Getting started and cross roads - ADVICE NEEDED! :)

[Eric Hanfling]

Hey everyone, 👋

I’m fairly new to real estate investing and wanted to get some perspective from people who’ve been doing this longer than me.

I bought my first rental property in Montgomery, Alabama in July of last year. It was a turnkey property, and I purchased it in cash without taking out a mortgage. Looking back, I kind of regret that decision because I now realize I could’ve used leverage to help me acquire additional properties.

Since then, I’ve been doing a lot of studying and learning about real estate, and I’m starting to think more seriously about what my next move should be. I currently have a tenant but I've started to question whether this was a good purchase long-term. I’m also unsure how strong or growing the Montgomery market really is.

So now I’m at a crossroads:
Do I keep this property and continue renting it out while trying to purchase additional properties with the capital I have left, or does it make more sense to sell it and use that money to reinvest elsewhere?

I’d really appreciate hearing what others would do in my situation and why. Any advice, insight, or lessons learned would be super helpful.

Thanks in advance, looking forward to learning from this group! 😃

[Austin Wyrick]

Hi Eric, Do a cash out refi on a 70/30 LTV and use that to buy more property. :)