Landlord potential with starting capital of $1.1M?

Baltimore, MD · Member since 2018 · 5 posts · 2 votes

So I've pretty much always wanted to be a successful landlord but I've never been able to make the jump.

I've been blessed with a little over a million dollars to fully invest into rental properties.

With a little bit of education and research, would this kind of money allow me to invest in rental properties to a point where I could even hire a property manager and become wealthy from this?

I'm really in the dark at the moment and don't even know where to begin. For me the sky is the limit as far as number of properties.

I know location and housing markets in certain areas are a big factor too. Is there something more profitable than buying to rent?

Any advice or knowledge from anyone would be awesome.

Thanks,

Jamie

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Caleb Heimsoth

Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes

James Edward Grohman what a great “problem “ to have. My first piece of advice is to never mention how much money you have publicly on these forums. It’ll attract some of the wrong attention Secondly educate yourself for 6-12 months before you buy anything. I would start small, but a single family or small (up to 4 units) multifamily and see how it goes and how you like it. If you like that, then buy a larger deal or apartment building.

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JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
8y
In the right market, $1 million can be 10-15 free and clear properties. Or 50 leveraged units. If you want to go the instant landlord route you are probably best served with a decent size multi family and an on-site manager. You should really do some studying of re before you drop that much money. There is a lot to learn, and if you want to be really hands off, you might consider another avenue.
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Ben McMahonPro Member
Investor · San Diego CA · Member since 2014 · 341 posts · 139 votes
8y
James Edward Grohman That’s awesome man. It’s rare to start that way. Most of us have to grind it. I just sold my property management company. If your starting off, I would define your goals. Do you want to build a large portfolio or just make enough to get a decent check each month? Or maybe you don’t care about returns but want to put it toward something in the future. Find someone to walk you through the process and definitely use a property manager for at least a year if not longer. You need to see how things work. Might be worth while buying just one single family and see how you like it. Than grow from there. My two cents.
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Caleb Heimsoth
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
James Edward Grohman what a great “problem “ to have. My first piece of advice is to never mention how much money you have publicly on these forums. It’ll attract some of the wrong attention Secondly educate yourself for 6-12 months before you buy anything. I would start small, but a single family or small (up to 4 units) multifamily and see how it goes and how you like it. If you like that, then buy a larger deal or apartment building.
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