How long until the next one?

Question

I'm a buy and hold investor, and nothing is as fun as closing the next property! Just curious, how long does it take you to save up for the next purchase? Also, what's the target price and speed of accumulation?

For myself, I'm currently focusing on SFH. My target acquisitions are between $80k to $120k or so. That's about $30k + closing ($5000?) for 25% downpayment on the high end.

I'd like to be able to acquire 3 per year. So, that requires $35k in savings every 4 months, or $8750/month. Not quite there yet, but I'm working on it. :)

Fred Makaye · Answer

It takes me about 3-4 months to save up for the next one. Although if I find a good property I can pull the trigger on the later end of month 2 and by the time the 30 day closing period is up I normally have the rest. I've been short one time though and just asked the seller for another 30 day extension

Jay Y. · Answer

@John Andruszka @Jennifer Annen  Thanks for sharing!

John,

For the properties I've rehabbed locally, I usually set aside between $5k and $15k.

Jennifer,

Congrats on locking down #4! I'm working on that as we speak... haha, neat, I started in July 2012, and am also trying to get to 4 by the end of the year. I like your style ;)

Jennifer A. · Answer

I do roughly the same thing.  It's tough to save up that much for me considering I'm also raising a family.  That said, I've got an accepted offer on my 4th property.  I bought my first in June of 2012.  I'd like to buy about 1per year going forward.

John A. · Answer

@Jay Dao ,

My target acquisitions are in the same general range as yours.  How much do you set aside for repairs?

John