The Power of ten properties

Boise, Idaho
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The Power of ten properties

Ryan SpathBusiness Member
Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes

It’s easy to get “door envy” when you listen to podcasts or scroll through other investors’ posts. You see people chasing 50, 100, 200+ units and start wondering if you’re not doing enough.

But here’s the truth:
Some investors want to build massive, scalable operations, and that’s awesome. But you don’t need a giant portfolio to change your life.

If you can acquire just 10 solid properties, you will likely be set for life.

I say this from personal experience. When I started back in 2013 renting out my first home, I never thought in terms of dozens of doors. I wasn’t chasing scale, I was chasing freedom. Over the years, through house hacks, smart financing, and buying in markets I understood, our portfolio has grown steadily… not explosively. And today, sitting on multiple long-term rentals across Florida and Idaho I can confidently say this:

A small, well-bought portfolio can outperform a massive, poorly managed one.

Here’s why 10 properties is enough:

1. Debt paydown becomes a wealth-building machine.
Even if your properties only cash flow modestly, 10 tenants quietly paying down 10 mortgages for you year after year is life-changing.

2. Cash flow compounds faster than you think.
Rents rise. Mortgages stay fixed. Over 10–15 years, your cash flow doesn’t just grow, it multiplies.

3. Appreciation is the bonus, not the plan.
But when you own 10 properties for 10+ years… the bonus becomes massive.

4. You create optionality.
With 10 properties, you can sell one to pay off two. Refi one to buy another. Move equity where it matters. You gain freedom of choice.

5. It’s manageable.
You don’t need to build a property management empire. With systems (and the occasional headache), 10 doors is a very doable portfolio even for someone with a full-time career.

For me, the mindset shift happened when I realized I didn’t need hundreds of doors, I needed the right doors. And that’s the foundation of the “Power of 10” framework I now teach clients. Ten quality, leveraged, cash-flowing assets held over time… that’s real financial independence.

[email protected]208-600-2814
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Steve K.
Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
10mo

This has been my experience as well. I got caught in the trap of chasing doors and "cash flow"/ paper tiger multifamily properties in C- areas that I thought would be my ticket to "financial freedom". They did not perform nearly as well in reality as they did on the spreadsheet, and I noticed quickly that they were surprisingly being outperformed by my Class A rentals that I kind of ended up with by accident (former primaries and a couple SFR's that I picked up from a friend at a great price). I shifted my strategy to focusing on quality over quantity. Properties in good locations attract better tenants who stay longer and do less damage, the properties appreciate much better, rents go up faster, much less work and stress, equaling higher profits and you need less of them to make the same amount of money. I downsized from around 30 units consisting of mostly Class C multifamily to 13 Class A SFRs and net about the same $. Have not had a single eviction or any tenant issues at all since making the change either. My buy box has changed from focusing on "cash flow" to location, location, location, capturing equity/buying right, proximity to my house, and that's it. The properties that have performed the best over time were actually negative cashflow when I picked them up, but thanks to principle pay down, rent increases, and appreciation those properties have greatly outperformed the ones with a few hundred bucks in cash flow upfront. Appreciation alone on those breaks down to $500-600 PER DAY which is obviously much better than a few hundred per month in cash flow, and principle pay down on the year is also more than cashflow especially a few years into the amortization schedule. Rent appreciation also looks more like a ski jump on my better properties compared to a flat line on the lower quality ones, making cash flow better over time. Everyone has to start somewhere but the sooner an investor can get into quality properties, Class A or B+ over Class C/D, the better off they will be IMO.

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  • Clark Thornton
    Property Manager · Orlando, FL · Member since 2025 · 110 posts · 51 votes
    10mo

    Are you using local professional property management on that portfolio? Or DIYing from out-of-state?

    0Reply
  • Ryan SpathBusiness Member
    OP
    Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes
    10mo

    @Clark Thornton

    We tried a local professional property manager and ended up not satisfied with the results. Being in this business for over a decade having used professional property manager in multiple states we have since adopted the best practices and now self-manage our entire portfolio. With the right systems in place which we have adapted over time, we find this works best for us.

    [email protected]208-600-2814
    5Reply
  • Clark Thornton
    Property Manager · Orlando, FL · Member since 2025 · 110 posts · 51 votes
    10mo

    @Ryan Spath

    That's incredible discipline to manage properties in multiple states, kudos to you; it sounds like you have a well oiled machine. 

    And yeah, the truth is that most property managers deliver pretty lack-luster results. The professional firms exist, but you have to know how to find them. In your case though, sounds like you've got a solid self-managing situation on your hands. 

    Out of curiosity, what is the biggest hurdle you run into self-managing a widespread portfolio like yours? It sounds like you've developed an approach that works great, but I'm curious what is working best for you versus what still poses a challenge from time to time even with strong systems in place. 

    0Reply
  • Ryan SpathBusiness Member
    OP
    Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes
    10mo

    @Clark Thornton

    The biggest challenge for the properties out of state can be giving the qualified prospects access to view the properties. We looked into tenant turner and decided against this. In an effort to give folks access we have a few options when this pops up but sometimes it can be challenging. We have detailed videos of the interior we send folks and this seems to do the job most of the time, it still feels like speed to lead wins the best tenants.

    [email protected]208-600-2814
    1Reply
    • Clark Thornton
      Property Manager · Orlando, FL · Member since 2025 · 110 posts · 51 votes
      10mo
      Quote from @Ryan Spath:

      @Clark Thornton

      The biggest challenge for the properties out of state can be giving the qualified prospects access to view the properties. We looked into tenant turner and decided against this. In an effort to give folks access we have a few options when this pops up but sometimes it can be challenging. We have detailed videos of the interior we send folks and this seems to do the job most of the time, it still feels like speed to lead wins the best tenants.


