Rental Property Investor · Merrick, NY · Member since 2017 · 33 posts · 31 votes
I’m curious to see who exactly visits bigger pockets. Is it mostly newbie/wanna-be investors or more seasoned/experienced investors?
If you are investing, are you in state or out of state?
I’ll start by answering my own question, I currently have 6 units out of state and will be adding as soon as I find another deal, how about you?
Investor · Ogdensburg, WI · Member since 2016 · 273 posts · 351 votes
8y
91 units, along with timber and rec land.
1- 16 unit
2 -11 units
2- 10 units
1- 8 unit
4-4 units
4-duplexes
1-sfr
I bought my first in 2001. Working as a carpenter I Picked up one every time I could save the 20% down. No creative financing no partners, besides my folks.
Self manage and maintain all units. My dad and I have worked in the trades for a combined 60 years. So there is really no surprises left. Dealing with people always remains the challenge.
I went with 15 yr financing to start, this helped as I transitioned into larger multis.
Through loan pay down and forced appreciation, I was able to hang up my tool belt last year at 38..I have went back though on my terms, I got bored. I apparently need more hobbies lol.
Rental Property Investor · Providence, RI · Member since 2015 · 1k+ posts · 594 votes
8y
67 total units under our ownership in addition to the units under our management not owned by us. We have recently sold several properties which has brought our number down slightly.
Rental Property Investor · Brooklyn, NY · Member since 2016 · 15 posts · 8 votes
8y
I closed on my first 2 family last August. Took a while to get the second unit rented but it cash flows even with one vacant (knock on wood). Addicted to real estate already and on the hunt for the next property.
Always open to tips on investing around NY/NJ Tristate area if anyone wants to grab a cup of coffee and discuss!
Yes when it comes to mathematics, your right, the more leveraged you are, the greater chance you have of achieving more wealth. Everyone here knows that. The problem that your not addressing is the human element. My scenario wasn't to reference two individuals who are building their portfolio over a time period, the point I failed to make was that someone with more units, but tons of debt, may have no networth when it's all said and done, but someone who only had a few units could have paid for properties and a high networth. So what you've missed is it all comes down to the individual and the decisons they make in life. The number of units has nothing to do with success. You have to look deeper into each persons situation. That is why in the book "The Millionaire Next Door", they refer to someone has a large income, but a small networth, didn't do a very good job of managing their income thus is why they are called UAW (underachiver of wealth). Whereas someone who has a smaller income, but managed their money well, they have a large networth. They are called PAW. (Prodigous accumulator of Wealth),
Real Estate Agent · Cleveland, OH · Member since 2018 · 73 posts · 31 votes
8y
Hey Jason,
I guess I would be classified as a newbie I currently only own 1 rental in the state but their will definitely be more in the future :)
There seems to be a lot of experienced people on the bigger pockets app I have asked a few questions and read many good tips on these forums!
Yes when it comes to mathematics, your right, the more leveraged you are, the greater chance you have of achieving more wealth. Everyone here knows that. The problem that your not addressing is the human element. My scenario wasn't to reference two individuals who are building their portfolio over a time period, the point I failed to make was that someone with more units, but tons of debt, may have no networth when it's all said and done, but someone who only had a few units could have paid for properties and a high networth. So what you've missed is it all comes down to the individual and the decisons they make in life. The number of units has nothing to do with success. You have to look deeper into each persons situation. That is why in the book "The Millionaire Next Door", they refer to someone has a large income, but a small networth, didn't do a very good job of managing their income thus is why they are called UAW (underachiver of wealth). Whereas someone who has a smaller income, but managed their money well, they have a large networth. They are called PAW. (Prodigous accumulator of Wealth),
I understand what you're saying on the number of units, absolutely. I'm just saying having a goal of a smaller number of paid off units would make a person a UAW, versus someone leveraging to grow their portfolio dollar size would in the end, make them a PAW, but it is a little more risky. But as you and others above have said, it completely depends on your goals.
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
8y
@Marcus Johnson I still don’t know if I agree with your blanket statement that “the number of units has nothing to do with success.” I think I might agree with it more if you were to say something like “just because someone has a lot of units that doesn’t necessarily mean that they are more successful than someone with fewer units.”
You would need to take a look at net worth or cash flow or see if their investing is lining up with their life’s goals to see who is truely successful. I think that is what you are meaning. And if so, I agree with you.
Real Estate Investor · Tyler, TX · Member since 2017 · 8 posts · 0 votes
8y
4 duplexes we built and self manage. Just started dirt work on a 4-plex (16 doors) all in the city I live in.... great question, really enjoy reading the diversified responses.
burnabY, bc · Member since 2016 · 16 posts · 4 votes
8y
4 houses. In the same province but 50kms away from my residence.
Canada’s new stress test 2018 has made it tough to acquire more properties using traditional methods and hard money loans will eat up most if not all your margins
Investor · Kennedale, TX · Member since 2016 · 219 posts · 349 votes
8y
3 SFH all local area and all are long term buy and holds. I have bought one house a year so far and plan to continue doing this until I'm up to at least 10 units. I'm interested in moving up to multi-family deals at some point. I work a full time job and manage the units myself.
Rental Property Investor · Saratoga County, NY · Member since 2013 · 178 posts · 73 votes
8y
Currently we have 3 units looking to add more plus looking for a flip to do. Bought the property with private money did the rehab and paid back the private loan with a mortgage from a local bank.
Property Manager · Wisconsin and Florida · Member since 2017 · 346 posts · 227 votes
8y
We have 4 vacation rental properties (2 condos and 2 SFH) and 1 commercial space. 4 are in state and 1 out of state. We manage 7 additional STR's. We are looking to expand this year adding additional properties we own and vacation properties we manage.
Real Estate Broker · Fort Wayne, IN · Member since 2016 · 88 posts · 41 votes
8y
I am from Indiana and own a single family home and one duplex as an owner occupant. Buying another duplex across the street and trying to buy the one next to it. Also, raising money from personal connections to buy 40 units (20 duplexes) in their own subdivision. Would like to be at 50 units by the end of the year.
Watertown, MA · Member since 2016 · 53 posts · 42 votes
8y
I only invest in state and close by. I just closed on my third property on Friday, giving me a total of six doors. I own a duplex on the west side of Watertown, a duplex on the east side of Watertown, and now a duplex in Oak Square in Brighton. My goal is to add a duplex (or larger) every two years until I'm able to achieve financial freedom.
Investor · Sewell, NJ · Member since 2016 · 68 posts · 48 votes
8y
Retired from my business. I have 12 residential one commercial building and 3 garages. Plus a beach rental in Cape May. It makes for an easy retirement