Am I over extending at 22 years old?
I bought my very first piece of real estate 3 months ago. Its a 3 unit apartment I got a great deal on, awesome tenants and things are so far running smoothly. I have my eye on a second property. A 6 unit up for sale at 145k. I have the 20% down for this property but don't want to spend it otherwise my wallet would run dry and I don't want to be in that situation! So I am considering seller financing the down payment and financing the rest through the bank. I had no problem getting a loan on this first property, and owe 48k on it. If I were to buy this second property, I would owe $115,000 as well as owe the seller $29,000. I am mentally prepared for this second property but am a little nervous that I may be over extending as a new investor in a short amount of time. I could save another $20,000 to put me in a more satisfying place where I am happy to put a down payment from my own capital which would take some time but I doubt the property will still be on the market by then. What should I do? 100% finance this property and have just under 200k in debt on 9 units? I am 3 months into the real estate world. I say that as if I am inexperienced, but I am very knowledgeable and ready to take on a second property. My biggest concern is the great amount of (good) debt, in a short period of time, and whether I am over extending myself at an early stage. This second property preforms outstanding and I don't want to pass up this deal. $250/door per month at a very conservative pace after all debt services. What should I do??