       100% I could not agree more that the fastest responses to potential tenants usually wins

      1Reply
  • Jake BakerBusiness Member
    Flipper/Rehabber · San Diego, CA · Member since 2020 · 1k+ posts · 696 votes
    10mo

    @Ryan Spath

    This is an excellent framework for most people! The small and mighty investor (Chad Carson's book) strategy wins in this market. 

    [email protected]
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  • Ryan SpathBusiness Member
    OP
    Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes
    10mo

    @Jake Baker Totally agree! I'm a big fan of Chad Carson! Interestingly enough I have not read his book however I intend to. For me the framework of what I have done is because of a book I read (Building Wealth One House at a time) by: John W. Schaub

    [email protected]208-600-2814
    2Reply
  • Steve K.
    Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
    10mo

    This has been my experience as well. I got caught in the trap of chasing doors and "cash flow"/ paper tiger multifamily properties in C- areas that I thought would be my ticket to "financial freedom". They did not perform nearly as well in reality as they did on the spreadsheet, and I noticed quickly that they were surprisingly being outperformed by my Class A rentals that I kind of ended up with by accident (former primaries and a couple SFR's that I picked up from a friend at a great price). I shifted my strategy to focusing on quality over quantity. Properties in good locations attract better tenants who stay longer and do less damage, the properties appreciate much better, rents go up faster, much less work and stress, equaling higher profits and you need less of them to make the same amount of money. I downsized from around 30 units consisting of mostly Class C multifamily to 13 Class A SFRs and net about the same $. Have not had a single eviction or any tenant issues at all since making the change either. My buy box has changed from focusing on "cash flow" to location, location, location, capturing equity/buying right, proximity to my house, and that's it. The properties that have performed the best over time were actually negative cashflow when I picked them up, but thanks to principle pay down, rent increases, and appreciation those properties have greatly outperformed the ones with a few hundred bucks in cash flow upfront. Appreciation alone on those breaks down to $500-600 PER DAY which is obviously much better than a few hundred per month in cash flow, and principle pay down on the year is also more than cashflow especially a few years into the amortization schedule. Rent appreciation also looks more like a ski jump on my better properties compared to a flat line on the lower quality ones, making cash flow better over time. Everyone has to start somewhere but the sooner an investor can get into quality properties, Class A or B+ over Class C/D, the better off they will be IMO.

    6Reply
    • Ryan SpathBusiness Member
      OP
      Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes
      10mo
      Quote from @Steve K.:

      This has been my experience as well. I got caught in the trap of chasing doors and "cash flow"/ paper tiger multifamily properties in C- areas that I thought would be my ticket to "financial freedom". They did not perform nearly as well in reality as they did on the spreadsheet, and I noticed quickly that they were surprisingly being outperformed by my Class A rentals that I kind of ended up with by accident (former primaries and a couple SFR's that I picked up from a friend at a great price). I shifted my strategy to focusing on quality over quantity. Properties in good locations attract better tenants who stay longer and do less damage, the properties appreciate much better, rents go up faster, much less work and stress, equaling higher profits and you need less of them to make the same amount of money. I downsized from around 30 units consisting of mostly Class C multifamily to 13 Class A SFRs and net about the same $. Have not had a single eviction or any tenant issues at all since making the change either. My buy box has changed from focusing on "cash flow" to location, location, location, capturing equity/buying right, proximity to my house, and that's it. The properties that have performed the best over time were actually negative cashflow when I picked them up, but thanks to principle pay down, rent increases, and appreciation those properties have greatly outperformed the ones with a few hundred bucks in cash flow upfront. Appreciation alone on those breaks down to $500-600 PER DAY which is obviously much better than a few hundred per month in cash flow, and principle pay down on the year is also more than cashflow especially a few years into the amortization schedule. Rent appreciation also looks more like a ski jump on my better properties compared to a flat line on the lower quality ones, making cash flow better over time. Everyone has to start somewhere but the sooner an investor can get into quality properties, Class A or B+ over Class C/D, the better off they will be IMO.




      Really appreciate you sharing this, and your experience lines up with what I’ve seen myself. A lot of us start out chasing doors because we think scale equals freedom, but the reality is usually very different. Lower-quality properties often look great on the spreadsheet and then underperform in the real world once turnover, repairs, and tenant issues show up.


      Your shift toward owning fewer, higher-quality rentals is exactly the point I was trying to make. Strong locations, better tenant profiles, and properties that age well tend to outperform the “cash-flow heavy” C-class stuff over the long run. Appreciation, rent growth, and debt paydown compound in a completely different way when the asset itself is solid from the start.


      I love your example because it shows that you don’t need a huge door count to win. A lean, well-bought portfolio can absolutely beat a larger one that’s tougher to manage, and the peace of mind that comes with it is worth even more.


      Thanks again for adding this — it’s a great real-world reinforcement of the quality-over-quantity mindset.


      [email protected]208-600-2814
      1Reply
  • V.G JasonPro Member
    Investor · Member since 2022 · 3k+ posts · 3k+ votes
    10mo

    "Just" ten properties is totally out of touch with reality. Most of America cannot own their own personal residence. 

    Most people on this board, since 2022, and up until 2035 will not be able to own 3 properties. 

    Lots of things wrong

    1 &2) Capex wipes out cash flows, so does vacancies. Rents do not always rise(see last 1-3 years), and principal and interest may be flat but capex and opex will likely rise greater or equal to than rent. So total mortgage can absolutely rise faster than rents, and if capex shows up you're in a liquidity crunch where rents will need a longer period to pay you back.

