Hello from Wyoming

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Hello from Wyoming

Chris A
WY · Member since 2008 · 44 posts · 0 votes

Hi! I'm Chris and I've got the bug too. Yes I am a real estate investor but it's been primarily by accident. Each time we bought a new house we just kept the old one and rented it. In a college town it's pretty easy. In the last 1.5 years we have stepped up bought 2 multi-unit buildings. The first a 4 unit needing a lot of love and then a 12 unit that we have a management company taking care of.

My goals now are learning now to finance additional properties seeing that I am completely leveraged 80% LTV on all properties. I plan to stick to the towns I know and understand but would like to continue to expand. Any advice on additionally leveraging the properties we have beyond 80% LTV would be appreciated.

Chris

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  • Michael Shadow
    Investor · Bellefonte, PA · Member since 2008 · 1k+ posts · 88 votes
    17y

    Welcome to BiggerPockets Chris. It sounds like you are well on your way to being a REI. I would love to get my hands on a 12 unit. I'm finding that the more doors the more I like the property. Are you finding the same thing?

    -Michael

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  • Chris A
    OP
    WY · Member since 2008 · 44 posts · 0 votes
    17y

    Thanks!

    The 12-unit has been great for us simply because this is the first property that we are having somebody else manage. I'm typically a DIYer and have a tendency to over-commit myself. We purchased in a very low-risk location that will always resell quickly if we ever needed to. The plan, however, is to hold it for 30+ years and use it as a retirement plan. The drawback is that it was big enough to tap all of my working capital and now I am staring at a very attractive market with empty pockets. still the cash-flow is awesome and the risk is far lower due to the size. I recommend it.

    Hope all goes well with you and I'd be happy to provide any insights on going through the process as a first-timer.

    Chris

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