How to acquire your 2nd Property?

[Wesley Mullen]

Hi BP fam!

I'm trying to do better about being more active in the forums. Since my initial post, we were able to acquire our first rental property (via traditional financing), do minimal rehab, list, and our tenant just moved in yesterday. The whole process took about 3 months from contract signing to tenant moving in. Now that the property is filled, I'm anxious to begin looking for the next. The biggest change we want to make with the next property is to avoid traditional financing - squeezing out the cash for a down payment and not being able to re-use it is not fun. We would prefer to BRRRR, but it seems that most people are doing this already and deals are hard to come by. Also, with material costs getting so high, I wonder if rehabbing in this current market is smart? Or would appraisals account for the increase in costs when it came time to refinance? Another area of intrigue is buying a property via seller financing. Listening to these cases on the BP podcast seem to be a good idea when major capital isn't available. Another thing that seems be popping up in conversations is that people are expecting a large influx of foreclosures once the Eviction Moratorium ends later this summer (anticipating it won't be extended). So would it be better to save capital and be ready to pounce on those deals? Curious to hear everyone's thoughts. If you want numbers of our first property, let me know! We are located in Norman, OK and bought less than 2 mi away from our primary.

Have a good weekend!

-Wes