I have $75K and I want to buy multiple properties – thoughts?
I'm based in Nova Scotia, Canada, and I'm 26 with about $75K in savings and I'm wondering how to make this money go the furthest. I'm house hacking for my first property, which I expect to be around $250-350K, and the secondary unit should rent for $1000-1200/mo. That's on par with most of the properties I've looked at and put offers on (we're in a highly competitive market, I'm 0/3 so far!).
Because it's my first property, I only need to be 5% down. So including closing costs, I need around $22,500 for property #1.
Now I had planned on soon after getting my first one (6-18 months), buying my second property. That would take the majority of the rest of my savings, putting me in a position where I then need to save another 20% down payment for a third property.
What's the best strategy for making the most of the $52,500 left after my second property? Is BRRRR the best move? I'm a little uncomfortable rehabbing and refinancing on only my second property, but I'll do it (as cautiously as possible) if it's clearly the best way.
Side note - I know Brandon has a book on investing with little or no money down, does it translate well into the Canadian market?
Thanks for all your advice!