1st Rental Property Secured... How Do I Get My Next One?
Hi all!
Closing on my first rental property (duplex) next week, and I'm already thinking about the next one. I used an FHA loan to get the property, so I'll have to occupy it for the first year, but I want to know what I need to do to prepare to get the next rental property.
I'm going the route of the BRRRR strategy, so I plan to do a few DIY repairs/remodeling to help increase the equity. Speaking of equity, the property appraised for $5K more than what I offered, so I'm starting off with $5K of equity to work with.
I also don't want to have to save up a large down payment for the next rental property, so if anyone has any advice on low down payment opportunities, other than FHA, that would be helpful.
Thanks!