SUCCESS! Now what?
Using Bigger Pockets as an educational resource, I successfully bought a fairly inexpensive 3BR SFH in Lansing, Mi, got tenants in there about a week ago, and now I'm feeling pretty good about things. Assuming no huge issues arise (I know they can), I should make a decent ROI.
So, my question is - what next?
The first thing I'm going to do is go back and review all of the steps I took to get here because I've already forgotten a lot. I also want to set up a good bookkeeping for my property. More importantly, however, I'm not certain what my strategy should be. I'd like to get move involved in real estate/buy more properties. I guess I'm asking two questions here:
1. What career/training or experience should I seek out to further my knowledge?
I'm willing to leave my current job to learn more. I only make 40k and I feel like I really need to ramp up my pay to start funneling more money into real estate. I'm also open to hear how someone mightstrategize on my budget.
2. What's the next kind of real estate I should buy?
Maybe just another house similar to the one I have? Or, I could take advantage of an FHA loan and move out of my apartment and rent to roommates (I live in Chicago, IL)? It might be a great way to learn about renovations if I can roll them into my mortgage.
Anyway, I'm interested to hear what people have to say. Thanks for any advice you can provide!
Joseph