It's Friday night and I am working on my 1st investment property
....and loving it!!! We kept our first home as a rental and bought another house for our expanding family. After about 9 months of learning, analysis and inspiration from the forums and podcasts (many of them I've listened to multiple times) we bought another property! Technically this if our first purchase as an investment property. I'm learning a lot but I'm excited.
Quick summary:
My criteria: I want to double my investment in five years (after tax cash + equity gain assuming no appreciation). Ideally a low maintenance property as at this point in my life (two wonderful young girls, a day job, and an active composer/arranger of music) I don't have a lot of time but I do set aside focused time to build my real estate portfolio. My plan use the cash flow and use it to buy other properties to supplement my current income and scale up to multi-families to create sustainable wealth for my amazing family.
We bought a condo (I know, I know, there are risks...). Got in undervalued and applying the BRRR strategy adding value, then renting it. 19% COC return and it is very close to my home (as is our "kept" rental) which is also part of the plan.
Thank you to the Bigger Pockets community. What I've heard and read has been incredibly valuable.