Sang Pak

Experience: limited real estate experience. Only been involved in 2 personal home(using traditional mortgages) purchase. I currently have one accidental income/rental property(I have owned this for almost 7 years and rented for 4 years but no cash flow due to 15-year traditional mortgage & did not know any better) and recently put in an offer for 2 more patio homes(potential of $100-$200 cash flow) in Columbia, SC. I NOW see this as a business model (before...My wife and I always simply thought that we have to save money than the payoff to get the full cash flow benefit, therefore, again save more/enough money to put down a downpayment for next one). I just got approved and closed on HELOC from my primary residence(Thanks to BP, learned a lot). Update as of Jan 2018 I closed on both patio homes from last year & put tenants in already. Refinanced my accidental rental unit so I can put 20% down for my next unit(put offers in but no luck yet) Real Estate Goals: I want to ultimately build up an investment portfolio that provides enough "passive income" to cover my basic living expenses and create wealth for my wife and I. I'm under contract for second and third rentals right now, hopefully closing by the end of 2017. I'd like to have a total of 10 units by the end of next year.