Advice on Purchasing Investment Property
Hello BP Peeps,
I am looking to get advice on how best to finance my next deal and what options I should consider. I will lay out my situation below. If you have the time, please consider offering any guidance you have.
I am a 22 year old mailman in a rapidly growing, semi-rural city, in Indiana. I closed on my first property, a duplex, in November 2019. The duplex was purchased for $141,000 on an FHA loan with no money down. I am living in the downstairs unit and renting the upstairs unit for $800 a month.
I currently have no savings and only a few thousand in my checking, but i am planning to save between $500 to $1000 a month to put towards my next property starting in November. My credit is very good.
I am looking to expand as quickly as possible, with my focus on multi family properties. I have really fallen in love with real estate.
If you have any advice or guidance I appreciate whatever you can offer. I foresee my most significant issue being how I will finance my next property.