How do I scale to more properties or multifamily properties?
I'm wondering on what my next move can be. I'm wanting to scale my "business" into more properties or multifamily properties. I'm going to give you my situation, and let's see if anyone has any wisdom on this.
So, I have 4 SFH properties. I've used the BRRRR method very well I think. Long story short, my first one is free and clear. I took a cash out refi on it, bought another property and fixed it up with all of the cash. Rented it out, and did another cash out refi on it and did the same for the next two.
Now, I'll wait until the 6 month period is up and I could do it again, but I really want to scale it up. I'm just not sure what the possibilities are. If I take a cash out refi on it and use it as a down payment for a small apartment complex for example I would have that mortgage payment, plus the mortgage payment on the apartment complex. Can that be profitable? I would think so, but then you're kind of stuck with the apartment complex and two mortgages with no way to cash out again. Right?
If I took the cash out refi and let's say I used it for down payments on 2 additional SFH I don't think I'd have the cash to fix them up with. Maybe, but no telling at this point. Then I'd be stuck with 3 mortgages, and no way to cash out again. Right?
I've done lots of reading and listening to podcast etc, and they talk about these things, but they don't talk about the fine details on how they actually made that happen.
I hope this all makes sense, and maybe someone can help me get in the right direction here. Any help is greatly appreciated.