At the beginning of 2015 I had 3 single family homes and next month I close on my 3rd home this year bringing me up to 6 rental properties!
It has been a fun year and I am excited to continue to grow our long term cash flow rentals :)
Awesome Congrats. Are you holding them in your name or in another entity?
give us numbers and info on how u Finance them
Congrats! We are expanding a bit this year too, I love hearing about others that are in the same mode!
All were 25% down payment conventional financing. The down payments came from a mixture of personal savings and a private loan from my mother-in-law.
In 2016 we might be moving and selling our personal home so until we do that I might be in a holding pattern for any new purchases until after we sell our home.
Just curious, what's your strategy been to expand? Reinvesting cashflow from the previous 3 rentals? Using the BRRR strategy and fixing up the SFR's to add equity, then doing a cash out refi to buy the next one?
@Vincent Crane - it has been a mixture of things. I did a refi on one property for the downpayment and rehab on another rental. I used my normal savings I built up over the year for one property and I am using the loan from my mother in law for the downpayment on the final property.
For my excess cash flow each month I have been putting $100/property/month into a separate account which is marked for large expenses (cap ex). The remaining cash flow goes towards my next purchase down payment.
With 6 rentals now, if I have no extra expenses each month I cash flow $1,814. $600 off to cap ex reserves, remainder towards the next purchase. I used to have my rental income mixed in with my personal checking accounts but earlier this year I separated out my rental property income/expenses to make sure they can be self sufficient.
Oh I see.
Accomplishment is joined with activity. Fruitful men and ladies continue moving. They commit errors however they don't stop. Congratulations to you and want to know what are your planning to diversify?
@Allison Karrels That's awesome congrats! I love hearing success stories like this because it gives me, a young newcomer in this industry, hope that someday I can accomplish the same things. Great job.
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