Starting out. Try to get into rentals.
Hello, I recently purchased a 3 year old 2br 1bath home close to a good university. I got a good deal and paid 70k for the home. I financed the house with a USDA loan and got low monthly payments. I am able to make 1000 dollar payments on the home and should have it paid off in around 10 years. I bought the home with the sole purpose of paying it off to rent it out.
Is it a smart idea to pay the home off the get a loan to do the same thing, or just jump in and find a way to finance another home to rent?
My goal is to eventually have around 10 rentals, but I think the method of paying them off and moving to the next home will take way too long.
As I said earlier, I am a complete novice to real estate investing and am just looking for advice.
Thank you for any pointers or good information.