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Updated almost 8 years ago on . Most recent reply

User Stats

7
Posts
2
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Edward Rangel
  • Blue Island, IL
2
Votes |
7
Posts

One first Unit rented out now what next!!!!!!

Edward Rangel
  • Blue Island, IL
Posted

First a little background info I am 24 and I just rented out my first Unit a house for 1350$ signed the lease today . I use a property management company .

My Mortgage is only about 510$ 

So After expensive and putting a little away for repairs, I think Il cash flow around 600$ every month.

I have no debt just my house and around 10k in the bank. 

So here where I need help I bought my first Unit aka house with a conventional loan , And now I wanna get a fha loan to get a 2,3 or 4 unit building .

I live in chicago  so should I go baby steps and get a 2 unit or look for 3 or 4 unit .

 let me know what you think I make around 39k a year so I still need to save for about 4 months for the downpayment for the next property !!

thanks for any advice you have  for me!! 

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