Next Steps after getting 1st Duplex Under Contract

[Ryan O'Malley]

Hi BP crew,

I am closing on my first investment duplex in Rochester, NY at the beginning of October (super exciting!) and want to make sure that I am keeping the ball rolling in terms of investing. I financed through FHA and am covering down payment and closing costs myself and am not entirely in a financial position to jump right into a second property right now if I were to utilize a conventional financing. I am wondering if anyone has any recommendations on the next steps to keep my investing momentum moving forward. Should I look at forming an LLC and then rolling the property into that? Should I start saving up for a down payment on the next multi-family? Does anyone think that it is more beneficial to go with single family rather than duplex-quadplex?

I am continuing to educate myself through bigger pockets on how to be a landlord and setting up systems that will make everything run smoothly. I am also trying to network as much as possible. I unfortunately had to miss one of the last Rochester investor meetups but am looking forward to ones in the next month or two to build up my network and connections. I am going to be managing my first rental as I live in the other unit and am certainly open and eager to operating another(s) if the opportunity were to arise in the Rochester, NY  market. I just wanted to see what your thoughts are based on where I am at this early in the game.

Thank you! I look forward to connecting!

-Ryan O'Malley