Closed on two units in September

[BW Miller]

I’m pleased to report I successfully closed on my first two units this past September. It’s a lot of work but I did years of research and had run dozens of properties through the BiggerPockets rental calculator. Thank you BiggerPockets!!

I’m literally up over the hump and now trying to lease these units prior to the holidays. Closing on two units simultaneously was a deliberate part of my strategy, but there are pro’s and con’s to this approach:

Pro’s

- Each step in the process I’ve completed x2 at a time, saves a ton of time

- As a new investor, my growth and learning curve seems to be accelerated as I do everything twice

- Comparative analysis, I can measure experience on one property against the other

- Working with one lender, settlement on both properties on one date

- I double up the items on my task lists, which means if I make a mistake on one, I correct it on the other

- Twice the investment means twice the income

Con’s

- Twice the amount of physical work, driving, cleanup and maintenance

- Twice the risk exposure on the investment, I have two applications pending on one while the other I’ve decided to lower the rent

- While my interest rates were very competitive, as a new investor I had to put 25% down on both properties

So far in the process, although I put more money down up front, it seems like closing on two units simultaneously has been advantageous to my cash flow strategy. My learning curve is steep, but extensive research, re-running numbers constantly and tracking all expenses closely is leaving me still feeling highly confident. Please note, both properties are HOA-managed condo units, so I have minimal exterior upkeep. I work full time so this is a relatively hands-off strategy. I'm doing minor interior rehab/repairs on one unit and the other was a flip which is move-in ready.

Don’t underestimate the listing and leasing phase! My agent and I both thought these units would lease quickly and here we are still showing the units 6 weeks later. But there’s been good interest on both so should be rented out soon. Let me know your thoughts on this strategy! Right now I’m thinking I would definitely do the two at once again.