I currently have an apartment where the rent from the tenant is lower than the mortgage. I will soon have $22K to invest in real estate, but I would like to accumulate more capital to invest in a duplex or triplex. I was thinking of working 3 jobs to be able to accumulate capital, but I do not want to be a stranger to my family and lose out on the best years of my children's lives.
Being there for your kids is so important. While you absolutely need to provide for them financially, if you do that well but are never around for them they'll remember that more when they grow up.
With the property that's negative cash flowing right now, is it underwater or could you sell it for a profit? If you could sell for a profit then as soon as the tenant's lease is up I would not renew them and sell it.
For future properties, you may want to consider the BRRRR strategy. This will let you accumulate more properties, faster, and let you pull out your initial cash investment. Check out some of the BiggerPockets BRRRR videos on Youtube and David Greene's BRRRR book too.
Thank you for responding Paul. I will learn as much as I can about the BRRRR strategy so I dont have to work myselft to death. Thanks again.