Updated over 5 years ago on . Most recent reply
Buy one first, then the other?
My name is Don Swan, NorthCentral, Wisconsin. In 2006 I bought two investment properties: a small two bedroom and a coffee shop with two upstairs apartments. That was all good for a couple years. And then several things occurred to knock us (my wife and I) out of the game. The coffee shop became available and Dawn (wife) decided to run it. No problem. But the house and two upstairs apartments became vacant at the same time and I felt we needed the rent, so we took three un-vetted tenants on government programs (learning mistake). The program dried up and we had to evict each. So that was the end of our real estate investing according to Dawn. That was then.
Now, my son Josh found Bigger Pockets and got me listening to the podcasts. And we're starting fresh.
I don't have much for capital, but I have equity in the two properties. The building next to the coffee shop is for sale by owner, needs approximately $20,000 in repairs, has two store fronts (one rented, and potentially two) and one or two upstairs appts. Store fronts rents for $700/month. Upstairs (I have a renter) as one would rent for $600/month. The owner is asking for $50k.
I am currently living in both apartments above the coffee shop. They rent for $400/month. I'm thinking about buying a house/duplex/etc. with a VA loan. I know I have a little research to do, but I also wanted to start participating on the forum. So, I'm looking for opinions.