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!
Rental Property Investor · Lindon, UT · Member since 2015 · 862 posts · 438 votes
10y
I own a bunch, can't count them right now, in several states and have been buying real estate for 20 years. I think this string is great and was entertaining to read. I like that there are some super successful people on BP. Thanks for sharing! All of my income in derived through investment properties, private mortgages and mortgage notes. What a wonderful way to live! God bless America!
Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
10y
11. I thought that I wanted 30-50 of these but not I'm having second thoughts. I can see things getting pretty crazy after 20 even with GTD systems. Can anyone email me who has more than 20 so we can chat. Also people contact me if you would like to unload your whole protfolio as a lot.
Environmental Scientist / Investor · Statesville, NC · Member since 2015 · 94 posts · 41 votes
10y
Own six, selling one and hope to use funds to purchase additional rentals. Five local and one long distance purchased and managed thru @Federico Gutierrez and the Holton Wise Group. So far so good!
enough that i want to blow my brains out on occasion. that is until i see those corporate koolaid drinking clones walking around working 80 hr weeks for as little as there company can get away with....than i want to do them a favor and blow their brains out instead
Haha I can appreciate this comment. After working a corporate job doing accounting work I was reminded as to why I find Real Estate so enticing. I was not made to sit in a cubicle from 9-5 everyday.
Most people laugh while watching the movie Office Space. I cry. That movie is a frickin documentary about corporate life. And it does just that, stuck the life right out of ya.
Investor · Bryan, TX · Member since 2016 · 11 posts · 3 votes
10y
I managed 12 units myself and after that hired a property manager. Once I hired the PM I was able to focus on finding more deals. Having a PM also simplifies the book keeping process. I would recommend hiring a PM after you own around 10 units. In the two years after hiring a property manager I was able to increase my units from 12 to over 80 units.
Make sure you vet your PM along with the service contractors he/she is accustomed to working with.
Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
10y
15 plex. I have a guy on site. I want to buy something close by like a fourplex and have my guy manage that property as well. I don't like giving free rent to manage only 15. I think I could have him manage 24 for free rent. So I want to buy a total of 10 more in the same town and have no additional management cost. Or sell in a few years and get something bigger.
Rental Property Investor · Winslow, ME · Member since 2008 · 826 posts · 281 votes
10y
@Andrey
@Andrey Y. - Probably 2-3 hours per week. Which might sound amazing, but really we front loaded things so to speak. I spent every waking minute looking at buildings for 3 years, then sort of "exhaled" and decided to stay put at 48 units. We put 100% of cash flow back in (our repairs and capex was literally 80% of gross income for first 2 years while we lived off our lawn care business). I have a part time subcontractor who handles all incoming maintenance calls, an associate lawn care and snow removal guy who handles all the apartments so I can just work on my lawn care client properties, and my wife handles all leasing now. So I just do office work, maybe paint parking lines, change a light bulb. 9 out of 10 phone calls I get end with me either reminding them to call maintenance and not me, or call my wife, not me if looking for an apartment. 25% of my RE related time is reading and posting on BP! haha!
Rental Property Investor · Northville, MI · Member since 2013 · 263 posts · 183 votes
10y
We have 24 units; 2 SFRs and 22 apartment/condos. The apartments are close to work and SFRs are close to home so the running around isn't too bad. 24 is right about the upper limit for number of units I feel comfortable self-managing while working a full-time+ job.
The next step we're considering is buying a larger apartment building and then turning over management of everything to the apartment building PM.
Realtor · Cleveland, OH · Member since 2015 · 2k+ posts · 857 votes
10y
8unit building plus 1 SFR I self manage. In a Joint Venture with @James Wise where Holton Wise manages another 9units. Then 4 properties in Australia which are spread over two cities that I have PM.
Investor · Philadelphia, PA · Member since 2013 · 185 posts · 97 votes
10y
At 10 doors now, but only 5 are rented. Closed on three of the other 5 two weeks ago. One is already posted for rent and we've had a couple of showings. One is under work with a contractor, one I am working on, and then two other units are not likely to get filled for a couple of months.
It is tough to self manage all of these rehabs and rentals while working 50+ hours per work in the "corporate" job.
I own 79 units all self managed. I have several maintenance guys. I started in 2007. I only do multi family 4 plex and up. It can be done! Teach your tenants how you want them to act and what's expected! Good luck to all!!
Tony
Watsonville, CA · Member since 2014 · 1 post · 0 votes
10y
Two. We're paying $1600 a year to have one managed bit $1600 a year compounded over 20 years at 7% interest....$76,375. I can take a few late night calls for that until we grow. 😉
Las Vegas, NV · Member since 2011 · 42 posts · 17 votes
10y
29 Units, 17 SFH and a 12 unit building. All in Las Vegas/Henderson. I manage 12 of the SFH and will be taking over management of the remainder later this summer.
Most days require 1-2 hours of work (emails and texts primarily). All the properties have been extensively renovated by me and I hand pick tenants. I find that makes the day-to-day management much easier.
Investor · Des Moines, IA · Member since 2014 · 57 posts · 5 votes
10y
Just purchased my first one, a SF, a month ago. Self managing. Plan is to get another one this year and a third one once those two hit my tax returns. I'm on the fence as to whether I'll self manage the next two.
Just purchased my first one, a SF, a month ago. Self managing. Plan is to get another one this year and a third one once those two hit my tax returns. I'm on the fence as to whether I'll self manage the next two.
Just purchased my first one, a SF, a month ago. Self managing. Plan is to get another one this year and a third one once those two hit my tax returns. I'm on the fence as to whether I'll self manage the next two.
Rebecca, welcome to the club, congrats!
Thanks Jeff. It's exciting and exhausting at the same time. I purchased a home for myself last week too. Feels like I'm a contractor for the rental and a laborer in my own house with a full time job in addition. Good times!
Real Estate Investor · Whittier, CA · Member since 2014 · 58 posts · 3 votes
10y
1 in LA county, and looking to add more this year (just had a fizzled out negotiation with a seller who had 21 units, all students, I was working to syndicate, but couldn't come to terms).
At 10 doors now, but only 5 are rented. Closed on three of the other 5 two weeks ago. One is already posted for rent and we've had a couple of showings. One is under work with a contractor, one I am working on, and then two other units are not likely to get filled for a couple of months.
It is tough to self manage all of these rehabs and rentals while working 50+ hours per work in the "corporate" job.
Keep at it Alex. I did this same thing for almost 4 years until one day I realized that I had 20 plus rentals and I didn't have to do it anymore.
You are well on your way! Just keep up the hard work.
Wholesaler · Oklahoma City, OK · Member since 2012 · 34 posts · 25 votes
10y
I originally managed ours until I hit 18. I tried different property mangers but was not satisfied with the results. I just didn't get how I could keep them rented and work a 40 hour plus week but they couldn't. At 25 I took it back over by hiring my own employee to mange my properties part time. Roughly 15 to 20 hours a week. She was a stay at home Mom who needed something flexible so this was perfect for her. At 35 plus I hired her to be office manage working 28 to 32 hours a week. She in turn hired another person to be our property manage.
This all sounds easy however it took me months to find the right person. To this day I'm constantly on the look out for people that I think would be good at this or that.