Used saving to buy first property....How to buy second?

2 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 :)

@Jay Dekker

I don't know how your current family dynamic is, whether you are 1) Single with no wife or kids 2) Married with no children 3) Married with wife and children. If you are 1) & 2) and you want to have some cash reserves available to you without all you money tied into the property because of a high down payment then house hacking will be one of your best options. You just live in one of the units for a year while your tenants pay you rent and then move out to either house hack again with another property or finally buy your primary residence with. I personally don't condone house hacking with 3) because you never know what kind of tenant you will get and having your kids present while you deal with them.

Absolutely, thanks for the response!

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