Paid cash for 5 rental properties. What now?
I have purchased cash 5 sigle-family rental properties in Texas (I live/work in New York).
The investment for all 5 properties together was of roughly $550,000. All properties are now rented, generating PROFIT of $3500 a month.
My goal is now to expand my portfolio of properties in the area, using the equity of these 5 propeties + OPM to purchase 10 (or maybe 15 other properties).
Any suggestion on how I should go get the money to buy all these other properties? I was thinking about giving a 20% down on each of them, but I don't know how to get the money (or the best place to get it from)
What type of mortgage and how to get it approved?
Thank you!
Lucas