I currently own a townhouse which I’ve recently rented for a net profit of 600$/mo. I’m looking to keep the ball rolling and scale up, now that I have capital and equity. Trying to think of a strategy that’s bulletproof.
I currently own a townhouse which I’ve recently rented for a net profit of 600$/mo. I’m looking to keep the ball rolling and scale up, now that I have capital and equity. Trying to think of a strategy that’s bulletproof.
That's a pretty good start! How's your credit score? If you've got equity in your primary, you'll want to pull the equity out. If you are looking to continue investing in South Florida, you'll definitely want to aim for STR or MTR because LTR are not that great from a cash flow perspective. As a fellow investor, I haven't seen a ton of good deals out there but they will come.
Buffalo, NY · Member since 2018 · 790 posts · 530 votes
3y
Congratulations! Unfortunately there is no such thing as a bulletproof strategy, and you have to keep in mind that often the bigger rewards come with some bigger risks. Obviously we don't know your entire financial picture but $600/month on your first rental is a great start (assuming that you've accounted for vacancy, repairs, future Capex, etc.). Can you repeat that with another unit in the same complex? Go introduce yourself to the neighbors or drop letters in their mailboxes asking if they are interested in selling.
I currently own a townhouse which I’ve recently rented for a net profit of 600$/mo. I’m looking to keep the ball rolling and scale up, now that I have capital and equity. Trying to think of a strategy that’s bulletproof.
As most have mentioned we don't know your true DTI, that said, there are many scenarios that could be beneficial for you. You need to sit down with several individuals to strategize what is best for you and then work your way through the process. Let's connect...
Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
3y
You've done really well on your first one! There's no bullet proof strategy out there. There is always risk. You'd have to provide more information about what you're looking for so try narrowing down your goals and that will help you focus on your buying criteria. Are you looking for cash flow, appreciation, both? How much do you have to work with? What COC are you looking for? Do you want a property you have to manage yourself for a greater return or are you looking for something more passive? Think about these things and then you can focus in on a strategy that will provide what you're looking for.