    3) If you're not investing for appreciation, don't invest. That's not to say don't factor cash flow, or dismiss cash flow. At minimum 1dscr, ideally 1.25 dscr. But appreciation is absolutely the underlying focus of your investment. Capital is finite, real estate is cumbersome, focus on slugging not batting. This applies to all investments. If I hear folks keep saying this, they need to politely remove themselves from any forum.

    4) Same could be said for less, but absolutely true.

    5) Self management is a violation of risk management. True you save your 10%, but liability is costlier. Penny wise, dollar foolish. The risk in self management is quite self perverse in nature I shouldn't have to explain this.

    95% of people here should not invest in RE, right now. 3% are doing very well and should keep. The 2% that are making high 6, low 7 figures need to understand REI is about quality, not quantity. Analyze your market, how you can add value, extract other extrinsic points then appropriately allocate capital and manage the risk for the portfolio. At say $700k-$1mil W2, you should be buying 1 very good value-add property every 12 to 24 months, once you're at 8 across 2-3 cities. You divest and eliminate the debt to 20% or lower LTV and enjoy the process within 4-5 of the best properties.

    4Reply
    • Ryan SpathBusiness Member
      OP
      Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes
      10mo
      Quote from @V.G Jason:

      "Just" ten properties is totally out of touch with reality. Most of America cannot own their own personal residence. 

      Most people on this board, since 2022, and up until 2035 will not be able to own 3 properties. 

      Lots of things wrong

      1 &2) Capex wipes out cash flows, so does vacancies. Rents do not always rise(see last 1-3 years), and principal and interest may be flat but capex and opex will likely rise greater or equal to than rent. So total mortgage can absolutely rise faster than rents, and if capex shows up you're in a liquidity crunch where rents will need a longer period to pay you back.

      3) If you're not investing for appreciation, don't invest. That's not to say don't factor cash flow, or dismiss cash flow. At minimum 1dscr, ideally 1.25 dscr. But appreciation is absolutely the underlying focus of your investment. Capital is finite, real estate is cumbersome, focus on slugging not batting. This applies to all investments. If I hear folks keep saying this, they need to politely remove themselves from any forum.

      4) Same could be said for less, but absolutely true.

      5) Self management is a violation of risk management. True you save your 10%, but liability is costlier. Penny wise, dollar foolish. The risk in self management is quite self perverse in nature I shouldn't have to explain this.

      95% of people here should not invest in RE, right now. 3% are doing very well and should keep. The 2% that are making high 6, low 7 figures need to understand REI is about quality, not quantity. Analyze your market, how you can add value, extract other extrinsic points then appropriately allocate capital and manage the risk for the portfolio. At say $700k-$1mil W2, you should be buying 1 very good value-add property every 12 to 24 months, once you're at 8 across 2-3 cities. You divest and eliminate the debt to 20% or lower LTV and enjoy the process within 4-5 of the best properties.


      Appreciate you taking the time to write out a detailed perspective, that’s exactly what makes BP valuable.

      And honestly, I don't disagree with several of your points. CapEx, vacancies, rising expenses, and tighter affordability are all real challenges. Not everyone should be a real estate investor, and not every market supports the same strategy.

      But I think you may have interpreted my post as “everyone can or should easily go buy 10 properties.” That wasn’t the message.

      My point is simply this:
      For those who do want to build a lean, durable portfolio, and who buy right, manage risk, and hold long-term. You don’t need 50+ doors to create financial independence. Ten well-bought assets over time can get someone there. That’s based on my experience.

      A few clarifications:

      1. CapEx and rising expenses are real — but so is long-term amortization.
      Cash flow gets choppy year to year, absolutely. But mortgage paydown is uninterrupted and compounds across a decade-plus. My point wasn’t that cash flow alone makes you wealthy; it’s that debt paydown across multiple properties is a wealth engine most people underestimate.

      2. Rent growth isn’t linear, but it’s historically upward over long periods.
      Last 1–3 years have been flat or negative in some markets. Totally agree. But zooming out 10–20 years, rents trend upward even with volatility. Time in the market solves a lot of the year-to-year noise.

      3. I never said appreciation shouldn’t matter — only that it shouldn’t be the primary justification for buying a bad deal.
      If appreciation is the only thing making an investment pencil, that’s speculation.
      If appreciation shows up on top of solid fundamentals, that’s investing.

      4. Self-management isn’t for everyone, but it’s also not inherently reckless.
      Some investors want full third-party management from day one — that’s great. Others are comfortable managing a small, local, low-complexity portfolio to save margin and learn the business. Both can work depending on goals, time, and risk tolerance.

      5. The “Power of 10” is a framework, not a mandate.
      Not everyone should buy 10 properties.
      Not everyone can.
      Not everyone wants to.

      But for someone committed to long-term buy-and-hold, who buys good assets in markets they understand, spreads purchases over many years, and manages risk appropriately, 10 quality properties is absolutely achievable — and more than enough to change a family’s financial trajectory.

      I respect your view, and I think there’s truth in both perspectives. Real estate isn’t one-size-fits-all, and that’s why these discussions matter.

      Thanks again for the thoughtful reply, conversations like this sharpen all of us.

      [email protected]208-600-2814
      4Reply
  • Joe S.Pro Member
    Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
    10mo
    Quote from @Ryan Spath:

    It’s easy to get “door envy” when you listen to podcasts or scroll through other investors’ posts. You see people chasing 50, 100, 200+ units and start wondering if you’re not doing enough.

    But here’s the truth:
    Some investors want to build massive, scalable operations, and that’s awesome. But you don’t need a giant portfolio to change your life.

    If you can acquire just 10 solid properties, you will likely be set for life.

