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!
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
@Ryan Swan Thank you for your reply and advice! I can see how point #2 can be very important moving forward. It looks like you invest as well. Do you use old-fashioned excel sheets for keeping track of expenses and revenues or do you recommend any other software or technology for this task? Thanks!
I use Buildium but that's way overkill for just one rental. https://www.waveapps.com/ is a great free option for basic bookkeeping with bank reconciliation .
Awesome, thanks @Ryan Swan ! I'll check that out.
When we were starting out, we joined a local REI group. I took a course offered by experienced investor on managing rental properties. Both were very helpful.
Now there is so much content available via podcast/webinars and YouTube. I would suggest that you build up your educational foundation just as you build your financial base.
Best of luck,
@Matt Ziegler I'm going to look for a local REI group...thanks for the advice!