What to do when between buys?

How do you spend your time when you are between buys? (needing to save up deposit, waiting for rent + equity to grow, before buying the next one)?
 
I spend time tweeking my systems ie. banking, accounting, tenant follow ups for maintenance and rent reviews etc.
I also try to keep my data entry for the accounting stuff and filing up to date. Once that gets on top of you, it's like a massive handbrake on your time and mental energy.
Looking for deals, researching suburbs, keeping up to date with rent demand in areas where properties are due for rent review.
Working on self development is also a great use of downtime.
 
12 looooooong months.
Went stir crazy. Still not fully recovered.

Sheesh. It's going to be that for us too. I'm very keen to get our second (I know, pales in comparison to some, but you've got to start somewhere), but don't want to put any of our actual money into the deal.
So, we have to wait through another tax return (better income for hubby) and some equity growth (which we should certainly be getting, going by recent comparable sales).
Meantime, I'm champing at the bit, researching and stalking the internet for ads, vacancy rates, locations etc. On the positive side, our second purchase is likely to be regional and those properties don't seem to move as fast. I'm hoping to spot one that will have been on the market a few months by the time we're ready.
 
12 months?!?!?! I can't imagine that long without having the chance to rob the bank!!!!

I need to buy lotto so that I can buy a few more houses?
 
I'd suggest: go out there and enjoy life. Read non-finance books. Go out with friends and family. I went 3 years without buying property once, then I went 2 years without buying a property. I mean, the whole point of investing in property is to produce money to enjoy life, isn't it? It is for me, anyway.
 
I don't know, I actually enjoy researching, finding, purchasing and talking about property. I first got into it for generating wealth but now I see it as an extremely expensive hobby that I enjoy :)

For the OP - renovate! Add equity to your existing stock, draw a LOC and purchase again.
 
Wow!!! renovate = no rental income!!
expensive,

unless u mean renovate the PPOR which doesn't matter anyways (not income producing asset)
 
12 looooooong months.
Went stir crazy. Still not fully recovered.

I'm going into my 25th month and starting to climb the walls :(

Property-related stuff I do in the mean time; I'm always on the web, keeping up to date with my favourite suburbs. I have a subscription to RP Data which I use to look up individual properties on. And when I get time I attend auctions and open homes, although sometimes this makes the wait (to purchase the next one) seem even longer.

Who knew townhouse development would take so long? :)
 
Haven't reached a 'between' purchases yet. Instead (even worse IMO) I have been (and continue) waiting over 12mths between contract exchange and settlement! :eek: :D I keep on looking and reading and learning. The only problem is when I see some fabulous oppertunities that I am unable to pursue, because I cannot commit to another purchase until we settle on this one. And at least there is all the excitement with building to keep me entertained (ie, arguing with builder :D ).
 
Not entirely true, you can access equity in your PPOR to purchase IPs. So if adding value to your PPOR allows you to access more funds to purchase more IP's than that's an option - it's probably not the best option but still an option nonetheless. Obviously you won't be able to claim renovation costs.

Wow!!! renovate = no rental income!!
expensive,

unless u mean renovate the PPOR which doesn't matter anyways (not income producing asset)
 
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