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!
Real estate investor · Porter County, IN · Member since 2013 · 64 posts · 13 votes
10y
@Ryan Pyle, I think even my computer crashed when I seen that number of self managed rentals. You must be a very patient nice person, or the exact opposite!
Investor · Humble, TX · Member since 2016 · 41 posts · 6 votes
10y
I own 2 manage 0. If I grow my business the way I want, then I will eventually consider stating a property management company. But for me, a good property manager keeps my headaches down...
Multifamily Investor · Toledo, OH · Member since 2008 · 296 posts · 308 votes
10y
@Dan G., there are times when it gets crazy, but for the most part it's pretty easy. The key ingredient is tenant screening. As long as you have good tenants, there really isn't that much work to do. Mostly bookkeeping, scheduling my maintenance guy, and managing tenant flow (move-in's, move-outs, lease renewals, rent increases, etc.). I also spend a fair amount of time growing my business...looking for new buildings to buy.
As far as my demeanor, I've learned over the years to not take anything personally. Yes, I guess I am pretty patient. If a tenant is screaming at me about something, I just shut up, let them say what they want to say, and then address their issue in a professional manner. I only speak in facts...I never give opinions. opinions lead to arguments. The same goes for evictions, lease violations, etc. If they don't pay, I don't get mad, I just hang the 3 day and calmly explain to them what the next steps in the process are, what the fees are, and what they need to do in order to stay. I don't try to make them realize that they are screwing me or anything like that. It's just all matter-of-fact.
By no means was I good at this when I first started. It's taken me a long time to get here, and i still slip up from time to time. I've made many, many mistakes along the way and at times have wanted to give up and try something else. This is just a small business like anything else and there are good months and bad months. But, it;s what I've always wanted to do, and I often make sure to take a breath and realize that even when things suck, it's a pretty great way to make a living!
Investor · Claremont, CA · Member since 2014 · 150 posts · 36 votes
10y
I have 3 lease option rentals that I own. And one house that I live in and house hack 3 bedrooms and live for free and cashflow 300 over a 15 year mortgage.
Real Estate Agent · Westboro, MA · Member since 2016 · 1k+ posts · 471 votes
10y
This thread is very motivating.. it is interesting to see when everyone decided to hire a PM as well as their progress.. I feel the first purchase is the most difficult and I am hoping to close on my first deal in the next 60 days..
Rental Property Investor · Mt Juliet, TN · Member since 2014 · 90 posts · 33 votes
10y
I'm now up to 7 rentals, with the goal of getting to 30 SFRs over next few years. We don't manage any of them. My time is better spent raising money and project managing the flips and rehabs vs the % you pay a PM.
Rental Property Investor · Jacksonville, FL · Member since 2015 · 208 posts · 282 votes
10y
I often don't know what to make of it when people say:
"I own 70 units".
I think it's more important to find out what the cash flow is.
I think it's way more important than number of units.
Someone who owns 35 units cash flowing 100$/door/month obviously isn't as healthy as someone who owns 10 units cash flowing 1000$ per unit.
But in my time on BP,I've noticed that simple fact has frequently got swept under the carpet.
So anyway,since you asked,here's where I am with monthly cash flow included:
1 SFH in Cleveland OH ($100)
3 SFHs in Jacksonville ($100,$600,$1000)
4 duplexes in Jacksonville ($1500,$1000,$1000,$1500)
Investor · Cathedral City, CA · Member since 2014 · 481 posts · 170 votes
10y
Thank-you everyone for taking the time to join this thread. Many people have really enjoyed the contents written here and have found all of this very motivating.
Investor · Davie, FL · Member since 2010 · 66 posts · 8 votes
10y
7 units in 3 locations. Two of them were my former primary residences. One of them is a quadplex that I recently put under a PM. Wish I had done that sooner.
Investor · Littleton, MA · Member since 2014 · 37 posts · 1 vote
9y
We had one multifamily (tri-plex) when this year started, and now we have 7! This fall we decided it was time to add more. All of them are multifamily (5 duplex and 2 triplex). I do most of the managing - book keeping, phone calls, etc. But I do have a PM that helps with maintenance (he is my contractor and is terrific) and showing the apartments, etc. It works out nicely. I live 600 miles away from all 7 of them - they are in my hometown. My parents are there, and they help as well to keep an eye on things. We bought there because the buildings are cheap and the rent is good!
Minneapolis, MN · Member since 2013 · 2k+ posts · 1k+ votes
9y
Currently 2 properties, 2 sfh, and 2 double bungalows total of 6 units which is a family owned business parents had for over 50 years.
I used to manage a 120 unit complex with 1 & 2 br units nice complex, great tenants market rate class B property, before that I co-managed a 326 unit 18 building complex that was tax credit, section 8, where the job seemed more like a social worker, financial aid counselor, where I passed out repair maintenance tickets to the service guys like they were going out of fashion, Tenants appreciated me and what I did for them but was glad when I decided to end that tour. I did all of the court work for that complex and we had a maximum of 20 evictions we were permitted to process monthly because corporate budget wouldn't give funding to do them all.
I learned a lot from my parents and can appreciate the business.
Rental Property Investor · NY · Member since 2013 · 844 posts · 350 votes
9y
@Deanna McCormick After managing that many Secion 8 voucher holders where do you side on whether to build a portfolio of rentals that target section 8 or to stay away from renting to them.
Investor · Janesville, WI · Member since 2013 · 180 posts · 155 votes
9y
I owned 10 units while I managed them myself. On my 11th unit, I handed everything over to property management and was able to go from buying 2 properties a year to 2-3 properties a month . . . I now own 55 doors 2 years later. Not only did my time invested into managing properties greatly decrease, we are able to drastically increase our passive income - Thank you Property Managers!
Rental Property Investor · Phoenix AZ / Kendallville, IN · Member since 2016 · 293 posts · 149 votes
9y
I inherited free & clear, 7 structures totaling 14 units in March this year. The challenge was I live in AZ and the properties are in IN. I was able to find a PM that has worked well.
During March and this time we have evicted 10 inherited tenants, replaced 4 roofs, rehabbed 8 units (paint, flooring, appliances) and too much more to list. They are all rented and cash-flowing and I was able to up the rent in all of them.
Investor · Hamilton, OH · Member since 2016 · 272 posts · 77 votes
9y
Used to own 5. Now two. One rented for the last 3 years or so and the other just finished renovation and is going to go to marketing this week. Three more planned by end of 2017. Both are 100% equity. I'll have to see about fixing that later.