Need some guidance...
Here's my current situation...we have a home that we lived in for over a decade. It's worth $255k and we owe $140k. Monthly mortgage (escrow included) is $1188. Great interest rate of 3.25% and it's in a wonderful area with great schools. Average rent in our neighborhood for our home is $1650-$1750. We just bought another home which we moved into which is in the same neighborhood but is a little larger and has a pool. We are fixing up the first home (new flooring, a/c, paint) and should have it leased quickly. We have zero debt except the mortgages and roughly $20k in cash available. My only "plan" was to continue to buy homes once I could save enough for down payment/closing costs and lease them out hoping to cover the mortgage and still make a little monthly income ($150 - $250 minimum). Is there a better option for going forward as an investor? This method won't increase my monthly cash flow much in immediate future, but as loans are paid down and hopefully appreciation occurs, my overall situation should improve dramatically. I just recently got on this site and have been overwhelmed with all of the new information and investment tactics. I plan on reading everything I can get my hands on but welcome any and all comments here. Thanks in advance for your time and help.