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Updated over 4 years ago on . Most recent reply

User Stats

31
Posts
21
Votes
BJ Marshall
  • Columbia, MD
21
Votes |
31
Posts

How Long Did You Take to Go from One to Two Rentals

BJ Marshall
  • Columbia, MD
Posted

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?

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