In-between Real Estate Deals
I purchased my first investment deal a month ago (townhome in Mesa, AZ) and now I'm "twiddling my thumbs" before my next deal. I probably won't be looking to purchase another property for at least a year(could be earlier you never know), but I can't help thinking I should be busy reading, networking, researching, etc. between now and then. I did pick up a new book but I know I could be doing more. If you were a rookie like me and remember anything that you did in between your first deal and your second deal I'd love to hear what you did that might help me in my journey. Thanks!
Most Popular Reply
Here's some general advice:
1) Focus on streamlining the management and finances of your current rental
2) Keep great records on your first rental. It will be invaluable to see how much you paid for repairs, materials, tenant turnovers, etc. This wealth of information makes you more confident and educated for your next investment(s).
3) Save save save for your next investment property
4) Pay off any debt - focus on maximizing your credit score