Process in buying 2nd property right after the first & qualifying for loans

[Alex Yee]

Hi folks! This is my first post on BP (yay!) I appreciate all the advice on this platform and love being a part of this community.

I just came back from Las Vegas where I was looking for my first investment property. I found a new build I like and joined the interest list (it's long) and was told I can expect to be able to purchase a house in 3 months, then take possession after it's built around November. The new build deals are pretty good right now and their prices are comparable to older resale homes. Plus, builders are offering incentives to cover closing costs & things come with warranties. It's a great deal and I 100% want to get in on this new build since it's within my budget. I was really excited to buy a home and kickstart my REI journey but I'm conflicted because it sounds like I'll have to wait 4-5 months to make my first purchase and do another hard inquiry on my credit.

I also found a great home that would need minimum rehab that I could use as my first BRRRR to learn from. It's open to offers now. However, I worry if I put an offer on this resale home, I won't qualify for the new build anymore. I really like this one and can see myself learning a lot from it. Should I even consider buying both?

Does anyone have advice for how to balance purchasing multiple homes? How are people qualifying for conventional loans? Or are most folks using creative financing & hard money? (In Vegas, it's rare to find anything that will cash flow in Y1)

My main goal is to do whatever I can to learn and get the ball rolling. I look forward to hearing any advice you have on starting out! Thank you!!