Considering purchasing a lot of rentals
Hello all,
I own a small business with 18 employees in a real estate related field. I'm very familiar with buying/selling real estate. I've dabbled in it, flipped 5-8 houses, been a real estate agent, and had a couple of rentals over the years. I'm considering buying, rehabbing, renting properties as a diversification to our main business. I would be hiring a full time position to help manage the rehab of these properties, and look for a third party management company to do the management. I will have a good line of credit available to purchase a lot of properties, considering the neighborhood of 2/month. I like the class C type property area. I've found I can consistently buy ~$30k properties, rehab for $10k and rent $600-$700. I've seen the discussions on here about that price point of properties. These houses are built in 1920s-1950s, 800-1000 SF 2/1 and 3/1s.
I'm looking to hold and rent to create a different income stream than my primary business. It is doing well, but looking for a little diversification.
Are there any others out there that are purchasing these in more of a "systematic" method like this, or have in house staff to help with purchasing and rehab? I've considered keeping the property management in house and hiring a W-2 employee to help with the management.
Thanks!