Hello, I recently bought my first house! It was quite the experience and was way more than I expected was involved. But, I went down the checklist and feel like I made a good investment. That being said I am still getting the itch to get into rental investments. Specifically, Single Family homes as they are the best prospect in my area. Some background, on it is <50 years old, ~120k, minimal maintenance, and great location ( in a good neighborhood, not too far from a decent downtown area). I used a VA Home loan for no money down.
So yah, feeling good about it. It was bought as an owner-occupant (for VA reasons) and I can afford the mortgage and expense on it via my job. That being said, I am still learning about the next steps. Essentially, I have no idea how to actually cash flow it. (forgive me for not having much time to peruse the site, I am sure its covered extensively hah).
While my income affords me to be able to pay for it monthly, I get a tax credit for military disability. Which I lose upon giving up occupancy. Not a big deal, but my conundrum comes into actually making money off the house by living outside of it. If I put it up for rent, I will then have to find another place to rent or live which isn't possible with my job situation. This puts me into a break even type scenario.. and while I can't hack it to where I stay in it and rent it per say, I imagine the next step is to find another property and repeat, correct? The double mortgage makes me feel uneasy for sure.. should I pay down my loan to a point I can refinance it for lower and then move a tenant in? Given my job, I could pay the house off in 4-5 years if I just threw money at the mortgage.
Case in point, I am kind of lost. I'd love to move someone in and start collecting rent checks, but as it stands, id have no where to live...