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Updated almost 13 years ago on . Most recent reply

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Alex Stredicke
  • Everson, WA
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where can i go from here?

Alex Stredicke
  • Everson, WA
Posted

I'm 23 and live in whatcom county WA. I just bought my second rental property, in fact its closing on October 1st. My question is now what? I'd like to keep investing in property, but I'm not sure how to go about it. My first rental I bought for 131k with 40k down 1.5yrs ago, and have had renters in it for all but the first month. It generates 1k a month, and my mortgage is about 800 after everything (3.5% 15yr). This second place Im buying for 136k and 30k down on a 30yr contract. Again it will be rented for 1k a month. So should I start paying down the first house? Or continue buying? How should I go about getting loans? Any advice is greatly appreciated.

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Michael Quarles#1 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Bakersfield, CA
3,645
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Michael Quarles#1 Marketing Your Property Contributor
  • Flipper/Rehabber
  • Bakersfield, CA
Replied

I'm not a buy and hold guy however it sounds like you're over paying for your properties. That said congrats on deals vs age.

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