Strategies for 2nd property purchase

[Daniel Molina]

Hello, I am a new homeowner and new BP member from Sacramento, Ca. I am wondering what are some strategies/tips you have to purchase your second property either as a primary residence or rental property.

Thanks in advance.

[Ben Rodriguez]

Hey @Daniel Molina, 

I have only had two properties at one time, once. My wife and I were taking advantage of the Airbnb boom in Nashville a few years back and got a second property to double our income (which was not very much it turns out).  Whatever you end up doing, talk to folks in your area who have done or are doing it. 

Long term has its own challenges, do you use a management company or try to do it all yourself.  I went with the latter and it provided a great education in the process.

My most valuable insight I can provide is make friends, people who are professionals in the areas you need professionals, mortgage lending, real estate sales, legal (I had a friend going to law school who double checked my lease agreement for me).  Finding these friends can help you overcome the unknown parts, or give you insight into the next steps in whatever path you choose.

Hope this helps.