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Updated about 11 years ago on . Most recent reply

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14
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2
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George Pan
  • Albany, NY
2
Votes |
14
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Going for rental #2 ... Is it too soon?

George Pan
  • Albany, NY
Posted

Hello,

I purchased a duplex last April with 20% down. I am now ready to purchase another property but ...

I can't help but to ask myself: "Is it too soon"?
After all, I don't really know what I'm doing. I didn't go to school for this, my parents don't own rentals, none of my friends own rentals.

All I've really done was save a (considerable) chuck of change, buy a house and find some people to rent it to. Maybe I just got lucky. Maybe that luck is running out. Maybe I am gleefully walking toward my own destruction, oblivious to the myriad of dangers lurking in the shadows of real estate investing!

So I ask, is it too soon?
What is your advice to the beginner investor? How fast is too fast?

Most Popular Reply

User Stats

14
Posts
2
Votes
George Pan
  • Albany, NY
2
Votes |
14
Posts
George Pan
  • Albany, NY
Replied

Thank you for the great responses.
The biggest thing I've learned from my first property is that I could have gotten into it for half the money. And that your realtor is not your best friend.

To answer your question Jay C..
I can afford the property I currently own without it being rented, however I cannot not say the same for the second one. If both went unrented I would be underwater. Does that mean I will be over leveraged by purchasing one more property?

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