Updated 5 months ago on . Most recent reply
Looking to expand real estate portfolio
Our REI goals right now are to: a.) buffer our FI number (3x-4x) through additional LTR income; b.) find and rehab our dream home.
My wife and I are looking at expanding our portfolio by purchasing additional LTRs and our greatest deficit right now is knowing what our financing options are and what our financing strategy should be. We're not very experienced with leverage, but I suspect we'll need it to scale our portfolio. What are the best resources for that?
Right now we have two SFH, one we live in and the other is an LTR under an LLC. Both were purchased with cash and (mostly) DIY rehabbed. We rehabbed the rental using a HELOC on our primary residence. Other than that, I have strong W2 income, my wife and I have ~800 credit scores and we just hit our FI number. We currently net $1500/mo in rental income, which for right now is being used to help pay down the HELOC more quickly.
We are pretty close to some people who are very experienced in real estate investing and others who can connect us to private funding sources, but I'd also like to tap in to this community to figure out which questions we should be asking and what resources we should consume so we can approach those conversations with confidence, should we need to.