How to grow rental business faster? New-ish Investor
Hi Bigger Pockets members!
I'm Ryan from Knoxville, TN. Short-time lurker, first time poster. I've been studying and learning about RE investing for many years, but just started my business in 2016 with a small ($90k) rental property. In 2017 I built a new personal residence and converted my old residence into a rental as well. I rented this property to some friends (I know now--not the best idea).
I have a pretty well-paying job which funds my acquisitions, but it still takes me about 12-18 months to acquire each new property. Obviously as I acquire properties, I re-invest the profits into acquiring more, which contributes to the snowball effect. However, I'm looking for any strategies for growing my business faster. I'm open to diversifying from buy-and-hold to other strategies if need be. Here's my current portfolio and financial situation:
- 3/1/1 Rental - $90k property, 50% LTV - Cash flows $480/month
- 4/2.5/2 Rental - $260k property, 67% LTV - Cash flows $90/month, acts as mostly a tax shelter and appreciation property
- Job allows me to save ~$1,500-$2,000 each month
Thanks in advance for all replies!
Cheers,
Ryan