How Have You Been Able to Buy Your Next Rental?

Question

What's up guys! I am currently in the process of closing on my first duplex that I will be house-hacking. My question today is, when should someone start looking for their next rental? How have some of you been able to finance your second rental, if you haven't owned your first one for long? What should stop someone from getting another rental, or push them forward to be trying to get another deal? I am currently 24 years old and I have told myself that I want to be retired by 30 via MFH investing (I know, sounds crazy!). So even though I am only closing on my first rental, I am always going to be looking towards the future and planning my next move in advance.I  want to scale and build my portfolio fast in a shorter amount of time as usual. Thanks for any responses! Appreciate ya'll!

Account Closed · Answer

Sheesh second rental! I been trying to get my first one for months. I would probably say keep growing. Maybe use your home equity in the first one to finance the next one. We have a similar goal we should talk. I would be open to getting on the phone.

Jaron Walling · Answer

@Thomas O'Donnell Your journey is underway so congrats! I'd slow down and focus on quality over quantity.

How I funded my the second rental?... from sweat equity on the first. Adding value is very important. Put in (x) amount of your money (OPM is risky for beginners) and refinance (x) amount back out after 6 months. Obviously it's harder to do with today's interest rates but it's not impossible. It's dependent on how you buy properties. It's dependent on your strategy and sacrifices to get there.

Thomas O'Donnell · Answer

I'm currently trying to close on my first one but I want to build a big portfolio within the next few years and I am looking for ways I can get that done.