Advice for learning my next steps

Advice for learning my next steps

Member since 2025 · 1 post · 1 vote

Hello everyone,

I recently bought my first home in a great neighborhood using a combination of the BRRRR strategy and house hacking. I was able to purchase the property below market value, used a hard money lender to buy and renovate it, and then refinanced into a conventional mortgage. Along the way, I've started building equity in the property.

I'm currently living in the home but plan to rent it out within the next year. As I look toward buying my next property, I'd love to hear from people with more experience.

What would you recommend as the best path forward? Should I focus on saving for another down payment and renovation budget, or are there other financing strategies or approaches that have worked well for growing a real estate portfolio after a first successful deal?

I'm also interested in any books, podcasts, courses, or other educational resources that helped you learn how to scale.

Thanks in advance for any advice!

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  • Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
    2mo

    Hey Jeremy,

    I'd spend the next year doing two things at once: continue saving for your next down payment while making sure your current property performs the way you expect once it becomes a rental. A lot of investors are eager to jump into the next deal before they've proven the first one is operating as planned.

    As for scaling, I wouldn't get too caught up in finding the "secret" financing strategy. Most successful portfolios are built by consistently repeating a solid process. Buy a good deal, manage it well, build equity, save capital, and then do it again.

    That said, it's also worth talking to a few lenders. Even if you're not ready to buy today, they'll give you a better understanding of the financing options available as you grow, what you'll need to qualify, and how they think about investors at different stages. Getting those perspectives early can help you plan your next move more strategically.

    There's nothing wrong with learning new strategies, but don't overlook the value of mastering the fundamentals. Consistency tends to outperform constantly chasing the next creative financing technique.

    Hope that helps. Always happy to connect and feel free to reach out if you have any more questions!

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