In March of 2016, I used my VA Loan to close on a 3bd/3ba townhouse in Tallahassee, FL for $59,247 at 3% interest. I only put $1000 down as an earnest deposit and paid $800 for 2 separate inspections. I did not have to do any repairs. I deployed in April and decided to rent the property out until my return. My mortgage is $567.62/month. I want to purchase a second property in 2017. I have about 12k in cash. I would like to pay off my house early. However, I also want more passive income while Im in school. I plan on living in the 1st home and renting out each of the other 2 rooms for $300/month. Should I attempt the BRRRR strategy or should I just use the cash available to put a down payment on the 2nd property?
Do you need a large chunk of money right now? Also, if considering BRRRR be sure that you will still cashflow with the new PITI payment.
Thank you. No I do not. PITI = $260, $140, and 158.47 for insurance and taxes combined
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