Keeping the momentum going: Buying your second property

2 Replies

Hello,

My name is Nic and I am new to this great and resourceful site. I am planning on purchasing my first home as a first time home buyer this spring. My goal was to purchase a home to live in, fix up and then rent out. After a deal fell through on the sellers side last August, I did a lot of soul searching. I realized I don't want to give up my city life (Chicago) to move into a house in the suburbs that would eventually get rented out. 

I want to just invest in a rental and I plan on doing that. I am specifically looking at income properties in the southwest burbs of Chicago as it is an area I am very familiar with and can see the potential.

The reason for this post is to research, gain feedback and review how other real estate investors keep the momentum going and purchase their second investment property. What are your strategies, methods and experiences. 

I am worried that I will purchase a property and become complacent. The last thing I want to do is not have a strategy. My parents and other family members we're real estate investors mainly for flipping and rentals, but that was in the 90's and early 2000's when the market was different.

I would so kindly appreciate any strategies, feedback or experiences on this subject from this community. 

Thanks in advance!

@Nic Bernier Our "momentum" is driven by financial numbers directly tied to Cash flow, cash in the bank, ROI,.... These type of metrics drive our momentum & strategies.

Hi @Nic Bernier  , I am not sure I understand if you are looking to buy your next investment property or your first property, however, if you like Real Estate, after buying your first property you'll be hooked! :)

Put together a business plan and make sure you are clear about what you are looking for in the next deal: cash flow, low down-payment, built in net worth, you get the idea.

Message me if you need more detailed advise! 

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