Rental Property Investor · Albuquerque, NM · Member since 2020 · 50 posts · 102 votes
I'll start. I'm 38 and I own 0 properties. I am reading all I can on REI with the goal to buy my first property within the next year. I'd love to be inspired by some of you and your journey.
I’d like to know your age, how many rentals you own, and the type of properties you own? How did you get your start and at what age?
Our first purchase of an investment property was at age 38. Twenty-five years later, we're holding 17 rental units (5 SFH, 2 duplexes, 1 eight-plex) that are all cash flowing. Real estate investing is not a full-time occupation for us, as both my husband and I have other careers. We're within 7 years of retirement and our portfolio will support that, in addition to our other investments and retirement funds.
Strategy.... Be a person of integrity, be kind to yourself and others, take care of your body (it's the only one you have), be a lifetime learner, set goals, stay the course, adjust to new circumstances, work smart, save more than you spend, don't hold consumer debt (pay off bills every month), build your credit worthiness, maintain a stellar credit score, nurture relationships with others, keep faith in God, believe in yourself, be a positive person, give back to the community with your time, talent, and treasure.
Hi Ryan. Native New Mexican here, transplanted to Massachusetts.
Bought first property at 33, a 3 story triplex.
Re: student rentals, you could concentrate your marketing toward STEM graduate and medical students at UNM. Quiet students that will just study and drink coffee all the time. You could advertise your rentals in the graduate and medical school student lounges and (electronic) bulletin boards. I have a friend here who finds his tenants through similar means and it works great for him.
I'm 49 and I own 6 properties, 5 SFH rentals (4 rented, just bought the 5th one and getting it ready to rent, 1 SFH residential (will be paid off in 2023).
Started back in 2008 with my residential and then 8 years later in 2016 when I got my first rental property using part of the money from ($100K) that I had built from investing in stocks that I started back in my mid 20's. Spent a couple of years trying to buy properties in the Austin market but no luck and then realized I could go out of state to get more with less.
I don't touch any of the rent I collect, 100% goes into a business account and accumulates for the next one.
Right now my goal is just to have a nice even 10 SFH rentals to generate me over $5K net income a month to go with my future pension.
I am 24, got started when I was 21 with an owner occupied 3 unit on an FHA loan. Once we close on a 3 unit next week, we will own 4 buildings for a total of 13 units.
My advice: Don’t let analysis paralysis Lee you from taking action, but at the same time, risk can be mitigated by knowledge and a few minutes with an excel spreadsheet. Always run your worst case scenario analysis and make sure that you are comfortable with that.
@Ryan Hazelwood paid cash. Acquired flips during down turn economy, did most work myself on days off, built a bank roll then started holding acquisitions. I engaged in tax deed auctions to find more deals. Still have a w2 job this is the reason my rental business can grow as I’m not siphoning money from the business.
I'm working on find a great deal in my area to partner on. I'm hoping the deal will work as both a flip, a BRRRR or a BRRRR without the refinance (so we get a better ROI) so that we have multiple exit options.
Hey first let me start off by saying.. YOU CAN DO THIS & youre in the right place.. i hope you listen to all the BP videos on youtube as well. life changing for me.
I am 29, I own 2 properties , one is a single family home in Florida. i was renting for 3 yrs and then bought it from my landlord and used it as rental income as we had to transfer back to NJ.
my 2nd property is a duplex in cleveland. theres lots of cheap properties there. both used as rental income..
currently looking for a few flips to do so that we can buy our dream home in south jersey, in 6 months. we plan on keeping that property in the family too, even if we moved we will hold.
The number of units doesn’t matter, don’t let anybody tell you anything different. How can you argue that if someone owns eight units and brings in $2000 cash flow Per duplex, please tell me what’s wrong with bringing in $96,000 a year on four properties? 
I'm 38 years old, started at 19. I own 26 units, a mix of SFH and multifamily. I also manage about 80 other units for various family members. This is my full time job. I do almost all work myself, with the aid of a small crew of employees. All property is A+ property in B/C neighborhoods, all within a 10 minute drive of home.
Hey there 38, starting investing OOS about a year and a half ago. I own about 30 or so doors myself and another 20 doors with partners. Still grinding everyday. My day job allows me to manage it from home and still hustle in the real estate game.
Very thankful and blessed. Shout out to the bigger pockets community wouldnt have been possible without it.
Hello, 38 yrs old started my real estate journey in 2006 but didn't really start scaling beyond just two until 2012. 20 rentals that include SFH,duplexes and a triplex.
@Clarissa Bryant sent you a message. My current landlord has been wanting to sell, but I’m not sure if its a good deal. Message me when you have time. I’d like to ask you a few questions.
@Ryan Hazelwood, good question and a very valid one. I also have a very good answer to it! Since I had started investing2 at age 48 and had already been successful (20 year career USAF Fighter Pilot), I had more than enough reserves to start investing in real estate. However, I did not rely on those reserves to get started, so my strategy could apply to someone just starting out.....here it is!
