We just bought a 3plex! How should we pull money out to buy another?, and when??!

[Jack Lawson]

Hi BP friends,

My wife and I just bought a 3plex (woohoo!). We are happily bringing in about $700/door and are super happy with being first time landlords. We're mostly curious about what to do next... We want to get to 10+ doors in the next 3 years and we're kind lost on how we should be thinking about pulling money out of the property (HELOC, cash out refi, etc) and how to use it in the most beneficial way in buying more properties.

If anyone has experience in doing this and is open to teaching us different methods, we would love to meet you!

Cheers,

Jack and Ciara

[Brittany Minocchi]

When you say you just bought it - how long ago? Did you use financing? Was it already turn-key or did it need or be rehabbed?