Second investment property

[Brian Harris]

Hi bp family I was told that you should wait 1 to 2 years of tax filings before buying another investment property because buying too quickly can put you in a different income bracket and raise tax liability.? I bought a investment property In chalmette la and was planning to buy again and flip to pay off the 1st one any advice???

[Casity Kao]

@Brian Harris  Who gave you that advice?  If it was not from an accountant then I would ignore the advice and ask the CPA.  I am not sure the context of why they said that but I can tell you I know a ton of successful real estate investors that have bought more than one or 2 in a year.  In fact I would argue it is a good thing as we have a lender that says its cleaner and easier to get loans on properties that have not had a tax return filing because they use a simple formula instead of the schedule E.  I think you should use these as one of the questions you ask when looking for a CPA.  Based on your situation if you want more passive income, selling one property to get another does not make a lot of sense.  Why not refinance and get cash back out to buy another?