All Forum Posts by: LaRuan A.

I went straight into multi-family because I was working at a Big 4 Consulting firm, did not get promoted during a year that I worked six days out of the week away from home, and desired passive income to replace my net income. Plus, I wanted to have a lifestyle where I could spend a lot of time with my newborn daughter. After traveling internationally to more than 30 countries and living in five different global regions, I want to continue living abroad for extended periods of time with family. As a result, I got a personal loan for $50k for a 5-plex in Memphis, TN, despite living in Northern Virginia. I put $10k of my own savings into the deal.

Three years later, I still have the 5-plex, a SFR from an IRS tax auction, and a recent duplex. Each property, except the latter, took nearly a year to make profitable due to vacancies and title challenges. Today, I generate roughly $4,250.00 in rents - netting roughly $2500.00 per month. My goal, like several investors, is to generate $10k net annually over a 10 year period to potentially retire early.

Hey Sean, Were you able to find good Memphis B and C property contractors? - L. A. Cole