What to do in the meantime?

Question

Dear RE enthusiasts,My Wife and I finally bought our first duplex and we are so excited! The tenants have already received their 30 day notices and several contractors are coming this weekend to take measurements. To be honest, I'm already looking for the next property even though we haven't even started renovating our first one lol! I'm just so amped about growing our real estate empire. What can we do in the meantime to maximize our time as we save for our next property? Any advice would be truly appreciated.If their are any landlords in the Midland, Saginaw or Bay City area, I'd love to become colleagues as well.

Samuel Coicou · Answer

Thank you all for your wonderful tips and suggestions! We have decided to take it slow and focus on the one property we've purchased. We want to use this time to learn as much as we can and really zone-in on the repairs to see where we can save some money by doing it ourselves.How long should we wait for our next property? I do not want to get complacent and slow our momentum. FYI we can save for a 20% down payment in about a year -- based on our price range.

Also Is there a better time to buy a rental property as far as seasons are concerned?

Jennifer Lee · Answer

I would FIGHT the urge to buy the next! BUYING IS THE EASIEST PROCESS of investing!!!!!!!

I would USE THIS TIME TO BUILD YOUR NETWORK! and LEARN the RENTAL BUISNESS, and see if you have nack of REHAB/FLIP.

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I have a client, they bought 1 unit from me and was starting a huge GUT RENOV. they were so excited bc our buying process was so "easy", they bought 2 more (duplex and commercial).

I kept asking them STOP, and stabilize.  They haven't started the Gut renov. but bc of good financing we bought the other 2.

and b/c I keep urging them to slow down, they bought more with another agent.

Fast forward to today, they only have 1 of the duplex rented... the GUT renov is being completed this week with almost a 4 months delay, B/C "OMG WORKING WITH GC IS A @#$@#$%" , They haven't even started on the commercial they bought with me.  Good thing is we bought all of them at right price, they have holding power.

They haven't even experienced landlording yet.

We are still very close, they do not regret buying the properties, just hoped they had TIME and EXPERTISE before jumping into 3 different kinds of investing, Duplex, Flip and Commercial rehab

Jesus Vazquez · Answer

The first property is usually the most difficult one. A lot more emotions are attached to that one and so many unknowns. Key is buying it for a great price, like any property. Congratulations. Much success to you.

Manuel Prado · Answer

Congratulations on getting your first deal under your belt. We are investing in MBS as well increasing our rental portfolio, fix/flipping homes, and wholesaling whenever we are out of our capacity. Let's connect to bounce off some ideas and network