Recently got my first tenant in my first rental....not going to lie it feels pretty good so far lol
My question for BP members, how did you go from 1 to 2 properties?
How long did you wait before you bought another? Did you use equity for a loan? What worked for you? What didnt work?
Kind of just an open ended question for the members out there
@Joe M. I did the same thing I did for property 1. Save money to buy something.
I put property 2 under contract one day after property 1 closed
Answer - same way you went from 0 to 1 property.
Only it should be easier (and maybe faster) because you now have experience and a team (initial team at least) in-place with broker, title company, inspector, prop manager, etc.
Congrats BTW on getting to 1. Many "investors" can never get to pulling the trigger on the first deal.
Congratulations! Just having 1 is a HUGE step! Next thing is to create a goal.. maybe 5 or 10 years out. Make it a monetary goal, number of houses goal, cashflow, wealth..etc... whatever you want the end of the rainbow to look like in your eyes. Then create a strategy for the goal. I would suggest and caution that you always stick to the goal and strategy... I know this because when I started invested I had no plan, no strategy and I made a lot of wrong purchases... Make a plan and stick to it, and just take the emotions out of it.
@Joe M. - huge congrats, Joe! 1st one is the toughest.
We purchased our 2nd, 3rd, 4rd, 5th, and 6th properties within 6 months of purchasing our first. That said, we were confident doing this because it aligned with our 1) Goals and 2) Strategy
The big leg up you have now relates to your credibility. You're a little less of a 'rookie' and each next step you take will continue to build on that track record. best of luck in the search
I converted my primary to a rental and so did my wife when we moved to a new city. We just bought a rental together and we should get it fully rented by the first week of August. We plan to cash out refi to buy other properties but we'll see how the economy goes as we don't want to get overleveraged, esp if a crash is coming. Our next plan is either another rental or start with small notes <$20k. We're slowly moving along but at least we're moving.
I'm looking to target 1 property a year to make sure we can handle the load and scale. We still want to enjoy our current lives after all, haha.
Thanks for all the congrats and posts.
Good stuff...I know I have to look into HELOC and that process as well as having a feel for work load/ my processes on handling issues and my record keeping
I bought my first SFR in 1/17. I bought my 2nd SFR in 12/17. I bought a triplex in 5/18 and now I'm buying another SFR, in a different area, and expect to close on it in 8/18.
So far, I've been using my cash for the down payments. I'm now toying with the idea of using a partner and/or wondering about using equity in one of my properties to get another.
Or, maybe I just use cash again. I'm still new at this as well.
My first two were primary homes, 3 years apart, the 3rd is a cash BRRRR 6, 4th property is conventional loan with cash down payment. From now on I'll ramp up quickly. If the deal is good the financing will appear.