Financing for first few deals...
Hey Everyone - New to biggerpockets and new to REI as of last week. Just closed on my first rental, single family 3 bed for $72k in western, NY. Rental market up here is HOT and, as a result, have it rented already at $1400/Month. All things considered, I'm estimating a positive monthly net of $500-$600 (after taxes, insurance, utilities, maintenance, etc).
Question is... Purchasing the property sucked my liquid $$ dry (went 20% down and got hit with another almost 10% in closing costs). I know that the snowball is small when you first push it down the hill, but my goal is 3-4 more sfh purchases in the next 18 months and I'm not sure where the down payment $$$ is going to come from. Even with the $500-$600 net, I only stand to put away $6k-ish by year's end.
HELP! I've done extensive research already with HELs and HELOCs, but it's tough to get those on an investment property in my neck of the woods...
My immediate goal is to get the snowball moving faster from the beginning and not squander the exponential growth that I could be missing out on.
Thanks in advance for the wisdom!