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Updated 5 months ago,

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3
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Shari Azama
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3
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Just bought my first home (to live in)! What's the next best move?

Shari Azama
Posted

Hello BP community!

I recently purchased my very first property — a condo for myself to live in (1 bed 1 bath) in LA (Culver City, for those familiar with the area)! I'm very excited, because now I get to start building equity. That being said, I want to waste no time in figuring out what the next best move would be, especially as someone who's interested in the buy-and-hold strategy and in managing my own properties (at least in the beginning). I still have about  $20K in savings (in stocks and indexes) and am continuing to save while I consider my options. I'm definitely the "play it safe" type, which is why the buy-and-hold strategy appeals to me, and because this is all new to me I want to "start off slow", but I am open to hearing thoughts on other options I could consider as well.

Put simply, if you were in my shoes, what would you do with that capital and now with one property under your name (if buy-and-hold is the most appealing strategy to you)?

My goal (and that of most of us in real estate, I imagine), is to build long term wealth and generate enough income so that I don't have to work a typical 9-5 job. To provide some context, I work in my family's business, but my parents are getting older and are formulating an exit strategy that will have them out of the business within the next 5 years. I don't know what will become of the company at the end of this time limit, but I don't want to wait to see, so I'm viewing this period of 5 years as the amount of time I have to hustle to get my real estate portfolio built out so that I have my own exit strategy. It's what I've always wanted to do anyway, but now I actually have a bit of a fire lit under my butt to make it happen sooner rather than later!

I've heard so many success stories on the BP podcast of people who've done really well with the buy-and-hold strategy and have the freedom to travel and not have to work a 9-5 (unless they want to, of course) and can pursue other interests, so that is a huge dream of mine too. Is this possible in 5 years and, if so, what are some ways I can accomplish this with where I'm currently at?


Thanks for taking the time and I can't wait to hear everyone's thoughts on this!!

Cheers,

Shari

P.S. An acquaintance of mine who does property management recently told me that there's some hack for paying off your mortgage sooner by paying the monthly fee in 3 chunks within each month. Anybody else heard of this? Maybe I misunderstood him or he meant something else, but I don't see how paying the same amount it would be regardless but just in 3 separate payments helps reduce the mortgage more than it would've been over time. If anybody has any clue as to what he might've been referring to, please share! If it's total bologne, also let me know haha. Thanks!

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