I closed on my first rental two weeks ago and I’m currently in the process of leasing it. I purchased the property for $165K and it appraised at $171K at the time of purchase, so I was able to buy it under market.
Right after closing, I added a half bath using existing plumbing and added a wall to convert an open space into a private bedroom. The property is now rent-ready and will be held long term.
Now that I’ve forced some appreciation early on, I’m trying to figure out the smartest move toward buying property number two. Should I focus on seasoning and refinancing down the line, saving for the next down payment, or something else?
Appreciate any insight from those who’ve been here before.
I closed on my first rental two weeks ago and I’m currently in the process of leasing it. I purchased the property for $165K and it appraised at $171K at the time of purchase, so I was able to buy it under market.
Right after closing, I added a half bath using existing plumbing and added a wall to convert an open space into a private bedroom. The property is now rent-ready and will be held long term.
Now that I’ve forced some appreciation early on, I’m trying to figure out the smartest move toward buying property number two. Should I focus on seasoning and refinancing down the line, saving for the next down payment, or something else?
Appreciate any insight from those who’ve been here before.
Look for the next deal and use creative finance to keep on going.
Thanks — I’m starting to learn more about creative finance now. I’m especially interested in seller financing or small partnerships since I’m still early and building capital. Any tips on how you typically find or structure those deals?
I closed on my first rental two weeks ago and I’m currently in the process of leasing it. I purchased the property for $165K and it appraised at $171K at the time of purchase, so I was able to buy it under market.
Right after closing, I added a half bath using existing plumbing and added a wall to convert an open space into a private bedroom. The property is now rent-ready and will be held long term.
Now that I’ve forced some appreciation early on, I’m trying to figure out the smartest move toward buying property number two. Should I focus on seasoning and refinancing down the line, saving for the next down payment, or something else?
Appreciate any insight from those who’ve been here before.
Look for the next deal and use creative finance to keep on going.