Advice for first time buyer

[Darcy Dawe]

I hope all is well, I am currently scouting/viewing homes for my first investment property. I am wondering if anyone would care to share some advice on what to do after this first purchase. How do I scale and grow my portfolio from this first home into another and so on, in this market. I know there is a thousand answers to this question but I am trying to gather every bit of advice I can get as i am only 22 and I do not know anyone else doing this so every little bit is appreciated.

Cheers! 

[Trace Wilson]

My question back to you would be how big do you want to grow and how quickly do you want to scale it? Questions like this are hard to answer unless you can get an idea of your goal first. Is your goal for a certain dollar amount in cashflow, is it to flip properties and reinvest those profits into rentals? I'd first recommend thinking about that more.

I'll give you an example of something I'd recommend to someone looking to start in their 20s that's just looking to get started and start building up some cashflow. You could house hack hop (buy a duplex to house hack, the next year buy another and live in that one, next year buy another and live in that one, etc.). Depending on the market you could have your mortgage paid for or mostly paid for and save that extra money with the purpose of reinvesting it later. Then you're also slowly building up cashflow as you move out and rent out the space you were living in.