Want to be a landlord again and purchase rental

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Max Wilhite
Member since 2024 · 225 posts · 86 votes
1y
Quote from @Yimma Davila-Castro:

Hello,

I am new, and I did the house hacking and got a few houses, but I am starting solo and would like to learn more to increase my house portfolio and improve my finances 


Are you planing to do another house hack or a different strategy? 

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  • Mackaylee BeachPro Member
    Real Estate Agent · Kansas City, MO · Member since 2020 · 1k+ posts · 492 votes
    1y

    are you seeking to purchase turnkey properties?

    [email protected]
    1Reply
  • Max Wilhite
    Member since 2024 · 225 posts · 86 votes
    1y
    Quote from @Yimma Davila-Castro:

    Hello,

    I am new, and I did the house hacking and got a few houses, but I am starting solo and would like to learn more to increase my house portfolio and improve my finances 


    Are you planing to do another house hack or a different strategy? 

    1Reply
  • Savannah Holzer
    Lender · Austin, TX · Member since 2023 · 233 posts · 96 votes
    1y

    Hey Yimma! Are you thinking more turnkey properties or are looking for properties that need some fixing up.

    0Reply
  • Yimma Davila-Castro
    OP
    Milwaukee · Member since 2023 · 3 posts · 4 votes
    1y
    Quote from @Max Wilhite:
    Quote from @Yimma Davila-Castro:

    Hello,

    I am new, and I did the house hacking and got a few houses, but I am starting solo and would like to learn more to increase my house portfolio and improve my finances 


    Are you planing to do another house hack or a different strategy? 

    I'm looking for ideas/suggestions not to do house hacking anymore
    0Reply
  • Max Wilhite
    Member since 2024 · 225 posts · 86 votes
    1y
    Quote from @Yimma Davila-Castro:
    Quote from @Max Wilhite:
    Quote from @Yimma Davila-Castro:

    Hello,

    I am new, and I did the house hacking and got a few houses, but I am starting solo and would like to learn more to increase my house portfolio and improve my finances 


    Are you planing to do another house hack or a different strategy? 

    I'm looking for ideas/suggestions not to do house hacking anymore

    Do you have a market in mind?

    1Reply
  • Benjamin AakerPro Member
    Rental Property Investor · Brandon, SD · Member since 2015 · 1k+ posts · 1k+ votes
    1y

    Reading and networking are the first steps. I like The Millionaire Real Estate Investor by Gary Keller. Keep evaluating deals even if not ready to purchase the next one and keep your skills sharp.

    0Reply
  • Pat Parrillo
    Realtor · Milwaukee, WI · Member since 2014 · 147 posts · 73 votes
    1y

    Hi @Yimma Davila-Castro

    Great to hear you're ready to start going solo in real estate - exciting stuff.  Below are some resources.

    Books and podcasts are good for learning. Check out The Millionaire Real Estate Investor by Gary Keller. For podcasts, of course there's the BiggerPockets Podcast and The Real Estate Guys are solid picks.

    Connect Locally. In Milwaukee, look into networking groups like the Milwaukee Real Estate Investors Association (MKE REIA) lot's of different approaches covered including wholesaling and flips, or if you decide on buy and hold the Rental Property Association (RPA) of WI is great. Also you can check Meetup for local investor groups as well as there are some smaller ones around also.

    I'd say one of the biggest steps is choose a type of Investing. Are you looking to do long-term buy and hold or want to start with generating capital like wholesaling or fix and flip? Some common paths are single-family rentals, multifamily units, house flipping, or short-term rentals. Each has its own upsides and challenges, so think about what aligns with your goals.

    Speaking of goals. Set some goals. Decide what you want out of this journey—cash flow, long-term equity, or both. Setting clear, achievable goals will help guide your decisions.

    When it comes to getting finances in order are you keeping a budget and know where every dollar you spend goes? Dave Ramsey books can help people get out of debt, if that's the case, but you'll have to graduate beyond his recommendations otherwise you'll be debt free but not wealthy. Mint was the best for tracking expenses, and now Monarch is good. Check out NerdWallet for tips on budgeting and debt management. My favorite link for the proper order of investments is https://mymoneywizard.com/correct-order-investments/.

    Jump in. That's the first step, just start with any small action and keep learning, and stay connected and again highly recommend the local real estate meetings. It's a journey, enjoy it!

    1Reply
  • Bob S.
    Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    1y
    Quote from @Yimma Davila-Castro:

    Hello,

    I am new, and I did the house hacking and got a few houses, but I am starting solo and would like to learn more to increase my house portfolio and improve my finances 

    So find a market that provides the return you want and buy it . Not really sure what more to say 
    0Reply
  • Gregory Chadwell
    Real Estate Broker · Milwaukee, WI · Member since 2015 · 299 posts · 90 votes
    1y
    Quote from @Yimma Davila-Castro:

    Hello,

    I am new, and I did the house hacking and got a few houses, but I am starting solo and would like to learn more to increase my house portfolio and improve my finances 

    Welcome:  I started with a duplex and went owner occupied for a year.  From that point on i bought a 3 family lived there for a year then moved up to 4 family and then on.  The shortcut would be if you have 25% down then you can buy investment without living there.  Feel free to reach out if you would like more into :)

    0Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    1y

    @Yimma Davila-Castro

    Welcome to BP!

    To accelerate your real estate portfolio growth, leverage equity through Home Equity Lines of Credit (HELOCs) and cash-out refinancing. Education on financing and scaling, such as DSCR loans, and partnerships can help you take on larger projects. Focus on cash flow and value-add properties, such as fixer-uppers or renovations, and expand into multifamily properties for better cash flow. Build a network with other investors and seek a mentor if possible. Optimize your finances by reducing debt, boosting credit, and maintaining strong cash reserves. Reinvest rental income for property improvements or new investments. These steps will help you build a strong real estate portfolio sustainably.

    Good luck!

    [email protected]832-776-9582Podcast Guest on Show #469
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    0Reply
  • Min ZhangBusiness Member
    Real Estate Agent · Member since 2022 · 1k+ posts · 1k+ votes
    1y

    Hey Yimma, welcome to the community! Sounds like you’re off to a solid start with house hacking and a few properties already. If you’re looking to grow your portfolio and boost your cash flow, you might want to look into turnkey rental properties. They can give you steady, passive income with less day-to-day work, which is great if you’re flying solo. Best of luck on your journey and let me know how I can help!

    [email protected]614-412-2912
    Reafco.512 Reviews
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    0Reply
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