Built my first investment property, now what do I do?

[Matthew Gomes]

Hi,

This is my first time posting so apologies if I didn't to something correctly. In 2017 I got my North Carolina General Contractors licence and partnered up with my parents to build my first investment property.

I purchased what my wife and I dubbed it "the littlest lot" as its was 5000 sq. ft. and the cheapest lot in Wake Forest, NC. In 2018 I quit my day job and built a house for a total cost of approximately $125k, including land. In total I put up about 2/3 of the money and my parents paid the remaining 1/3. According to Zillow and my mom who is a real estate broker the house is worth between $185k-200k.

I currently have the house rented for $1200 per month with approximately two months of rent going to insurance and taxes.

Now I am wondering what I should do next. I currently have about 10k in the bank remaining and adding to that account slowly from my wife's job and rental income.

I started to apply to jobs as an assistant construction manager and now considering starting a company to do property management. My parents have about $750k in equity in various rental and personal properties. So I gained some property management experience from doing various tasks for them.

I was also considering building a quad plex as both my parents and I own a lot that is zoned as 0.1 units per acre and its a lot size of 0.7 acres. The main issue is that I don't know how I would get a loan for a project of that size as neither my parents or I have very much in cash assets.

Thank you for your input,

Matthew