    I say this from personal experience. When I started back in 2013 renting out my first home, I never thought in terms of dozens of doors. I wasn’t chasing scale, I was chasing freedom. Over the years, through house hacks, smart financing, and buying in markets I understood, our portfolio has grown steadily… not explosively. And today, sitting on multiple long-term rentals across Florida and Idaho I can confidently say this:

    A small, well-bought portfolio can outperform a massive, poorly managed one.

    Here’s why 10 properties is enough:

    1. Debt paydown becomes a wealth-building machine.
    Even if your properties only cash flow modestly, 10 tenants quietly paying down 10 mortgages for you year after year is life-changing.

    2. Cash flow compounds faster than you think.
    Rents rise. Mortgages stay fixed. Over 10–15 years, your cash flow doesn’t just grow, it multiplies.

    3. Appreciation is the bonus, not the plan.
    But when you own 10 properties for 10+ years… the bonus becomes massive.

    4. You create optionality.
    With 10 properties, you can sell one to pay off two. Refi one to buy another. Move equity where it matters. You gain freedom of choice.

    5. It’s manageable.
    You don’t need to build a property management empire. With systems (and the occasional headache), 10 doors is a very doable portfolio even for someone with a full-time career.

    For me, the mindset shift happened when I realized I didn’t need hundreds of doors, I needed the right doors. And that’s the foundation of the “Power of 10” framework I now teach clients. Ten quality, leveraged, cash-flowing assets held over time… that’s real financial independence.

    Cash flow compounds faster than you think.
    Rents rise. Mortgages stay fixed. Over 10–15 years, your cash flow doesn’t just grow, it multiplies.

    A lot of investors in Texas, especially in counties that are very aggressive at raising taxes has found that taxes have risen faster than any rental rent increase. 

     
    0Reply
    • Ryan SpathBusiness Member
      OP
      Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes
      10mo
      Quote from @Joe S.:
      Quote from @Ryan Spath:

      It’s easy to get “door envy” when you listen to podcasts or scroll through other investors’ posts. You see people chasing 50, 100, 200+ units and start wondering if you’re not doing enough.

      But here’s the truth:
      Some investors want to build massive, scalable operations, and that’s awesome. But you don’t need a giant portfolio to change your life.

      If you can acquire just 10 solid properties, you will likely be set for life.

      I say this from personal experience. When I started back in 2013 renting out my first home, I never thought in terms of dozens of doors. I wasn’t chasing scale, I was chasing freedom. Over the years, through house hacks, smart financing, and buying in markets I understood, our portfolio has grown steadily… not explosively. And today, sitting on multiple long-term rentals across Florida and Idaho I can confidently say this:

      A small, well-bought portfolio can outperform a massive, poorly managed one.

      Here’s why 10 properties is enough:

      1. Debt paydown becomes a wealth-building machine.
      Even if your properties only cash flow modestly, 10 tenants quietly paying down 10 mortgages for you year after year is life-changing.

      2. Cash flow compounds faster than you think.
      Rents rise. Mortgages stay fixed. Over 10–15 years, your cash flow doesn’t just grow, it multiplies.

      3. Appreciation is the bonus, not the plan.
      But when you own 10 properties for 10+ years… the bonus becomes massive.

      4. You create optionality.
      With 10 properties, you can sell one to pay off two. Refi one to buy another. Move equity where it matters. You gain freedom of choice.

      5. It’s manageable.
      You don’t need to build a property management empire. With systems (and the occasional headache), 10 doors is a very doable portfolio even for someone with a full-time career.

      For me, the mindset shift happened when I realized I didn’t need hundreds of doors, I needed the right doors. And that’s the foundation of the “Power of 10” framework I now teach clients. Ten quality, leveraged, cash-flowing assets held over time… that’s real financial independence.

      Cash flow compounds faster than you think.
      Rents rise. Mortgages stay fixed. Over 10–15 years, your cash flow doesn’t just grow, it multiplies.

      A lot of investors in Texas, especially in counties that are very aggressive at raising taxes has found that taxes have risen faster than any rental rent increase. 

       

       Joe- for clarification over the past 10-15 years the taxes in Texas, in certain counties have risen faster than rents? Can you share these areas, it may be valuable information for folks that are considering investing in these areas. Thanks for your input!

      [email protected]208-600-2814
      0Reply
  • Austin Plough
    Homeowner · Western Slope, CO · Member since 2023 · 42 posts · 21 votes
    10mo

    I liked the quote "I didn’t need hundreds of doors, I needed the right doors". 

    Thank you, @Ryan Spath!

    1Reply
  • Marcus Auerbach
    Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    10mo

    Door count is a vantity metric. It's like talking about how many shares you have in your stock portfolio. As opposed to the dollar value of your portfolio.  

    Equity matters in RE, because cash flow tends to come out to about 5-7% of equity over time, no matter what your portfolio looks like. It does not matter if your are in California or Milwaukee. You can test this on your portfolio, it holds true more often than not. Once you understand that, the objective becomes clear.

    The other question is pro vs amateur. Also very simple. If you don't manage properties full time, you are an amateur. Nothing wrong with that, but you have to be reaslistic about your abilities. You don't have the same skills, knowledge and resources as a pro. Your understanding of landlord-tenant law is superficial, you don't have contractors ready to deploy. Risk management looks different.

    10 properties is a good goal. It is realistic and attainable. It is also significant to be a game changer for retirement - let's call it 3 million in todays money. That also generates meangful cash flow. In theory about 3-5k during the active phase, but realistically you should be reinvesting it back into your portfolio, and make improvements and improve asset values, extend the useful life and promote higher rents.

    2Reply
    • Ryan SpathBusiness Member
      OP
      Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes
      10mo
      Quote from @Marcus Auerbach:

      Door count is a vantity metric. It's like talking about how many shares you have in your stock portfolio. As opposed to the dollar value of your portfolio.  

