Low Income & 2 rentals - Need advice on next steps to invest in real estate

[Tiffany Da Silva]

Hello Everyone,

I currently have 2 rental properties averaging $3,300/month in cashflow. I have 1 mortgage in my name (about $1500/month). My income is on the lower side since I have declared smaller amounts since 2022. (I still haven't done my 2023 returns since this has been weighing the decision).

That being said, I have a goal to buy another investment property this year and possibly do the BRRR strategy or a flip to get more capital on hand. I currently have 30K cash from the cash out refi I did on another property as well that could serve as a DP.

I would love to hear thoughts on what the best course of action would be to get more cash flowing into the portfolio. I would like to possibly purchase a multiplex 2-4 units that is a proven winner when comparing costs to return. would this be ideal? if so, what would be the best way to get the money to fund this without having to do partnerships?

[Tiffany Da Silva]

Quote from @Clint Jusino:

Quote from @Tiffany Da Silva:

Hello Everyone,

I currently have 2 rental properties averaging $3,300/month in cashflow. I have 1 mortgage in my name (about $1500/month). My income is on the lower side since I have declared smaller amounts since 2022. (I still haven't done my 2023 returns since this has been weighing the decision).

That being said, I have a goal to buy another investment property this year and possibly do the BRRR strategy or a flip to get more capital on hand. I currently have 30K cash from the cash out refi I did on another property as well that could serve as a DP.

I would love to hear thoughts on what the best course of action would be to get more cash flowing into the portfolio. I would like to possibly purchase a multiplex 2-4 units that is a proven winner when comparing costs to return. would this be ideal? if so, what would be the best way to get the money to fund this without having to do partnerships?

@Tiffany Da Silva how long have you been at your primary residence? They now have 5% conventional loans you can use on multi family homes now. You can house hack the multi family for a year and then move out. I would look into that arena. Congrats on the 2 properties and that cash flow. That's amazing.

 Thank you for that! We just bought it 6 months ago so I haven't been there for too long. I would definitely consider house hacking again but since we just bought out dream little piece of land to park our movable tiny house its definitely not my first thought. 

I will 100% look into the loan program though and see how maybe I can use it to my benefit :)