Trying to Get your 2nd Property?
One of the things I wish I had known after buying my first property is that building my portfolio is like building a house of cards.
What do I mean?
When you bought your first property, you were probably looking for a place to live.
Maybe you wanted to cut down on your old bills…
Or save some money.
But buying another property wasn’t on your mind, right?
And that’s the problem.
Because if you want to grow your portfolio, your mindset needs to shift.
You need to see that first property like cards on the bottom of a house of cards.
In other words…
Think about what you want your portfolio to look like so your next property builds a foundation for properties three, four, and five…
And you can build your portfolio without the entire thing collapsing.
Now, maybe you’re wondering…
“That’s great. But how do I actually do that?”
It comes down to your deal analysis.
You must get clear on your numbers and understand what those numbers will look like now…
And what would they look like in the future if you refinanced it, if you repay your closing costs, or if you took out a HELOC.
This way, you not only ensure your next property is a cash-flowing property…
But it also covers the expenses and the costs of taking out financing from the first property.
So you can repeat and keep growing your portfolio without getting stuck.
If not, reply and let me know.
Otherwise, I’m going to keep it short and wrap it up here.
I hope you have a great Wednesday!
To your success, Becky P.S. If you need help finding and closing on your next property so you can start growing your portfolio…