At the end of May I closed on my first deal, a STR in Fort Walton Beach. The place has been cash flowing but it has taken some of my time over the past few months to manage. With the first deal going well, i am really looking towards jumping on a deal and have been super attracted to finding a house to BRRRR or flip. What advice do you all have on making your second deal? I know it can be easy to rush into it, but what are some things that people over look when it comes to their 2nd, 3rd, 4th deals and so on? Thank you for any help!
@Charles Wisniewski - Congrats on knocking out your first deal! It's nice to hear that you started off on the right foot. You must have had an amazing realty to back you up. ;)
I think a lot of people get really anxious to do their second deal once they taste that sweet nectar of cash flow from their first success. I would just say to be aware of that tendency to rush into something that seems lucrative without performing your proper due diligence.
I'm always here if you need me. Keep crushing it!
@Matt "Roar" Gardner much appreciated as always, numbers are super important so i will definitely do my due diligence!
@Charles Wisniewski , After my first deal was fixed up and started cash flowing (two fourplex package) I couldn’t wait to do another! But it still took a dozen offers and being under contract 4 times to get a decent next deal (16 units). My advice, no matter what kind if deal you want to do, is to do your proper due diligence, inspections, numbers, etc. If something isn’t right, it’s better to be out the cost of an inspection and hours of effort than be out thousands of dollars for years ahead. Be willing to walk away when the deal isn’t as advertised!
Best of luck on the next deal!
@Charlie Cameron Great advice! i definitely want to avoid rushing into it. All is take is one bad deal to get you down a rabbit hole to early. Thank you! Ill definitely make sure to do my due diligence.