Got 70k but not sure what to do next

[William Howley]

Hi everyone, I have been stuck at 1 unit for a long time and finally got some money together, and not sure what to do next. It would be great to get some advice from the awesome people on BP! I have been listening to BP podcasts and am fascinated how some of these people are able to buy properties and then leverage them to continue buying more. I want to develop a strategy similar to this. I want to get up to 5 properties as fast as possible!

Background story: My original plan was to buy a rental with 100% equity, and then cash out refi that property to buy another. I followed through with buying my first property but because the property was in an LLC no bank was willing to cash out refi it and I was stuck with my 50k into that property.

Two years later I was able to save 70k and I am ready to get back into real estate, this time I am unsure whether to put a new property into the LLC or not since financing is so difficult from a commercial standpoint.

My main objective here is to come up with a long term plan to obtain a property with the intent of getting another one 6 months later. I'm just trying to not get stuck again, where I need to save the old fashioned way to get the next one.