Rental income is here.... Now What????
Bought first condo on east side of Oahu on a no money down 5/5 arm loan 2.5 years ago. Condos value has increased significantly for a short amount of time.
Financed loan for $379000
Balance is now 360000
Current county assessment value $397000
Interest rate at 3.875%
No PMI
Condo is currently being rented out to a tenant who covers my entire mortgage but none of the HOA fees.
Mortgage: $1900 a month includes taxes and insurance
Current rent : $1900 a month
HOA fees : $356 a month
I work full time and live for free in my current place.(family)
I have no reserves saved up. Just a good credit score and a well paying full time job and also a well paying part time job.
Current monthly gross from both jobs is $5800
Sounds silly but since I have been receiving rental income and seeing all the money from my paychecks again, I actually have NO idea what to do with it. :(
Id like to buy my second property and rent it out for a profit. I also want to set up the first property on a more secure mortgage that would avoid variable rates and allow me to see some positive cash flow.
Main goal is positive cash flow.
I am 31 years old and of all my friends I am the only one in my circle of friends that is focused on real estate goals, so basically I have no one I can go to with this dilemma. Just simply learning as I go. Any advice? Reading material suggestions? Or simply what would you do in my situation..... be aware that I am in Hawaii, prices are beyond ridiculous but I'm charging into the real estate game anyways. Thanks for reading.