      Equity matters in RE, because cash flow tends to come out to about 5-7% of equity over time, no matter what your portfolio looks like. It does not matter if your are in California or Milwaukee. You can test this on your portfolio, it holds true more often than not. Once you understand that, the objective becomes clear.

      The other question is pro vs amateur. Also very simple. If you don't manage properties full time, you are an amateur. Nothing wrong with that, but you have to be reaslistic about your abilities. You don't have the same skills, knowledge and resources as a pro. Your understanding of landlord-tenant law is superficial, you don't have contractors ready to deploy. Risk management looks different.

      10 properties is a good goal. It is realistic and attainable. It is also significant to be a game changer for retirement - let's call it 3 million in todays money. That also generates meangful cash flow. In theory about 3-5k during the active phase, but realistically you should be reinvesting it back into your portfolio, and make improvements and improve asset values, extend the useful life and promote higher rents.




      This is a great way to frame it, and I agree with a lot of this. Door count by itself doesn’t mean much if it’s not tied to equity, quality, and long-term durability. Focusing on the underlying value of the portfolio instead of the number of units is where most investors eventually land.


      I also think the pro versus amateur distinction is important and often overlooked. Most people here are not full-time operators, and that absolutely should influence strategy, risk tolerance, and property selection. Simpler, higher-quality assets tend to be more forgiving for someone balancing investing with a career and family.


      That’s really what I was trying to get at with the “Power of 10” idea. It’s not about chasing doors or running a massive operation. It’s about building enough high-quality equity over time that the portfolio becomes meaningful, flexible, and life-changing, even if you’re not a full-time property manager.


      Appreciate you adding this perspective — it complements the discussion well and helps ground the conversation in how real portfolios actually perform over time.


      [email protected]208-600-2814
      0Reply
  • Charles ClarkBusiness Member
    Real Estate Broker · Milwaukee, WI · Member since 2020 · 306 posts · 209 votes
    10mo

    @Ryan Spath

    Well said! This is a powerful reminder that it’s not about chasing door count—it’s about owning the right properties. Your “Power of 10” framework makes investing feel achievable and strategic, especially for those who want freedom, not just scale. Thanks for sharing this perspective!

    [email protected]414-719-6090
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    1Reply
    • Ryan SpathBusiness Member
      OP
      Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes
      10mo
      Quote from @Charles Clark:

      @Ryan Spath

      Well said! This is a powerful reminder that it’s not about chasing door count—it’s about owning the right properties. Your “Power of 10” framework makes investing feel achievable and strategic, especially for those who want freedom, not just scale. Thanks for sharing this perspective!


       No problem! Always looking to contribute to the BP community. 

      [email protected]208-600-2814
      0Reply
  • Kevin PolitePro Member
    Investor · Decatur Atlanta, GA · Member since 2011 · 612 posts · 232 votes
    10mo
    Quote from @Ryan Spath:

    It’s easy to get “door envy” when you listen to podcasts or scroll through other investors’ posts. You see people chasing 50, 100, 200+ units and start wondering if you’re not doing enough.

    Ryan, I totally agree with your philosophy. I never had more than 11 doors myself, and that number worked well for a long time. For me, the real question eventually became the end game. I always assumed I’d keep around 10 into retirement, but as I got closer, I realized I didn’t actually want to manage them anymore. A few years back I read Retirement Planning Guidebook by Wade Pfau, which I think every investor should read regardless of age. It really shifted my perspective by looking at retirement holistically — income planning, taxes, Medicare, and IRMAA, which I had honestly never heard of before.

    About three years ago I got calls on Christmas Day and the day after about heaters going out. I handled it even while out of town, but it was a wake-up call that I didn’t want my retirement to look like that. Since then I’ve been slowly selling properties and I’m down to three now, deciding whether I want to keep those or sell as well. The difference is I now have a path I’m comfortable with either way, and that peace of mind has been worth more than squeezing out a few extra doors.

    Ryan I totally agree with your philosophy and have never had more than 11. What is your end game? I always thought I'd keep ten during my retirement years, but as I got closer decided I didn't want to manage them anymore. 

    3Reply
    • Ryan SpathBusiness Member
      OP
      Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes
      10mo
      Quote from @Kevin Polite:
      Quote from @Ryan Spath:

      It’s easy to get “door envy” when you listen to podcasts or scroll through other investors’ posts. You see people chasing 50, 100, 200+ units and start wondering if you’re not doing enough.

      Ryan, I totally agree with your philosophy. I never had more than 11 doors myself, and that number worked well for a long time. For me, the real question eventually became the end game. I always assumed I’d keep around 10 into retirement, but as I got closer, I realized I didn’t actually want to manage them anymore. A few years back I read Retirement Planning Guidebook by Wade Pfau, which I think every investor should read regardless of age. It really shifted my perspective by looking at retirement holistically — income planning, taxes, Medicare, and IRMAA, which I had honestly never heard of before.

      About three years ago I got calls on Christmas Day and the day after about heaters going out. I handled it even while out of town, but it was a wake-up call that I didn’t want my retirement to look like that. Since then I’ve been slowly selling properties and I’m down to three now, deciding whether I want to keep those or sell as well. The difference is I now have a path I’m comfortable with either way, and that peace of mind has been worth more than squeezing out a few extra doors.

      Ryan I totally agree with your philosophy and have never had more than 11. What is your end game? I always thought I'd keep ten during my retirement years, but as I got closer decided I didn't want to manage them anymore. 




      I really appreciate you sharing this, and that’s an incredibly honest reflection. I think a lot of investors don’t spend enough time thinking about the end game until they’re right up against it.


      For me, the “Power of 10” has never been about managing properties forever. It’s about building enough high-quality equity and optionality that I can choose how involved I want to be later. That could mean keeping a smaller, low-friction portfolio, transitioning to professional management, selling selectively to eliminate debt, or even exiting entirely and reallocating capital elsewhere.


