Deal #2 and beyond...
Hello Everyone,
I would appreciate any/all feedback. I have seen a lot of different posts about how to finance your first deal. My thought is, how do you finance you second deal and after? What types of cash reserves do you need to have built up before you decide to purchase your second property? How do you come up with the cash? Good ole fashion savings? We are looking around for our first property, thinking a 4 unit multi-family, and the down payment is going to eat up approximately 60% of the money we have available to use. Looking at around 50k total to start with (but not planning to purchase until after the first of the year for tax purposes). I have seen multiple 4 unit buildings, and all are at or around the 150k mark in St. Louis area. These are good but not great buildings. Outside looks nice, but on most the inside is outdated by about 2 decades.
So, how did you move forward after deal #1? How long did your second investment take, and how did you come up with the down payment?
Thanks!
DJ Cummins