Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago on . Most recent reply

User Stats

2
Posts
0
Votes
Sethu Nagappan
0
Votes |
2
Posts

Buy first property in such a way that buying second one is easy

Sethu Nagappan
Posted

Hi,

I am going to buy my first property in GTA!! My ultimate goal is to be a rental property investor. So, I want to position myself while buying first property in such a way that I can buy the second one as quickly (not more than 2 years of buying first property) and easily as possible and also want to leverage my first property for buying the second one. 

My idea is to dwell and rent a part / basement of the property which I am going to buy first. I have the following questions,

1. What kind of properties should I be buying now in order to get equity of it quickly for my second property?

2. Is there a particular approach which I should take for mortgage ?

3. For example, if my first property is a detached house worth $750k. And if I wish to buy a condo as my second property for renting at $450k, then how can I have the downpayment for this condo within 2 years at most ?

Most Popular Reply

User Stats

1,173
Posts
1,644
Votes
Brian Ellis
  • Rental Property Investor
  • South shore, MA
1,644
Votes |
1,173
Posts
Brian Ellis
  • Rental Property Investor
  • South shore, MA
Replied

1. Value add property. Get some sweat equity in that first one!

2. If you can afford the down payment, go with a conventional mortgage so you can buy a distressed home.

3. Take the equity you gained from the first property, and use it to purchase the second one.

Good luck!

Loading replies...