A lot of new landlords getting into buy and hold real estate try to acquire as many properties as they possibly can. They realize that real estate can be a lucrative business – especially over the long term and they want to capitalize on it as much as possible. More so once they’ve overcome their fears, gotten their feet wet by buying a rental property or two and feel more confident about what they’re doing.
A lot of “would be” landlords think they have to follow this philosophy too. Once they’ve decided that this is where they are going to invest some or all of their savings, they feel like they will need to acquire as many “doors” as possible to make it a worthwhile venture.
Let’s face it, this can be daunting to someone just starting out in real estate investing. Not only fear of taking the plunge and buying their first property but fear of then having to build a real estate empire.
Most people are also thinking, “I’m already so busy, how will I manage this all?” With kids, a job and a million activities, it’s hard to become a property manager as well. And unless you start off with a lot of positive cash flow (difficult), you will need to keep a day job and manage the property or properties yourself.
The point of all of this is – you don’t need an empire or the stress of thinking you need an empire. Even one rental property puts you way ahead of the game and on the road to financial freedom. Then you can decide if you want another or if you want to put other investment money elsewhere.
Managing 1 or 2 properties yourself is completely doable, even with a whole other life. I’m married with 2 very busy kids, a guinea pig and I work a lot. But I manage 2 residential properties and 1 commercial property with minimal stress and few issues. I started with one, figured everything out and then bought another one a couple of years later. A year after that I was approached about buying a commercial warehouse and I knew I could take that on as well. And to be honest, that’s good for me. I like having time to spend with my family and working on my other ventures and I feel GREAT having these 3 appreciating assets being paid off for me while I do that. You will too – so take the plunge and stay calm…it will all go great!