paying off a loan, use of profit
Hello Bigger pockets community! I am 22 and just made my first real estate deal. I bought a mobile home off my uncle using a line of credit for 21500$ It was an old dump so I have made it nice again put in new floors, a few appliances, painted everywhere. In total I am in for around 25000. I am currently renting it to a client for 1200 a month plus utilities. Pad fees are 400$ a month and the interest on the loan is around 200 and there is a small amount of tax so the property costs me around 650 a month. My question is what do I do with the profit I am making? Do I use it to pay off my line of credit? Do I use it plus my income from my day job to pay it off as fast as possible? Or do i make minimum payments and use the income to invest in other properties? I have just signed up for the site so I apologise if this is answered somewhere! Looking forward to hearing from you.
Michael