What to do with $75,000 saved up for real estate investing

[Brad Stallings]

Hello,

current situation: I’m military and wife is a realtor. We Live in our primary home that we would like to stay in for at least 5 years. We own 1 condo that we purchased in the beginning of the year that cash flows $400 a month after all expenses etc. 

question? we currently have $75,000 saved up for our real estate investments but we don’t know how to approach the next buy/couple of buys. Saving up for the 75k took over a year and we don’t want to buy and then have to save and wait again. With this amount of money saved up…..what would your approach be? We want to grow as quickly as possible….but realistically. We would like to possibly buy one more condo and then begin our multi family journey. 

Thanks in advance!!!!

[Steven Foster Wilson]

Quote from @Brad Stallings:

Hello,

current situation: I’m military and wife is a realtor. We Live in our primary home that we would like to stay in for at least 5 years. We own 1 condo that we purchased in the beginning of the year that cash flows $400 a month after all expenses etc. 

question? we currently have $75,000 saved up for our real estate investments but we don’t know how to approach the next buy/couple of buys. Saving up for the 75k took over a year and we don’t want to buy and then have to save and wait again. With this amount of money saved up…..what would your approach be? We want to grow as quickly as possible….but realistically. We would like to possibly buy one more condo and then begin our multi family journey. 

Thanks in advance!!!!

Personally, I would be focusing on an area that cashflows and appreciates. My first BRRRRR was $300k, put $50k into it, refinanced, and got $90k back. I refinanced again and got another $50k and it still cash flows $1800/month. That alone helped us start our journey and it has been a snowball effect ever since. I would check out the market here in Columbus Ohio, https://learn.roofstock.com/blog/columbus-oh-real-estate-market this article shares the stats and trends for our market. Not to mention Ohio is a landlord-friendly state.