Used saving for first investment....How to buy second?

3 Replies

Hi everyone,
New to the investment game and am looking for some great advice. I️ have not made my first purchase but am saving for that purchase. I’m thinking of my future and am not wanting to stop after just one investment. But I️ can’t seem to wrap my head around purchasing a second investment after I️ just used all my saving for my first investment. This is assuming I’m buying a multi-family that doesn’t need fixing up and I’m wanting to sit on and collect the passive income. Saving that 20% down payment for each purchase takes time and I’m looking for an easier way to add more property to my portfolio without going years in between purchases. Thanks everyone :)

OPM!! If you wait to save another 20% and go with straight conventional financing that could be awhile. Another option is if you have good credit to secure a personal loan based on your healthy credit. I did this and got $35,000 at 6.99% for a three year loan. 

@Jason Lavender , great advice! I️ will definitely consider this in the future. Any other creative ideas?

Originally posted by @Jay Dekker :

Hi everyone,
New to the investment game and am looking for some great advice. I️ have not made my first purchase but am saving for that purchase. I’m thinking of my future and am not wanting to stop after just one investment. But I️ can’t seem to wrap my head around purchasing a second investment after I️ just used all my saving for my first investment. This is assuming I’m buying a multi-family that doesn’t need fixing up and I’m wanting to sit on and collect the passive income. Saving that 20% down payment for each purchase takes time and I’m looking for an easier way to add more property to my portfolio without going years in between purchases. Thanks everyone :)

Want to do it quicker? Buy ones "that do need fixing up" (and/or are otherwise bought at under-market value. eg. from motivated/desperate/foreclosed-on sellers).

Then, you should get all your deposit back when you Refinance (typically after 6 months).

[Look up the "BRRRR strategy" in BPs search engine]. Cheers...

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