      Your Christmas heater calls are a perfect example of why clarity around the finish line matters. Financial independence isn’t just about income, it’s about control over your time and stress. If the portfolio no longer serves that purpose, then the strategy should evolve.


      I also appreciate you sharing the book Retirement Planning Guidebook by Wade Pfau. I hadn’t read it yet, but it’s now on my list for 2026. Anything that helps investors think more holistically about income, taxes, and long-term planning is worth paying attention to.


      I really like how you framed it — having a path you’re comfortable with either way is the win. That peace of mind is the real return. Thanks for asking the question and adding this perspective to the discussion.


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      1Reply
  • Stuart UdisPro Member
    Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
    10mo

    Quality over quantity. Most investors work harder and not smarter. Those who are trying to achieve the highest door count imaginable are usually just running a business, they aren't investing. Those who are most successful over time are the ones who are investors and let the real estate work for them. Not saying its "passive" or hands off, but the likelihood of sustained success goes up significantly when the real estate fundamentals are put ahead of the number of units.

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    1Reply
    • Ryan SpathBusiness Member
      OP
      Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes
      10mo
      Quote from @Stuart Udis:

      Quality over quantity. Most investors work harder and not smarter. Those who are trying to achieve the highest door count imaginable are usually just running a business, they aren't investing. Those who are most successful over time are the ones who are investors and let the real estate work for them. Not saying its "passive" or hands off, but the likelihood of sustained success goes up significantly when the real estate fundamentals are put ahead of the number of units.




      Well said. That distinction between running a business and being an investor is an important one and often gets blurred in these conversations. Chasing door count can turn real estate into a job very quickly, while focusing on strong fundamentals lets the assets do more of the heavy lifting over time.


      It’s never truly passive, but when the location, tenant profile, and long-term demand are right, the workload and risk feel very different. That’s really the heart of what I was getting at — letting real estate work for you instead of constantly working for the real estate.


      Appreciate you adding this perspective to the discussion.


      [email protected]208-600-2814
      0Reply
  • John MorganPro Member
    Rental Property Investor · Grand Prairie, TX · Member since 2018 · 2k+ posts · 2k+ votes
    10mo

    10 paid off properties profiting me 10k/month was my goal when I started investing in RE 10 years ago. I was 44 years old and thought that was doable so I got 15 year mortgages on my first 6 properties. My strategy slowly changed over time when I learned the power of leverage with 30 year mortgages vs 15 and using equity sitting in some of my homes that appreciated over time to redeploy to buy more and more with no money out of pocket. I ended up buying 14 good cash flowing houses from the $ I got from cash out refis on rentals that went up in value. I also bought five houses with 401k loans. And used 0% for a year credit card loans and random lines of credits from banks to help me buy more and more.

    I hit my goal of 10k/month profit at year 6 or 7. But I found it was easy to scale up and buy more rentals since it's easy to self manage and I can use the same handymen to fix things when they break. I'm at 31 SFR now and feel it's just as easy to self manage 31 properties vs my original goal of 10. And my cash flow is more than double my original goal. So 10 properties might end up being the perfect number for someone. Or they might keep scaling up since they have the basic processes in place and it gets easier and easier to do once you're familiar with it. The good thing is, real estate isn't rocket science and anyone can do it.

    3Reply
    • Ryan SpathBusiness Member
      OP
      Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes
      10mo
      Quote from @John Morgan:

      10 paid off properties profiting me 10k/month was my goal when I started investing in RE 10 years ago. I was 44 years old and thought that was doable so I got 15 year mortgages on my first 6 properties. My strategy slowly changed over time when I learned the power of leverage with 30 year mortgages vs 15 and using equity sitting in some of my homes that appreciated over time to redeploy to buy more and more with no money out of pocket. I ended up buying 14 good cash flowing houses from the $ I got from cash out refis on rentals that went up in value. I also bought five houses with 401k loans. And used 0% for a year credit card loans and random lines of credits from banks to help me buy more and more.

      I hit my goal of 10k/month profit at year 6 or 7. But I found it was easy to scale up and buy more rentals since it's easy to self manage and I can use the same handymen to fix things when they break. I'm at 31 SFR now and feel it's just as easy to self manage 31 properties vs my original goal of 10. And my cash flow is more than double my original goal. So 10 properties might end up being the perfect number for someone. Or they might keep scaling up since they have the basic processes in place and it gets easier and easier to do once you're familiar with it. The good thing is, real estate isn't rocket science and anyone can do it.




      Thanks for sharing this, it’s a great example of how strategies evolve as experience grows. What you described is exactly how a lot of successful investors actually build portfolios — start with a clear goal, learn how leverage really works, then adapt as confidence, systems, and opportunity expand.


      I also like your point that the “right number” isn’t fixed. For some people, hitting a specific income goal and stopping there is the win. For others, once the processes, team, and comfort level are in place, continuing to scale feels natural and even easier over time. Neither path is wrong.


      That’s really the takeaway I was hoping to spark with this post. Ten properties isn’t a ceiling or a requirement. It’s a reference point that shows you don’t need massive scale to change your life, while still leaving the door open for those who enjoy growing beyond that.


      Appreciate you adding real-world context to the discussion — stories like this are what make these conversations valuable.


      [email protected]208-600-2814
      0Reply
  • Alecia LovelessPro Member
    Member since 2019 · 3k+ posts · 2k+ votes
    10mo

    @Ryan Spath Denton county, City of Denton proper in Texas taxes have increased tremendously over the past 5 or so years as the City grapples with needing to improve infrastructure as the population has grown from 60,000 about 30 years ago to at least 250,000 now.

