Want to buy 2nd property - Need help!

1 Reply

Hello all! Basically I purchased a SFH for $250,000 here in Staten Island, NY. I put $50,0h00 down and have been making all payments for the past year. I also have around $10,000 in savings. I live in this property, and I used a VA loan for it.

I would like to buy my 2nd property. Which will be a buy and hold. I was thinking of buying out of state because homes are way cheaper in other states. Do I have enough money to do this? Can I use any money from equity I have in my current home? Also what areas should I look into for investment? 

Hi Eric,

The primary thing to remember is everything revolves around your goals! 

So, what is it that you want to accomplish with real estate investing?

Are you:

  1. Looking to make a quick buck?
  2. Looking primarily to increase your overall cash flow?
  3. Looking to buy and sell in the next 3 - 5 years for a nice profit?
  4. Looking to buy and hold for the next 20 - 30 years for your retirement?

There are so many questions you can get answered here. However, once you decide what type of investor you want to be, then it's a lot easier to start peeling back the onion of where, why, and how much.

Hope this helps,

- Steven

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