How did you buy your second property?

[David Wagner]

Hello Bigger Pockets Community ;) 

I see we have a podcast coming up on February 20, 2019 on regarding this topic but I am curious, how did you purchase your second property?

I have about $50K in equity but Ive been reading this is not a good strategy due to the risk.

What method did you use to get that second or third property?

Love to hear from the community.

Thank you!

David Wagner

[Bill B.]

Bought a new primary every year for 5 years. Mostly for the better rates, I still put down 20% as I hate PMI.

I was also buying 1 investment property each year with 25% down and 15 year loans (to get better rates) at the same time. 

With a spare 2-3 I bought extra during that time I picked up 13 properties in 6 years. Stopped buying and started paying off. I’m down to 6 loans and pay one off with just the rental cash flow every couple years. Probably not the best use of cash to some people but in less that 10 years using about $100k total of my money I picked up $3million in properties flowing $8k/mo now and $15k/mo in 6 years when they’re paid off. 

Many people on here are much bigger, and some got that big in a year or 2. But I stopped when I had enough and retired 5 years after starting.  You have to decide for yourself when you have enough and enjoy your life and health while you got it. You’ll probably still be around next year but there’s a non-zero chance you won’t.