how to make $20K cash flow monthly
Hello BP members,
I own 16 free & clear rentals(SFR, worth $1.3M)) here in Atlanta, GA - C Class suburb generating $10K/month before tax C/F (gross monthly rent $16k/mo).
I am in early 50s and have a full time day job with $120K before tax salary annually. My goal is to create $20K/month before tax C/F from rentals by Aug. 2017(9Months!). I have access to HELOC of $300K, and $150K cash reserve. I am in process of increasing our rentals through MLS (mainly REO, burnt land lord,etc.) putting 20% down, average monthly C/F $300/property. I am now planning to do a delayed financing with a direct lender (APR mid 4%) to do BRRRR upto the total 10 loans which is current cap.
Can anyone suggest the best strategy to make my goal ($20K/mo before tax C/F) as early as possible ? My plan is to do the conventional loans up to the limit (10 properties), then do portfolio loan using my existing rentals.
Thanks !
Sean