Updated about 3 years ago on . Most recent reply
Looking for guidance on my next move!
Hey All,
I bought my townhome here in Utah in 2020 and it has appreciated substantially in value over the past 2 years. I am looking for direction as to how I should approach my next move. My end goal is to buy enough properties to cash flow enough to allow me to quit my job and continue scaling from there. I don't have much capital in the bank but am open to different financing options to move into my next place. With our next property being owner occupied, what type of unit should I be looking to move into? Single family, duplex, another townhome? The hope is to only be in the next place a year and then do it all over again. Any thoughts or guidance would be much appreciated!
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- Real Estate Broker
- Cody, WY
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Be careful of people reaching out with deals. Their focus is on making a sale, with little concern for how you benefit.
The appreciation you experienced these past two years is an anomaly that has happened around the country. Don't start thinking you're a wise investor or that you really know how to pick winners. You got lucky, just like the rest of us.
if you can handle living in a smaller place, seriously consider looking for a fourplex. You can still purchase it as a primary residence with just 5% down, maybe less. Occupy it for a year, rinse and repeat. After just a few years, you will have eight rentals (two fourplexes) and enough cash flow to pay for themselves and mostly pay for a single-family home to live in. Better yet, keep buying fourplexes until the banks won't let you any more. You'll have a mini empire and can be financially independent in under ten years.
- Nathan Gesner
