Bought 1st investment property what's next?

Question

I just closed on my 1st investment property under my LLC and I'm very excited about it. now I'm at a point where I want to keep my foot on the gas but I'm having an issue trying to figure out what's the next move (how do I attain my second investment property?) ...Third...fourth etc. any ideas would be wonderful.

Malcomb Stapel · Answer

Do you have enough money for a down payment on a 2nd property?

Do you still need to complete rehab on the 1st property, and if so, who is doing the work?

Michael Warthen · Answer

Congratulations on the investment! I would see what you have left for the next down payment, get approved for another loan, and decide if you need to raise capital or good to go find your next investment. Definitely a little more to it than that but at least some starting points! Good luck on the next investment!

Mitchell Bumann · Answer

Hello Eugene! Congratulations on making your first investment property happen. It can be tough for many and take a lot of time hunting down that next deal for a consistent flow of business. Luckily my company and I are acquiring properties in Northeast Florida every week. We look to connect with investors/end buyers like yourself and save them time by providing constant properties to buy. We have great opportunities all over the Jacksonville area. I'd love to be that source for you. Lets connect!

Eugene DuShawn Smith · Answer

@Mitchell Bumann hello I hope all is well. Just wondering if you still had any opportunities throughout the Jacksonville area thanks

Casey CJ Noble · Answer

Yes sir, anytime!  If you recently did a cash out refi on that one then another one likely won't help since value wouldn't have changed much.  This is assuming your first cash out was at the 75% max LTV.  However, I do see in one of your other replies you have a lot of equity in your primary, which you could also tap into in a variety of ways.  Feel free to shoot me a message and we can connect to discuss the options you have.

Eugene DuShawn Smith · Answer

I have equity in my investment property and I have a lot of equity in my primary residents.

no rehab needs to be done on the investment property and I already have a tenant in place on a lease.

My goal is to keep moving forward with investments. I don't want to take my foot off the gas

Eugene DuShawn Smith · Answer

Thanks for the advise. I just did a cash out refi in order to move my 1st property from my name to my LLC another cash out refi on the same property wouldn't be over kill? also I have a tenant in place now already, I would love to find a muti family or duplex on the market

Patrick Drury · Answer

@Eugene DuShawn SmithMake sure you stabilize the 1st rental ie do any renovations and get it rented out then look at buying another. Make sure you have enough reserve funds for the 1st rental before buying another.

Casey CJ Noble · Answer

Congrats Eugene on the 1st one!  So a few options depending on your situation:

- If you have the funds for the next one go for it!  Just keep in mind you don't use all your reserves.

- Are you rehabbing your 1st investment?  If so, you could use a cash-out refi to pull some capital back out and put into the next one.

- Network with other investors to combine/raise capital and partner up.

Bought 1st investment property what's next?

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