1 rental under my belt. Now, what's next?

Question

HELP! I'm a Navy reservist, a part-time ICU nurse, and over the past few months, I've set up an LLC, bought a condo in Fayetteville, AR renovated it mostly by myself and already have a tenant. I'm eager to do more projects like flipping, tax deeds, foreclosures, auctions and buy-and-hold deals, but most of my capital is tied up in the rental property now so I don't know how to move forward. I can do a lot of renovation work on my own. I'm willing to learn, research properties, attend auctions, do non-permit renovation work myself, etc. I get a meager, steady income as a nurse. I also get an annual bonus through the Navy that I could put towards a down payment, but that only comes once a year, and I want to grow my portfolio FAST! I just need someone to advise me on how to take that next step to add doors to my portfolio when all of my capital is tied up in my first property.

I bought the rental property at $168K and the assessment came back at $192K before closing. I paid about $34K as my down payment and then dumped about $10K into new flooring, fixtures, paint and vanities so the property should now reappraise at about $210K.

Any advice for an eager, driven, goal-oriented newcomer? Anyone need an investment/boots-on-the-ground partner in the Bentonville, Rogers, Springdale, Lowell, Fayetteville area?

Ryan Rominger · Answer

Hats off to you! Balancing the Navy, nursing, and DIY renovations and getting your first rental off the ground is no small feat. You’re clearly putting in the work, and it shows.

You’re at a really common (and exciting) turning point—plenty of drive and experience, but limited capital. Here are a few strategies I’d suggest exploring next:

1. Tap Into Your Equity

It sounds like your property has appreciated nicely and you’ve added value through the rehab. You might be able to:

• Do a cash-out refinance or
• Open a HELOC (home equity line of credit) on the condo

Do a cash-out refinance or

Open a HELOC (home equity line of credit) on the condo

This could give you some working capital without needing to sell or wait until your next bonus.

2. Leverage Partnerships

Your ability to do reno work, scout deals, and manage locally is super valuable. There are investors out there (even in other states) looking for boots-on-the-ground partners they can trust. You bring time, hustle, and skills—they bring the funding. Win-win.

3. Look Into Creative Financing

• Seller financing
• Subject-to deals
• Wholesaling (to build capital)
These all take more strategy and relationship-building, but they don’t require huge upfront cash.

Seller financing

Subject-to deals

Wholesaling (to build capital)
These all take more strategy and relationship-building, but they don’t require huge upfront cash.

4. Network Locally

Get to know local investors, agents, auction players, and property managers. Sometimes the best opportunities come from word of mouth, off-market deals, or partnerships. You might even find someone looking for exactly the kind of help you can offer.

Jeb Durgin · Answer

Hey John,

You’re basically the Swiss Army knife of real estate—Navy reservist, ICU nurse, handyman, and investor all rolled into one! Love the hustle.

Sounds like you’ve built a solid foundation. Next step? Let’s get creative with financing—think refinancing to free up some cash or tapping into that Navy bonus strategically. Happy to chat anytime and help you figure out how to add those doors faster than your next renovation project!

Keep crushing it!

Wale Lawal · Answer

@John Thibodeaux

You're off to a great start—leveraging sweat equity, getting that first rental done, and building momentum. Now, to grow without much capital, consider a cash-out refinance based on the new appraised value to pull out some equity for your next deal. Also, look into partnering with a capital investor—your ability to renovate is valuable, and many people with funds are looking for someone like you to team up with. Start networking locally at REI meetups or online forums and explore seller financing or sub-to deals to acquire properties creatively with little money down.

Good luck!

Clayton Silva · Answer

My wife won't let me anymore ;(

Gregory Schwartz · Answer

VA loan and house hack that bad boy! Then look for friends and family that want to partner or lend you money.

Clayton Silva · Answer

Exactly how I started lol...didn't even know what house hacking was I just did it because I was cheap

Stanley Yeldell · Answer

John, congrats on getting that first rental done—especially with all you’re juggling! That’s huge.

You're sitting on some untapped equity with that condo. If it appraises at ~$210K and you’re into it for ~$178K, you might have around $30K+ in equity to work with. That could be your next move:

Look into a HELOC or cash-out refi to access that equity and fund your next deal.

Consider partnerships—many investors with capital are looking for reliable boots on the ground. Your skills and hustle are valuable.

Also explore seller financing or subject-to deals where little to no upfront capital is needed.

Lastly, auctions and tax deeds are great, but make sure you’ve got a strong due diligence process—hidden issues can eat up capital fast.

You’ve already proven you can execute—now it’s just about leveraging what you have to scale smart. Keep pushing!

Hamp Lee III · Answer

Have you thought of using your VA loan? I have four properties and three are VA loans. You seem to have a lot of your eligibility left.

Clayton Silva · Answer

Ok, so assuming a 210k valuation, the max cashout is going to be between 20-35k (take 75-80% of value for new loan, and subtract current loan balance). Going to be hard to justify a cashout right now with that much cashout to scale.  It is slow rolling to start, but it picks up as you acquire more and more properties and build more and more equity.

Gregory Schwartz · Answer

@Clayton Silva haha and now I keep doing it because I realize that being cheap is making me wealthy haha

1 rental under my belt. Now, what's next?

Most Popular Reply