How long after you bought your first investment property did you wait to buy your second?
I plan on looking for my second immediatly after closing on the first.
I think you hold the record for starting the most threads.
Do as many deals as you are comfortable with. Don’t buy a property just to buy a property.
What do I win?
I ask alot of questions in all aspects of my life. I like to learn and always have odd questions.
I would appreciate an answer though. For me REI is the only way I can obtain what I want in life. I want to stay on the gring looking for and finding deals while closing on another one.
If you would like to know how long I went between buying my first and second property it was about 3 or 4 weeks. It’s not that I “waited” it’s just that it took me 3 or 4 more weeks after selling the first to find the second. I looked while the first one was undergoing rehab and during closing but couldn’t find anything.
As I said before, do as many as your comfortable with, it’s not a contest to see who can buy the most properties. If your comfortable with 100 properties, buy 100 properties. There is no right or wrong answer to your question. Enough questions, go buy a piece of the rock.
I bought 5 in 45 days so there is no limit. (Then again being homeless kinda made me money hungry)
My mentor, Casey Serin, says it’s best to just buy as many as you can, as quickly as you can and then just let the chips fall where they may.
http://iamfacingforeclosure.com/1/why-i-am-facing-foreclosure/
The reason I ask is because I want to build a solid foundation of income producing multi-families before I try rehabbing.
I was just wondering if people buy one and see how it goes before buying the next.
If I annoy you with too many questions, I am sorry. I am trying to learn and have no mentor at this point.
rballard-
Your mentor is facing foreclosure on 5 out of 8 propertie because he bought as many properties he could, as quickly as he could. Now that the chips have landed, he’s going belly up. I think I’d question a guy whose advice is financially ruining HIMSELF.
stoopitnewb-
Be smart about the investments you make. Take your time, think about what your doing. If you find 20 spectacular deals in a week, don’t let them get away. If you find only 2 good deals a year consider yourself lucky you didn’t make 2 bad investments instead. In the beginning of your career, every deal has to be a good one. Don’t get impatient and buy a marginal property because you aren’t finding good ones as fast as you’d like. It’s very easy for people to rush themselves into bankruptcy. That’s why there are many more newbies than seasoned investors. I understand that your eager to get out there and start making money but a bad investment this early in your career will ruin you for years to come. Don’t make dumb mistakes because you rushed yourself into bad deals.
Your questions aren’t annoying (to most people). This is a forum after all. It just seems like your very unsure of yourself but at the same time racing to be Donald Trump. Go at your own pace.
You have me pegged.