Should I focus on acquiring one property at a time?

[Bruce Clark]

I have a few rental properties, but I recently decided to start actively looking and investing. Last week, I got a triplex under contract for $30k. My estimate is that it will need about $35k in repairs and then it will generate about $2,200 per month. I am scheduled to walk the property with my contractor next week and then I can finalize the numbers on a loan. I plan to finance the purchase price and the repairs with a tradition mortgage. I finance with a local bank, that has historically been extremely easy for me to deal with when I have a property under contract and the numbers work.

On to my question. while I am working on the details of this deal and trying to close within the next 30 days, I am also monitoring the MLS and other sources for potential deals. I am seeing potential deals, and I am also seeing them go from active to pending pretty quickly. There is a part of me that feels like I need to close and get this triplex cash flowing before I make any offers on other properties. First, I do not have the down payment for another deal, so the financing for any potential deal may be difficult. Second, given my experience, I do not want to take on too many projects at one time and get too far ahead of myself. Third, I am concerned that if I start talking to my bank about other properties, and we haven't even closed on the triplex yet, they may question the triplex.

On the other hand, it kills me to think that I am missing out on opportunities while this triplex closes.

Which part of my brain is right? Should I be concentrating on this triplex right now or should I be actively making offers and attempting to get properties under contract regardless of the triplex status?

Thanks in advance.