Updated over 9 years ago on . Most recent reply
Beginner
Hello, I just purchased my first rental property in December and I'm in need of advice. Keep in mind I'm new to this and I'm 18 years old. I bought a home at below value at about 32k and it is worth 45k. I currently have a renter in the home under a 12 month lease. I don't have a job for I'm a full time college student and live 4 hours away from home. What would be best to move forward with my rental properties? I make about 220 a month off of the rental profit after paying taxes, bank, and insurance. Should I save the money to put down a new down payment? Or should I try to pay the home off in about 3-4 years? Also is it possible to refinance the home through the bank since I got it at so much below the appraisal? If so, Would this be a good idea to get the money and use it as another down payment? Thanks in advance!