My first year in real estate

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On July 28th, 2017 I bought my first rental property. I bought a duplex and my wife and son lived in one side and rented out the other (househacking). My goal for the first year in real estate was to get two doors and by buying a duplex, I had already met my goal. It’s not even been a year yet and I have bought two more rental properties and negotiating on another. I didn’t realize this until just yesterday but I’m realizing I’m almost to the point we’re the rentals pay for all my wife’s and myself a student loans, mortgage payment and with adding one more rental we will have our car payments officially covered. I’m not to the point of quitting my job by any means but I sleep better at night knowing if anything ever happens to my wife’s income or mine that we will be ok and can get another job without stressing. Goal for year 2 was four rental properties so hopefully I can get eight. Keep pushing.

My goal is 4 more doors but hopefully do more. I bought my duplex on an FHA loan so I didn’t have to put much down on it out of pocket. The other two I found a local bank that has in house loans that only require 10% down and with most of my first loan getting paid for, I was able to build up down payments on the other two. My parents are wanting to get involved in real estate and I’m going to partner with them on a few as the have some money to put down on some deals.

So just wanted to update what has happened in the last 3 months. I will be closing on my first RV park next month. Its 24 units. I'm getting owner financing on it with a down payment of $10,000 on a purchase price of $160,000. The property just appraised for $250,000. The property Expenses yearly with the mortgage payments are roughly going to be $22,000 and average income the last 3 years has been $65,000. Branching off into something different but my second year in real estate is starting off great.

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