    I have a family member with a small portfolio of SFHs there that were purchased in the $150,000-$225,000 range over 10 years ago. The mortgages on them have been paid down considerably and they were all refinanced when interest rates were low, but did not have any equity pulled out, just got the lower rates. Rents have not increased more than $300 over 10 years on these houses as compared to other areas where rents have increased significantly during that time. Property taxes have gone up about 150% on them over the past 5 years and they barely break even 10 years in.

    1Reply
    • Ryan SpathBusiness Member
      OP
      Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes
      10mo
      Quote from @Alecia Loveless:

      @Ryan Spath Denton county, City of Denton proper in Texas taxes have increased tremendously over the past 5 or so years as the City grapples with needing to improve infrastructure as the population has grown from 60,000 about 30 years ago to at least 250,000 now.

      I have a family member with a small portfolio of SFHs there that were purchased in the $150,000-$225,000 range over 10 years ago. The mortgages on them have been paid down considerably and they were all refinanced when interest rates were low, but did not have any equity pulled out, just got the lower rates. Rents have not increased more than $300 over 10 years on these houses as compared to other areas where rents have increased significantly during that time. Property taxes have gone up about 150% on them over the past 5 years and they barely break even 10 years in.




      That’s a really helpful real-world example, and I appreciate you sharing it. Denton is a great illustration of why local tax policy and municipal growth absolutely matter, even in markets that look strong on the surface.


      What you described is also a good reminder that rent growth and expense growth don’t always move in sync, especially in states and cities where property taxes can reset aggressively. Texas is a different animal in that regard, and investors who don’t underwrite future tax increases can get squeezed even on properties that otherwise look “safe.”


      I think your point reinforces something important rather than contradicting it: market selection and ongoing monitoring matter just as much as acquisition. Two portfolios bought at similar price points can perform very differently over time depending on tax structure, governance, and local policy decisions.


      Thanks for adding this perspective. These kinds of examples are valuable for newer investors who may not realize how much location-specific risk can impact long-term performance.


      [email protected]208-600-2814
      0Reply
  • Kenneth GarrettPro Member
    Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
    10mo

    I am in agreement with your post on the quality of properties versus the quantity. Quantity is useless unless they have quality.

    Quality is near good schools, low crime, property taxes might be higher, people want to live there and tenants stay longer.

    The key to picking tenants is a tremendous aspect. Don’t go for the highest rent possible they won’t stay and you’ll have a new tenant every year. Stay under the market rent.

    I say cash flow is king. Appreciation is a tremendous bonus, but is not something to count on. Of course, properties appreciate yearly until the economy takes a hit. 2008 was a wake up call, but it was an opportunity. In some markets values tanked 30-50%. Then it came back 200% or more. It’s definitely a long game.

    10 properties is very doable. I had 22 doors at one time. I scaled back to better quality homes in better neighborhood’s and took advantage of my properties that appreciated.

    The concept of quality is key.

    2Reply
    • Ryan SpathBusiness Member
      OP
      Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes
      10mo
      Quote from @Kenneth Garrett:

      I am in agreement with your post on the quality of properties versus the quantity. Quantity is useless unless they have quality.

      Quality is near good schools, low crime, property taxes might be higher, people want to live there and tenants stay longer.

      The key to picking tenants is a tremendous aspect. Don’t go for the highest rent possible they won’t stay and you’ll have a new tenant every year. Stay under the market rent.

      I say cash flow is king. Appreciation is a tremendous bonus, but is not something to count on. Of course, properties appreciate yearly until the economy takes a hit. 2008 was a wake up call, but it was an opportunity. In some markets values tanked 30-50%. Then it came back 200% or more. It’s definitely a long game.

      10 properties is very doable. I had 22 doors at one time. I scaled back to better quality homes in better neighborhood’s and took advantage of my properties that appreciated.

      The concept of quality is key.




      I’m very much aligned with this, and I think you summed it up well. Quantity without quality just creates more work and more risk. Quality locations tend to solve a lot of problems before they ever show up, from tenant stability to long-term demand.


      I also agree with your point on tenant selection and rent strategy. Chasing the absolute top of the market often leads to higher turnover, which quietly kills returns. Slightly under market with strong tenants usually wins over time.


      Cash flow being the foundation makes sense, especially for staying solvent through cycles. Appreciation is powerful, but you’re right — it’s not something you can force or rely on in the short term. The long game rewards patience, discipline, and good assets, especially when markets inevitably reset.


      Your experience scaling back into better neighborhoods really reinforces the theme of this entire thread. Fewer, higher-quality properties often outperform larger portfolios that look good on paper but are harder to live with day to day.


      Appreciate you adding this — the focus on quality is really the common thread across every successful strategy shared here.


      [email protected]208-600-2814
      1Reply
  • John MorganPro Member
    Rental Property Investor · Grand Prairie, TX · Member since 2018 · 2k+ posts · 2k+ votes
    10mo

    @Alecia Loveless

    I hear you! I’m in DFW and these rapidly increasing property taxes and insurance costs have been outpacing rent increases. My cash flow is low on a few of them I thought would do much better as far as rent increasing over time. And a ton of rentals available have hit the market the last year which has caused market rent to come down $100-$200/month.

    2Reply
    • Joe S.Pro Member
      Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
      10mo
      Quote from @John Morgan:

      @Alecia Loveless

      I hear you! I’m in DFW and these rapidly increasing property taxes and insurance costs have been outpacing rent increases. My cash flow is low on a few of them I thought would do much better as far as rent increasing over time. And a ton of rentals available have hit the market the last year which has caused market rent to come down $100-$200/month.

