Updated 9 days ago on . Most recent reply
Crossing $3m net worth, 32 years old
Hello everyone!
I wanted to share my own success story. My first property purchase was in 2019 and back then my net worth was about $40,000. I grew my portfolio reasonably fast by continuing my work as an insurance adjuster, redeploying growing equity (into more purchasing), and driving Lyft after work. The properties are all on my profile if anyone would like to see them. I haven't updated them recently so the rents aren't accurate there. Right now, the portfolio has total rents of $35,000 per month (which can rise to $50,000/mo in the summer due to the RV campground that has mainly seasonal demand, which I hope to grow into year-round demand). Total mortgages are about $15,000/mo. I won't break down operating expenses further or the true net but the budget for my own expenses is crossing 6 figures.
The equity is $2.5m-$3m and that will become $6m through continued debt paydown.
Real estate has changed my life, and the Bigger Pockets podcasts helped a lot. Thank you BP, and good luck everyone on your RE and FF journey!
Most Popular Reply
Awesome work - give us some more details though!
How are you funding the down payments? Seller finance? Partnering? I see your leveraging equity in other properties, but there's usually not too much equity to be added in early on (yes with businesses, not so much with other RE). Possibly w/ the MHP, but it seems like these are really based on cashflow for the valuation, they're essentially commercial properties. 120k invested there w/ a 40k net worth? Where's the help coming in?