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Updated over 6 years ago,
Best method for getting from 1 property to 10
Working on buying first rental property with a partner. The initial goal was to purchase properties with 2-4 units that we can fix-up and add $20-30K in value to. Then use that equity to be able to more quickly purchase properties, vs building up 20% down payment each time. On a side note if anyone knows which Biggerpockets podcasts were great financing episodes please let me know.
My predicament is that I have a 6 unit property for $150K three blocks from my house. I ran the numbers on Biggerpockets and had my partners run them, and everything comes back around $459 monthly cash flow and 12.41% ROI. My concern is that if I purchase this property, I'd be waiting 2-3 years to build up another down payment on a second property. As opposed to using the BRRRR method and using the equity to get the second property.
Any guidance or opinions?