Advice on how to keep going

5 Replies

I’m having a really hard time trying to move on to my second deal. I purchased my 1st duplex almost 2 years ago and in that time I’ve had some financial issues that wiped most of my savings. Due to that I’ve been having a hard time trying to move on. I currently house hack and I was thinking of trying to take money out of the current home that I’m in to purchase another. I’ve also been thinking of renting so that it can pay for itself and an apartment and save up the funds for a new investment. I don’t want to make the wrong move being impatient but I ready and determined to get my next deal. Any advice would be greatly appreciated. Thank you!

I think it really depends on what your ultimate goals are. There's ways just to get a second deal, but where do you ultimately want to end up? 

Hi @Dana Black ,

It sounds like you've already made up your mind that you want your second deal however having a hard time trying to figure out which move to make.  I recommend you KEEP IT SIMPLE!  How do you do that?  Run the numbers and timelines.  Literally write out which scenario works for you, FOCUS and work like heck for your goal!  You can do it!  

Most of us investors have had financial issues, let a lot of time pass between deals, savings wiped out, etc.  Don't get discouraged or stuck.  You said it yourself it's just "a hard time".  The same boiling water that softens potatoes hardens eggs.  You've got this!

@JD Martin My ultimate goal is to be a full time investor. I want to get enough doors to hit my financial number to quit my job and have more time to focus on family and investing. With this specific property I want to hold it for a while because once I move it will cash flow really nice. There is also a new development that’s  being built 2 blocks up from me as well and the value has been on the rise since my purchase. I want to continue to do rentals and also get into flips as well. I hope this answered the question. 

Ok. Well, moving into an apartment only makes sense if you pay less rent than what you'll net on your current unit. If you want to move in order to rent out your current place, I suggest a van in Walmart's parking lot, and I'm only partially joking here. It depends on how much discomfort you're willing to put up with in the beginning, assuming you're just beginning in life. If you're pushing 50 like me, probably not much. If you're pushing 25, you can live like a pauper all day long and really accumulate - in that case, why not rent out your current place, buy another duplex/triplex, live in the worst part, rent the nicest parts out, fix that up, rinse, repeat.