Investor · Charlottesville, VA · Member since 2016 · 34 posts · 113 votes
Just closed on my 4th SFH and 10th unit overall yesterday and I am psyched. Those 4 along with a 6 plex with partners are things I never thought I would do but thanks to everyone here and BP in general...it has happened.
The first one was the most difficult but once you elevate your normal to having the confidence to purchasing properties everything changes. Now I am more than happy to just sign on the dotted line and figure things out as they come. Thanks to everyone and here is to many years of growth for all of us!!!
Just closed on my 4th SFH and 10th unit overall yesterday and I am psyched. Those 4 along with a 6 plex with partners are things I never thought I would do but thanks to everyone here and BP in general...it has happened.
The first one was the most difficult but once you elevate your normal to having the confidence to purchasing properties everything changes. Now I am more than happy to just sign on the dotted line and figure things out as they come. Thanks to everyone and here is to many years of growth for all of us!!!
Good stuff! Congratulations! Any advice on how you found those first and subsequent properties? Thanks!
Rental Property Investor · Orange County, CA · Member since 2019 · 151 posts · 92 votes
7y
@Jed Devine curious, how do you hold these???!?? I am in a similar boat (trigger going to be pulled soon) yet am torn on how to hold out of state property. Many choose to LLC them, many others choose to hold them as personal assets with big insurance balloons.
Rental Property Investor · Prairie Village, KS · Member since 2015 · 2k+ posts · 2k+ votes
7y
@Jed Devine
That’s great! I’m in a similar boat 22 units in 2 years but I have 50% equity in all of them. So about the same as you. I think my slow and steady approach for the first 2 years will allow much more rapid expansion in the 2 years ahead!
Awesome to see such a positive post! I agree that BP was a huge factor in my ability to do this as well!
Rental Property Investor · Corvallis, OR · Member since 2018 · 840 posts · 1k+ votes
7y
@Jed Devine well done ! What cash flow amount are you looking for with each purchase? I myself have been going quite hard; three four plexes in the last three years, as well as 50/50 with son on a 5 and 8 plex! Exhausting for sure but well worth it !
Long Beach, CA · Member since 2016 · 44 posts · 21 votes
7y
@Jed Devine Congrats Jed! 10 units in two years is a great pace. What would you say was the best action step you took to get over the hump from property 1 to 2?
@Jed Devine Leaning that way myself, with the various personal assets protections, thanks for the response. Congratulations on the ascension.
You may want to look into an umbrella policy first instead depending on the equity you have in your properties. I utilize this and it offers up to $1mil in protection, which is good enough for me for the time being (as I only put down 25%). My plan is to transfer some of the assets into LLCs once the equity grows beyond the $1mil, but that is some years down the road most likely.