt totaling $25,000, with only ~$5,000 of it being high interest. We plan on having that 5k paid off by the end of this month tho. We are trying to decide if we should open a line of credit and buy our second rental, which we found a prospect. A house listed for $60,000, that we feel could go for a little lower. It also has a tenant in it that wants to stay and all the CapEx such as roof and hvac and water heater is all less than 5 years old. My question is, should we get all student loans and personal debt paid off first or buy this second property. Thankyou for any help.

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