Got my first rent check..... Now what?!!
Bought my condo 2.5 years ago on east side of Oahu.
Original loan amount $379000
Interest rate 3.75% no money down or PMI 5/5 arm
Current balance is $360000 roughly
My tenant currently pays $1900 a month which covers my mortgage payment and escrow account. Does not cover any HOA fees
HOA fees $356 a month
I currently gross $5800 a month from my two jobs only. Not including the rental income.
Condo value has gone up in 2.5 years
Current country assessed value is $397000
I do not know what to do at this point with my money.
I'd like to set up the condo on a better mortgage that would also allow me to make positive cash flow of $100 or more.
I'd also like to keep moving forward towards buying my second rental property.
I currently live for free with family so I'm not worried about finding my own personal dwelling yet.
What would you seasoned investors advise me to do in my current situation? I have no reserves for my condo. I have no significant debt and I have a good credit score.
Should I save? Should I go for a HELOC? Refinance?
Aloha.