Started out with one flip that I was tipped off about at a 4th of July party at my house. Made 20k on that flip (2007) and the thats what got me into investing.
Market was still hot back then and I had no clue how to find more deals. Financed new construction deal with my brother in law and we were going to split the profits. Unfortunately, by the time he finished the house, the market had crashed. It became rental #1.
From there I was going to partner with my brother in law on rentals but he got cold feet and wanted to try to make new construction work.
After that I bought about 3 houses a year (buy and hold) for the next 6 year or so to put me at 19 rental properties.
And then, just when I thought market and price point ride had ended for me, I went on an unbelievable streak where I bought 10 houses in a period of roughly 8 to 9 months - each of which seemed like was better than the last.
I now have 29 rentals properties and am going to take a little bit of a break and reset my finances til the end of the year.
Then, hopefully, I can go on another run come the start of 2015.......
If I don't buy another rental property, I'll continue building my reserves and will build a couple of duplexes on lots I bought last year.
My goal is to continue adding more properties to grow my portfolio. And, at some point, to start selling my lesser properties and taking the profits from those and moving it into better/nicer/closer product.
At the end of the day, I think I'm looking for 40 or so houses that are newer, nicer, bigger, and closer. Make the management of them easier for me.
The other issue for me though is that I don't think I'd ever want to stop doing this. Its just too much fun. So even if I won't be adding more properties, I hope to doing flips at some point as well. And maybe new construction.
One of the interesting things with rehabbing properties is that you are able to see a ton of houses and, along the way, you pick up what things are good and what things aren't. Seems like a real good opportunity to make new construction work.
But not until the market changes quite a bit more so the risk isn't as great.....
This member doesn't have any references!
Member since June 12, 2009 (last active about 21 hours ago)