Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
11y
I had a goal of 30. Then I realized this was the wrong goal. My goal is now income...not how many doors I own. I reset my goal to the amount of income I desire and gauge my success on how close I am to achieving it. That "income" figures is net income...not gross rents, etc. I also have a goal of being debt free in less than 5 years so that the majority of income stays in my pocket vs paying off mortgages. You can have a huge NOI but pay it all out in debt service!
Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
10y
3 of my own, a 50% share of 1, a 10% share of 2 others. 8 units in total. Self managing.
Biggest obstacles - finding deals in my market the hit the 50% rule/1-2% rent rule, and financing the next acquisition.
Professional · Loudonville, OH · Member since 2015 · 125 posts · 37 votes
10y
20 today - closing on a 4-plex Friday and have another 4 unit almost under contract. Also work full time as an attorney. Where there's a will, there's a way. Rentals are putting 2 oldest kids through private colleges, and we have 3 younger kids who may need it in the future if they go to college. Love real estate!
Property Manager · Pittsburgh, PA · Member since 2013 · 33 posts · 15 votes
10y
I have 12 and a big rehab under way. I find my multiunits, at a lower price point, harder to manage than my single families due to more turnover. This is my limit, and I may sell a triplex and trade for another SF, just to have less doors.
2 properties both are duplexes. I live in one of the units and self-manage the other 3
Connor this is good known strategy for those readers just getting started. Buy a duplex with the FHA 3.5% down payment and live in one side for a year. This way the property upon sale is owner occupied.
Oak Park, IL · Member since 2014 · 285 posts · 114 votes
10y
8 rental properties, Total 10 renters. Self Manage. All of my properties are within 2 miles of my primary home which makes it easier to self manage. I am in the process of acquiring two more properties.
Investor · Marshall, MO · Member since 2014 · 29 posts · 19 votes
10y
25 SFH self manage and maintain all personally. Hasn't been too much problem until last 18 months. Seems like tenants attitudes have drastically changed
Investor · Los Angeles, CA · Member since 2016 · 41 posts · 27 votes
10y
Love the thread. Nearly spit out my coffee laughing at Jeff Sherman's comments. I own 0 self managed, 2 SFRs which are managed. My passion is finding properties and financing to build the portfolio. That isn't work to me, its enjoyable. I appreciate those that self manage. I know its work. I'm fortunate to have a Great property management group I trust. I consider them an integral part of my team. Success is not a solo effort. Finding the properties, putting deals together, getting the units leased, that takes several moving parts and people. I wouldn't be able to progress towards my goals without creating those relationships. Its not always roses though. I've dealt with plenty of "No"s and incompetence along the way. Its getting past that which makesit all worthwhile.
Investor · San Antonio, TX · Member since 2015 · 38 posts · 17 votes
10y
I should close on my first Duplex in September :) and have signed contracts for two more 4-plex (new construction) in 2017. I plan to have all 3 units (totaling 10 doors) managed by an agency.
Investor · Salt Lake City, UT · Member since 2016 · 12 posts · 9 votes
10y
I have 1 SFR, 4 condos. Just signed up for a PM on one of them this week, but the rest are self managed. I am hoping to get more into re-habbing and flipping shortly.
Rental Property Investor · Phoenix, AZ · Member since 2013 · 919 posts · 911 votes
10y
My wife and I own 8 SFR. We do all the management ourselves, but farm out for major repair items. Smaller repair items are usually done thru home warranties. Although a little pricey, it keeps the calls away from us.