What to do when you are in between buying real estate?

[Joshua Sun]

Hey all,

It's been a while since posting on here.

First of all, because of the Bigger Pockets podcast, books and helpful people on the forum, my girlfriend and I were able to buy our first investment property the beginning of this year. We found our real estate agent and CPA on here as well. So thanks to everyone!

My question now, is how to stay in the game and motivated while we are saving up for next real estate investment.

We've been trying to continue to listen to the podcast, watch the youtube videos and reading more books.

We've contacted our real estate team (property managers, loan team, real estate agent, etc.) for updates and tips for our first BRRRR, but again, it's gonna take time for us to save up the capital to do so.

Any tips or advice on this long in between phase before we really get back into the grind? 

And yes, one of our reasons for moving to a BRRRR as opposed to our first investment, a buy and hold SFH, is because we want to avoid waiting a whole year before buying another property.

Thanks in advance! 

[William Anderson]

You can consider talking to friends and relatives about your experiences.  Create some interest in possible partnerships with that group. With a partnership, you can buy more frequently.  Yes, you own less but you still own and it will keep you active.  Create a spreadsheet that tells them what their portion of the investment will yield using an example property.

I have created several partnerships with friends, co-workers, and relatives. When the purchase is made it goes into the LLC which was created as a partnership. I have one such partnership where one person contributed $2,000. Now he wants to contribute more to another.

Someone will have to be responsible for managing the partnership e.g. accepting rental funds from the PM, working with the CPA for taxes, and approving maintenance items.  If this is going to take some time, tell the partners you will be charging a fee for this service.

Other than buying and selling your own property you can't get more active than this.