Tired of Spinning My Tires

[Cosmo Iannopollo]

Maybe it's me recently turning 34 talking, but my inability to get my real estate investing career off the ground is really starting to get to me. 

In December of 2014, I used an FHA loan to purchase a duplex in New Haven, CT. My wife and I got our first renter that February and have had the pleasure of his company (and rental checks) ever since. I just refinanced my mortgage to be a shade over $1400 a month, down from $1600 a month. We're able to charge $1200 in rent, so everything on that front is fantastic.

The problem is...

We haven't been able to save in huge chunks and it has left us without the ability to make a 20% downpayment on anything, especially given that New Haven is an expensive area. Other than grinding out another year or two and saving every last cent (while trying to start a family), I can't figure out a way to acquire property numero dos. 

I'm reading about foreclosures, speaking to someone I know who does flips, reading forums and blogs on here, and still I can't figure out the next step. 

Any thoughts? I'm open to anything as I hate the fact that my money is currently wasting away in a bank account. 

[Eric F.]

Are you just trying to get another hold? What are your exact goals? Why are you talking to someone who does flips if all you want is another hold? 

You need to decide your exact goal/goals and write it down. Then you need to figure out what you need to learn for that goal. After that, ignore everything else.