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Updated over 4 years ago on . Most recent reply
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How Long Did You Take to Go from One to Two Rentals
How long did it take you to go from one to two rental properties, and what lessons did you learn along the way? I know the hardest move is from zero to one, and I'm about to cross that line; I close on my first rental property on 30 November - only 20 days after my "90-Day Challenge", but I'm chalking the delta up to closing dates. (I can't tell you how daunting it was before I joined BP and how totally reasonable and relatively smoothly it went once I joined BP!)
Now that I'm soon to have my first one under my belt, I have my eyes toward my second. But I have concerns, which may entirely be unfounded:
- Am I going to have challenges securing financing now that I have TWO mortgages (my primary residence and now property number two?
- Sure, #2 is going to cash flow, but is it going to look scary how much debt I'll have?
- Should I just sit tight for XX months and see what having a tenant is like before diving further in?