How did you get your first 10 rental properties?
Hey BP Fam, do you remember your first 10 rental properties?
As a newbie REI, I would love to hear more about your experiences starting out. I've set a 10 year goal for myself to acquire 50 rental units. As a shorter term goal, I want to get at least 10 rental units in the next 3 years (maybe a couple of SFHs and a couple of duplexes or 4-plexes). I've heard for new investors many banks require at least 2 years of rental income on your tax returns before they will allow only the rental unit by itself (not your debt-to-income ratio) to qualify for the investment mortgage. (Side note: has anyone been able to get around that 2 year requirement).
I'm looking for some anecdotal evidence on how realistic is my goal of 10 units in 3 years and 50 units in 10 years. Can anyone tell me how long it took for them to get their 10th deal, or 10th unit? Also, what did your first 10 deals or 10 units compose of (ex. Single family homes, duplexes, 4-plexes, larger multifamilies, apartments)?
Additionally, what strategies did you use to finance your first 10? (BRRR, hard money lenders, conventional mortgages, house-hacking, saving for 20-25% down each time, helocs, private equity firms, syndication, private lenders or investors, etc.)