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When To Buy A Second Home?



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Alright, chances are, if you bought your first home, you're probably wondering how long you're

going to wait before you buy your second home?

We'll talk about it.

Hey friends, Stephen Michael Miller here with Limitless TV and if you are here then you

are then you're ready to get after it, learn how to do real estate and I've got some questions

right now.

A lot of questions are coming in, by the way.

And we are loving it.

Please keep those comments and questions rolling in.

But I've got one here from Vaubhav Verma.

Hopefully, I didn't butcher that name.

But you said, "Can you do a video on how much time one should wait for buying another property

after buying the first property?

Also, on how to fund multiple projects."

That's a fantastic question.

So, let's just take the first one.

How long should I wait before I buy my next property if I just bought a property.

And here's the fun reality that most of people don't know.

Although we have credit and you know, oftentimes, we don't believe that we can use our credit

for more than just one property or one thing at a time.

You can actually buy multiple properties at the same time.

It's just takes doing.

You know, I mean, you just have to get out there and say, "Hey, I'm going to buy 3 properties

right now, or 4 properties right now.

Go to the bank and make sure you have all the proper paper work, all of the proper ratios

in order.

So, you can buy multiple properties at the same time.

That being said, if you just bought a property, there is no necessary time lapse or time that

has to be, it has to go by before you buy your next property.

You could potentially buy your next property right after you close on your first property.

So, don't wait, don't feel like you have to wait.

I think that's one of the biggest mistakes that a lot of people make is feeling like

they have to wait for something or for permission to go out and buy their next property.

So, if you need that permission, here's my permission card, go out and buy your next

property or at least start that process and get talking to your next bank or your next

lender to get that started.

Get that rolling forward for you.

So, second part to that that you didn't really ask but I'm going to, just in case this is

what you are looking for is, if I've just bought one property and I had only enough

down payment for one property.

How long do I have to wait before I may be able to turn that money into more and then

access it to go buy another property?

Maybe that's what she meant, maybe not but I'm going to go to that here as well.

So, if you bought one property, let's just say that bought it with some equity, right?

You've got it descent equity position.

And if you've got 30 or $40,000 and equity on that home, then you do need to wait a certain

amount of time for that money to season, typically, before you them pull it out.

Oftentimes that looks like, 12 months.

Most banks want you to wait specific amount of time.

But if you wait that time, if you wait that 12 months, then you can go in and access that

equity that's in that home.

And use that to go fund new property.

So, oftentimes, like I said, there's about 12-month seasoning period for you to be able

to wait to access that equity that's in that home, pull it out and then go buy a new property.

And the other question was "How do I fund multiple projects at the same time?"

And there's no maybe really good answer to this except for have more money, right?

So, if you don't have that yourself, then you need to go and find that money.

And one of the best thing that you can do to go out and find new money is, number 1

- to understand what the potential R.I.Y. is going to be.

Now, I want to encourage you here, not to over inflate numbers, not to talk really big

hot pie in the sky stuff.

Look at the project that you're looking at dealing.

Run the actual data, try to get as much historical data as you possibly can.

And then find out.

What would be the potential R.I.Y this investment based on historical data, based on what I

know and what I've seen and what I've been able to gather.

Put that information into a business plan, okay? out that information to a really easy

to read, very simple business plan that talks about: What the properties has done overtime,

what your plan is with those properties and what you believe those projected R.I.Y's maybe.

And then get out there and look for partners.

You want to fund multiple deals and you don't have all the funds for it yourself?

The only way that I know to do that is by going out and finding other partners.

People that have the money but maybe don' t have the time.

People that may have credit but maybe don't have the time.

Well, we're taking about funding, specifically.

So, really, we're talking about the money, right?

The funding of that.

If you can bring that to the table and you can show that you're willing , you've thought

it out well, they can trust you.

You've done your research and your homework then you're going to be whole more likely

to attract those individuals that have the funds but maybe no time to implement them

themselves.

To be able to say, "Here you go, why don't you take that money, I'm interested in this

project, it looks like it can produce X of amount for me and we'll split it in a certain

way how you ever you determine and agree upon based on the else's.

See, you put it in a place, right?

You're operating agreement.

So, hopefully that answers the questions, you know, how much time do I need.

The reality is depending on where you are and what you're talking about.

You can either have no time needed or maybe you need to wait that 12 months to season

and pull some of that equity out.

And if you want to do multiple deals, you can do as many deals at the same time as you

want to.

As long as you can find the proper funding . So, get to work and hopefully, we can help

you in the future.

Okay, this is all about maximizing and increasing your gameplan.

Really speeding up the dial, turning it up.

So, if you haven't already bought your second home, get on it.

What are you waiting for?

Well, maybe before you go, comment below, hit subscribe, like the video.

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