       @Alecia Loveless

      I’m glad a couple of people that were familiar with Texas taxes going up exceptionally fast chimed in.  (That’s not even counting the increase of insurance which is happening in a big kind of way all over.) If you noticed, I mentioned property taxes in Texas earlier on. The OP  then instructed me to name the places… I didn’t know if that was a challenge to me as if I was making it up. (Hopefully it wasn’t.) Texas is a big place and I for sure wasn’t going to name the place where the taxes shot up faster than the rent. Lol.

      0Reply
    • Mike Kirby
      Rental Property Investor · New Braunfels, TX · Member since 2021 · 289 posts · 256 votes
      10mo
      Quote from @Joe S.:
      Quote from @John Morgan:

      @Alecia Loveless

      I hear you! I’m in DFW and these rapidly increasing property taxes and insurance costs have been outpacing rent increases. My cash flow is low on a few of them I thought would do much better as far as rent increasing over time. And a ton of rentals available have hit the market the last year which has caused market rent to come down $100-$200/month.

       @Alecia Loveless

      I’m glad a couple of people that were familiar with Texas taxes going up exceptionally fast chimed in.  (That’s not even counting the increase of insurance which is happening in a big kind of way all over.) If you notice, I mentioned property taxes in Texas earlier on, but when instructed to name places, I didn’t know if that was a challenge to me as if I was making it up. Hopefully it wasn’t. Texas is a big place and I for sure wasn’t going to name every place where the taxes shot up faster than the rent. Lol.

      Don't forget the appreciation that happened in Texas in the last ten years though. Between appreciation and renters covering all the PITI you should be very happy with your portfolio after ten years here if you bought decent in the first place.

      If you bought class C and below then that's another story.
      0Reply
    • Diego AlvaradoBusiness Member
      Real Estate Agent · Flower Mound, TX · Member since 2016 · 298 posts · 140 votes
      10mo
      Quote from @John Morgan:

      @Alecia Loveless

      I hear you! I’m in DFW and these rapidly increasing property taxes and insurance costs have been outpacing rent increases. My cash flow is low on a few of them I thought would do much better as far as rent increasing over time. And a ton of rentals available have hit the market the last year which has caused market rent to come down $100-$200/month.

      Hi @John Morgan

      This is true in our market so we have to quickly adapt. What worked for me is to go to market with lower rental rate and high appreciation. That causes that you would break-even (PITI + maintenance), but will give you a good cash flow after around 3 years.

      Regarding Taxes and Insurance there are two strategies that I use frequently that help me a lot.

      Taxes, I protest mostly every year, I used services that have low cost and I had mix experience but I found that when I took the reins I can keep the taxes low (I go to the county office to protest). To prepare as I am an agent there is no much of an issue but if you are not, many agents will offer free comps and tax analysis during the tax season.

      Insurance, this has been raising a lot during the year but with a good strategy to shop around every year and do a good risk mitigation strategy will bring the insurance low. This year I have reduced my landlord insurance a lot doing that.

      [email protected]214-833-8911
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      1Reply
    • Kevin PolitePro Member
      Investor · Decatur Atlanta, GA · Member since 2011 · 612 posts · 232 votes
      10mo
      Quote from @Mike Kirby:
      Quote from @Joe S.:
      Quote from @John Morgan:

      @Alecia Loveless

      If you bought class C and below then that's another story

      Normally, I agree — C areas are usually a no.

      I intentionally bought in select C areas adjacent to B areas in intown Atlanta where demographic shifts were already underway. The risk wasn’t random — it was tied to proximity, redevelopment, and income trends.

      Over time, the former B areas became A areas, and those C areas moved solidly into B territory. Population growth wasn’t the driver; income growth and tenant profile were.

      Most of my tenants were 2–5 years out of college, well-employed, wanted to be close to the city without paying city prices — and several eventually bought homes from me.

      Would I blindly buy in C areas? Absolutely not. But buying in the right C area, at the right moment, can be a calculated play — not a gamble. Unfortunately, not much left here like that now. 


      1Reply
  • Bob E.
    Queen Creek, AZ · Member since 2014 · 2k+ posts · 1k+ votes
    10mo

    I would add to this that the number of doors is important up to a certain point.  If you have one really great property and it goes vacant that can suddenly become a challenge paying the mortgages, rehab, and utilities.  Once you get a few units then the other units will cover most of those expenses during turnovers and things get a lot easier.  

    0Reply
  • Jim Johnson
    Real Estate Agent · Memphis · Member since 2026 · 601 posts · 351 votes
    8mo

    Love this perspective — scale gets a lot of attention, but sustainability is what actually builds wealth.

    Ten well-performing properties can absolutely outperform a large portfolio that’s overleveraged or poorly run. Debt paydown, steady rent growth, and time do a lot of heavy lifting when you hold quality assets long enough.

    I also like the point about optionality. A smaller, stable portfolio gives you flexibility — you can sell, refinance, or reposition without your entire operation wobbling. That freedom is often more valuable than chasing door count.

    Big portfolios build businesses. Smaller, solid ones often build lifestyles. Both are valid — it just depends on the goal.

    2Reply
  • Ryan SpathBusiness Member
    OP
    Real Estate Agent · Boise, ID · Member since 2017 · 580 posts · 379 votes
    8mo

    @Jim Johnson 

    Well said. That last line really nails it, business vs. lifestyle is the fork in the road most people don’t realize they’re choosing.

    There’s nothing wrong with scale if that’s the goal, but clarity on why you’re buying matters more than door count. For me, optionality and sustainability beat growth-at-all-costs every time.

    Appreciate you adding this perspective

    [email protected]208-600-2814
    0Reply
  • Account Closed
    Investor · TX · Member since 2018 · 57 posts · 28 votes
    8mo

    Why not own 1 property, but 10 times larger?

    0Reply
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