After 7 weeks, I finally took my Step 1 exam. It feels so good to be done. Second year was a whirlwind and I took a step back from writing blog posts to focus on school. Now, I’m getting ready to transition into my PhD phase and with that hopefully I’ll get back to writing regularly.
While I was eyes deep in studying, something exciting also happened:
We got another property!
The Queens duplex is an early 1900s Brownstone in a nice neighborhood. This property has been in Jason’s family for generations and we are the 4th to own it. We’ve been planning on taking it over for a little while now. It’s an exciting project since there’s so much family history as well as the history of the property itself.
We have tenants in the second floor apartment, so we’re starting off with the first floor apartment. We are planning a full renovation of the apartment and we’re waiting to hear back from a few contractors we met with last weekend. In the meantime, we’re getting our financing for the project in order.
This is a completely different investment than our last one. Our first investment we bought as an owner-occupied property, which allowed us a lot more flexibility in financing options and timeline. Expanding into our second investment property has definitely been a learning curve, but one we’re excited to continue with.
The Queens duplex will also be the first time we’re managing a project out of state. It’s not all too far for us to travel to, about an hour without traffic (but it’s the city so there’s always traffic). However, this is not a project that we can be onsite every day, especially since I’ll be starting up with school again. It’ll be a new challenge, but one I think we’re ready for.
I’ll be sure to share more details of our plans as we get further into the project.
