How do I get my 2 property HELP! Thanks
Hey You guys
I new to this real estate thing. I have a triplex I just moved into, with two other tenants ; (househacking) right?. Anyways I was wondering if anybody know how can I get another property. What steps I need to take?
The tenants cover my taxes, mortgage etc... I bought this place shy of 10k below the market price of a triplex in my area (Chicago Southside). So I know there's really no equity in it. But I'm rent free. I don't have a lot of cash at hand now but in a year I'm thinking have 10-15k saved up to have for 20% down for a fix & flip or fix & hold project.
What you guys think ?
Most Popular Reply
@Kevin Johnson, I like your plan. I know a lot of guys on BP will give you tons of options for creative financing to grow faster, get more units and more cash flow quicker, but slow and steady builds your wealth, and doesn't have to become a full-time job. You'll be amazed how quickly this can start to snowball if you're able to buy your second property in a year. That's the key one. Living rent-free is great, but once you add an actual income-producing property to that, your reserves will grow, and you'll be able to buy the 3rd and 4th before you know it. That's not exactly how I got started, but similar mentality.