When are you ready for the second property investment?

1 Reply

I have purchased my first property this year in February. It is a duplex that I am house hacking. I have had a steady paying tenant  for 7 months. Despite the small preventative maintenance and home owning surprises ( hornet nest, leaking AC, sink clogs) it's been pretty smooth sailing, and now I'm itching to get another property. I am eager but still want to be smart when I grow to get a second property.  I'm not yet in the positive with this first purchase.   I am still about $13,000 negative. I think it may be due mostl to me house hacking that I am not seeing my cash flow first hand. I'm currently saving for the next down payment and cutting down my debt tree to bring up my credit score. However, would any information with the first property make a difference with when I should go for the second property?

Originally posted by @Eva Henry :

I have purchased my first property this year in February. It is a duplex that I am house hacking. I have had a steady paying tenant  for 7 months. Despite the small preventative maintenance and home owning surprises ( hornet nest, leaking AC, sink clogs) it's been pretty smooth sailing, and now I'm itching to get another property. I am eager but still want to be smart when I grow to get a second property.  I'm not yet in the positive with this first purchase.   I am still about $13,000 negative. I think it may be due mostl to me house hacking that I am not seeing my cash flow first hand. I'm currently saving for the next down payment and cutting down my debt tree to bring up my credit score. However, would any information with the first property make a difference with when I should go for the second property?

 If your house hacking you'll need to spend 12 months living in the 1st home. So i'd be buying the 2nd investment on month 13.

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