Hey everyone! I am looking for some advice on real estate that I have been dwelling on for some time now and it's starting to bog me down and I can't seem to get any good ideas. I bought a house in October of 2018 for $225,000. I was living with a girlfriend in her house and was renting out a room in my house for about 6 months before deciding to rent out two of the four bedrooms. When my girlfriend and I broke up I moved back into my house and live in one of the spare bedrooms renting out a bonus room and the master for $1320 total. My mortgage is $1310. The market I am in is absolutely on fire and there is no sign of it slowing down anytime soon. That being said I have what I would guess to be anywhere from $60,000 to $80,000 in equity now. I want to be a real estate investor and want to continue gaining properties but don't have the capital for a down payment. Only have about $10,000 in savings right now due to me putting myself through paramedic school. I make a good living of around $70,000 a year and love my job.
My question for you guys: I am able to bring in about $14,000 a year in income from the renters. I want to buy another home to rent out or to live in and rent my current home out full time, not just rooms. Would you continue to pull in the rent income until I can put a substantial down payment on a home or would you sell the home to pull the equity and put on another home? I am a big home reno person and would like to flip homes until I can afford to buy them outright and feel like I could get some decent deals to flip but I am already making some decent money off of rent that I would really like to keep coming in.
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source https://www.reddit.com/r/RealEstate/comments/jl9r3p/need_some_of_your_advice/
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