Buying more rentals is a question the ARPOLA staff gets asked frequently.
This is an interesting question and one that deserves some pretty independent and personal thought.
However, there are a few indicators (outside of affordability) you might want to consider when thinking about expanding your portfolio.
7 factors to consider before buying more rentals
- Can you afford the purchase without putting your other properties in flux or danger.
- You have a pretty solid admin process for onboarding, evictions, and turnover.
- This as a long-term business and not a hobby.
- Can you consider hiring staff or will accept you might need to use a property manager.
- You enjoy the rental business.
- Eventually you want to make this your full time job rather than a means to a supplemental income.
- Your investing partners or family support the expansion.
Obviously this isn’t a comprehensive list but it is meant to get you thinking about growing your business.
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