I decided to pay for the down payment and initial rehab cost out of my funds. But after acquiring my properties, I did not use any of my own money to pay ANY expenses (mortgage, Insurance, maintenance or repairs). Before 2008 anyone could buy investment real estate with as little as 3-5% down. But the 2008 downturn the rules changed and banks begun requiring 20% for non-owner occupied real estate. I always put 20% down even before 2008 just to avoid PMI. So that change did not affect me. Most people would struggle to get the 20% required today.......I have a solution. Here it is........
Most people, when thinking about buying investment real estate default to a Single Family Home. DON"T make that mistake!!!! Buy a small duplex to get started. If your renting.........STOP! Buy a duplex for 3-5% down if that is all you can muster. Rent out one side and cut your expenses to below what you were renting. Rent out one room on your side and live EXPENSE FREE.
Here is the secret sauce! This is what I told my two kids who are following my advice. Buy a duplex!!! If you can muster the 20% down YOUR DONE!!!!! If you can't, then buy and owner occupy and YOUR ALMOST DONE. By putting 20% down, your duplex should cash flow enough to PAY ALL COST OF OWNERSHIP! 1st year hold all profits to pay maintenance expenses, then years 2-14 pay down the note with profits and you should own the duplex outright by then. Now you have a pension for life.
Now there is a catch! This strategy works in the Southern States. Duplexes are culturally a Southern property type. Properties prices are reasonable and interest rate are still low. It works in the South, except for Austin TX now which has become mini California.....yuck! Good thing that I got in before the run up. I tell my kids that after you pay the 20% down I forbid them to dip into their own money for ANY cost of the duplex. But they must open one bank account separate from their day to day personal accounts. All monies form duplex operations goes into and out of that account is strictly for duplex operations only. No going to Vegas for the weekend!
Let me give you an example on how this works. I use the 1% rule to GUIDE me! Duplex cost 150k, rents of 750 each side, 1500 monthly. 30k down, 120k montage 30 yr note 3.5%. Taxes 3,500 yr, Insurance 1,500 yr total monthly payment $950 per month. Cash flow in 1500, cash flow out $950. Profit before property management and maintenance is 550 month. 550 X 12 months is $6,600 plus deposits (one month) $1500, plus first months rent there is no mortgage payment $1500. After the first 13 months you should have in maintenance reserve 6,660 + 3,000 = %9600 for maintenance. Years 2-14 pay down note with profits of $6,600. 6,600 X 13 years = $85,800 plus the normal buy down of principal form mortgage payment will get you down to zero left on the note. As maintenance reserve depletes, hold back profits to replenish. Property management is acquired for free......YOU ARE GOING TO BE THE PROPERTY MANAGER. How about cap ex. Pay for it out of maintenance reserve when needed. There are really only two big capital reserve cost. In Texas it is Air Conditioning and Roofs. So far all my roof replacements have been accomplished after I have had hail damage and my insurance pays for that. I have 19 rentals and usually replace a complete AC system once a year $3500 each replacement.
This example I gave you is real. Bought my first Austin Duplex in 2005 but for 140k not 150k but the rest of the numbers are correct. But now my rents after 15 years are not 750 a side but 1200 a side. If I was making money at 750, then I am doing great at 1200 and now have no mortgage to boot!!!!! Yeah you say that was then but not now..........BS!!!!! Just bought a duplex in Elgin TX 5 months a go for $174k rents $1850. Can't do it in Austin, but most of Texas you can find these deals.
For me, once i bought more duplexes, i use the profits on all of them to buy down the notes on one, so I paid off my first duplex in about 8 years and then the dominos fell quickly there after.
@Ryan Hazelwood 29. 2 single family rentals. I have been studying real estate since 2013 and was finally able to get started in 2019. Expanding to Multifamily apartment investing moving forward.
39 years old. 121 units as of today (the number changes frequently). Started in 2010 with one SFR rental. Then in 2014 I purchased a commercial building with 12 units. In 2015 and 2016 I mostly flipped but I also bought a few duplexes in Indy. In 2017 we changed our model to the lease option model and started keeping the properties. We now own 3 small mobile home parks, the commercial building, and over 50 single family homes in Arizona and a few in North Carolina. All of these I own with mostly one partner.
Hi Ryan. I'm 41. I started in 2014 by moving out of a single wide trailer I owned free and clear that I now rent out long term. I bought a double wide mobile home in 2017 that I rent out long term. In 2018 I bought two 3 bed 2 bath houses with a one car garage and put them on airbnb. This year- my husband and I are just a couple of days away from listing our third 3 bed 2 bath home on airbnb. We plan on continuing to expand our airbnb portfolio. Airbnb is fun, rewarding, and makes good money!
I am 29. Just started less than a year ago. 6 units. Investing in St. Petersburg-Tampa and Bradenton FL. My portfolio consists of small multifamily (2-4 units) in working class neighborhoods.
38 w/ 8 units (4 plex, 3 family, and a SFH) all situated in suburbs outside Albany, NY. Traded in condos to start a side development business but then landed back on REI w/ these multi families that have about 33% down payment in them and cashflow pretty well. Selling SFH and waiting for the market to turn before picking up another multi.