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Updated about 6 years ago,
First rental about ready, how do I get to #2?
I was fortunate to find myself in a situation where we could turn our family home into a rental. The repairs are done and we just put it on the rental market through a PM. I'm thrilled! After paying Mortgage, Taxes, PM and Cash reserve, it still cash flows. This pleases me greatly:)
Naturally my mind has shifted to the future. Even with a strong profit from a single property it would take a ridiculously long time to save money for a down payment and cash reserve for a 2nd rental. I'd imagine all personal savings would have to chip in as well, but the timeline is still daunting. There has to be a way to accelerate things.
Is leveraging my current rental the easiest option to get into a 2nd property in less than 5 years? Or is there another creative way to save up without extending myself too far?