I inherited 8 properties. 6 rental properties, a lake cabin, & an abandoned industrial building zoned for business only (has studio apartment in great shape on top/2nd floor). All properties are paid off and all 6 rentals are rented. I have been self-managing & rehabbing, etc. I am itching to expand my portfolio and take this thing up a notch. I have not made any moves in terms of new purchases on my own as getting those properties in shape took time and $. I am now ready to get serious and grow. Have the abilities to flip. Getting financing lined out at the moment to see what kind of LOC can be achieved. Thoughts on next moves/purchase strategies, etc? Current cash value of all paid off properties is Approx. $400k. Thanks for reading
Rental Property Investor · Buffalo, NY · Member since 2018 · 14 posts · 6 votes
5y
@Matt Prater I am just starting out too but if I were in your shoes I would try and find a partner or try and work for someone who does larger appt complexes because that's my end goal to have a lot of doors under one roof. But in the end its a personal decision and if you can get around the 400,000 it seems like a pretty impactful one so I wouldn't rush any decisions. You could put the money you get from the loc as a down payment of one property, or you can split it up into down payments for a bunch of little houses or you can buy a couple more properties out right. W.e. you decide I hope you do well good luck
@Account Closed Thanks for the reply! I have two potential apartment deals I am looking to get details on soon through an agent friend. Slightly intimidating as a first solo move, but that’s what its all about if the deal is right. Going to set all options on the table and make a decision I Imagine. Keep me posted on your progress! Good Luck Brother!