All Forum Posts by: Christopher Hall

Thank you @Com M..  Very helpful!!

 We already had our primary home paid off, and when we sold our house and moved, we just paid off the rental instead of leaving the money in the bank.  We weren't ready to buy in our new location cause we didn't know how long we'd be there.  Leverage itself doesn't scare me as long as it's profitable over time.

My goal - to be netting $30,000 a year from rental properties (probably single-family homes).  I'd like to hit this goal in 2-3 years.

My situation

• I own 1 rental property outside ATL.  It's paid for 100%.  It nets about $8k a year.  The house is worth around $140k.
• I have a job making a little over $100k a year.  Steady job - been there for 10 years.  Could set aside $2k a month for further investing.  Tired of job - want to get out eventually.
• I currently rent as we just moved and didn't want to buy yet.
• Credit score is 800+

My question - what is the best way to go about financing further deals?  I financed my rental with a conventional loan through SunTrust.  Put 20% down, if I recall.  Is that the best use of my money?  It'll take me a long time to be able to net $30k a year this way because I just don't have enough money.  I'm aiming to net $200 a month from each property, so I need 15 properties, so I can see myself running out of money pretty quickly.

I've thought about looking at multi-family homes, but I have some experience with single-family homes, and hate to start a brand new learning curve.  I'm bad about learning and not doing.

I've also seen strategies where people buy downtrodden homes, fix them up, refinance, and then take out a loan on the appreciation, and buy another home.  Is that another option?

Thanks for any feedback you all can give.