How long before your next deal....
After becoming a member of BP over 2 I am finally under contract on my 1st buy and hold, and should be closing in two weeks. How long did you wait before putting an offer in on your next property?
Hi @Melba Chambers. I'm not sure I understand your question. Why would you wait at all to put an offer in?
If you're constrained by finances, and a smokin'-hot deal comes along, worst case you could get it under contract and then close once your funds become available, seller willing.
Or, you could get it under contract and then wholesale the contract for a quick profit.
But, either way, you wouldn't just wait.
What am I missing?
@Mitch Messer I am just wondering how much time someone waited before going after their next property...I am looking now and was wondering did people wait or jump right into the next one.
@Melba Chambers OK, I understand!
I can only speak for myself and the other professional investors I know. In any given week, I'm looking at 10 - 15 possible deals. I'm always looking for deals: It's what we investors do. I try to close as many as I can of the ones that meet my needs.
Assuming you want another deal, there's no reason I can think of to wait.
It's like asking a fisherman how much time they wait before going after the next fish...
@Mitch Messer makes perfect sense!!
@Melba Chambers
I live off my w2 and use it plus rental cashflow to fund the next deal. With this model I usually wait 1-2 years between deals, although there have been years when I purchased two.
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#5 Medium-Term Rentals Contributor
- Lender
- Youngstown, OH
So many factors to consider here--do you have a full-time job? Are you self-managing? Do you have any other experience in REI? You don't want to dive in too fast and wind up in over your head. If something amazing falls into your lap, AWESOME! Go for it. But there's nothing wrong with giving yourself a few months to adjust to landlording.
