MidWest Ohio LL (re)intro

3 Replies

Hey all.  Seems I signed up for this sight in 2007 and haven't visited since.  So anyway, I'm here to introduce myself and ask a few questions.

I currently own 11 sfh and 2 duplexes.  Partner with my brother 50/50, he is the maintenance/rehab guy, and I do everything else from finding and purchasing the properties to signing leases, collecting and setting rent, and the occasional eviction.  We started as flippers, and after flipping two properties got stuck with the third in the RE crash.  So we put a for rent sign in the yard and became LLs.  Because things went well and prices were so low we decided to keep buying through the downswing and ended up accumulating the 13 properties.

Fast forward to today, and we haven't purchased a property in 2 years and only have 1 small HELOC of debt on the rentals which should be paid off in the next 12 months. Our goal has always been to own them outright asap. He currently does contract work (taking equity only when rehabbing a property), and I'm an accountant having never taken any equity.

So I guess my only real question would be should we continue to purchase?  We currently own enough right now that when paid off my half will replace my W2 income, so in theory I will be able to quit my job, but with this new reality right around the corner, I'm wondering if purchasing a few more might be the right move. 

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