The last house we bought was in March 2017. We are in the process of refinancing a duplex and get finances sorted out but lately I have fealt that I have not been putting much effort into wanting more even though we do and know we need to if we want to keep moving forward.. currently we have 4 duplex and with being married a 15m old son, soon to have another on the way it's been busy with life though I know I need and want more houses.
Number 3 was our best house. We converted it into a large duplex and cash flow is great. I'd like to do it again however it's a lot of work for basically only me when I should be at home with my family.. it's a catch 22. I know I can pay people to do it tho difficult to have the funds to do it..
The market I typically invest in has slowed down and the time to buy is now. I am always looking however not being able to find the right one so I think.. while trying to grow our portfolio I'm trying to get funds from different sources (ppl wanting to invest in or with me) or partners etc. Also always looking and trying to find private deals to beat market sales.
I have always wanted to flip a house, buy a SFH house, and do a BRRR. So I have been working with a new real estate agent who has funds and wanting to partner with me. I figure a flip or a large multi unit house with good cash flow would be best to partner on as sfh or small duplex arnt enough cash flow.
I have looked at a few small cheap sfh which would provide decent cash flow for a sfh tho don't want to settle just because it's available.. before I'd buy almost anything but now I have been a little more reserved... as this is our 5th rental, we have reached our first goal to suplement my wife's income with rental income therefore she can stay home with the kids.. tho we agreed she will try to get a part time job while kids are at day car once or twice a week for some extra spending money. As soon as she goes part time (in a year and a half approx) our qualifying for mortgages will drop significantly which will make it harder to buy more and reach our second goal of me quitting my full time job.
Hoping I can get some info from people who have been where I am..should I hold off until I find that high cash flow property, buy a house that I can convert to a high cash flow property though will require a lot of work, should I buy a cheap easy sfh that still provides decent cash flow but will be simple and quick... in the meantime I'm always willing to leverage other ppl with money who wants to work with me or looking at ways to get more money..I have always planned to buy a house knowing how to buy the next one before buying the one before so I don't get in a spot where I can't move forward.
thanks I'm advance, and hopefully this is posted in the correct section..
Are you only lacking the motivation to continue? Perhaps focus on one niche instead of looking at several? Personally, when I get too scattered I tend to suffer from paralysis from analysis.
kinda which is odd for me.. we recently moved and it's hunting season lol I actually was thinking of doing two houses at once this time if possible a flip and another rental. But also want advice from people who has been at my stage. I need to be able to qualify for more in the near future but how.. I think I'm getting to the point of our max..
Well if anyone cares.. lol to update this, We bought another its a sfh and plan to add a second storey, its a brrrr i guess you can say but plan to sell in 5-7 years after this area is done developing and market is hot again.
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