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Updated over 1 year ago,
New Investor - How do I expand out quickly?
Hello All,
I'm new to BP, and I look forward to meeting many of you! I could use some help to figure out my next steps in this journey to be as successful as you all.
My journey started last year, April 2021 when I acquired a legal 2 flat as my first property. I fully renovated it, converted to 4 units (2 in basement) and currently renting out and managing myself. Investment is currently cash flowing nicely. Half a year after that, I sold a primary home my parents had and bought another primary home which I'm currently living in with them. Properties numbers look as followed:
INVESTMENT (Aprl 2021)
Loan type: FHA - 3.5% down
Interest Rate: 3.75%
Purchase price $400,000
Renovation Cost: 60K
Estimate equity: 100-150k
Cash flow: $1500-2000/month
PRIMARY (Oct 2021) (plan to leave parents here)
Cost: $300,000
Loan type: conventional %25 down
Interest Rate: ~6.75%
Renovation Cost: 50k
Estimate equity: 160-200K.
I currently have 20K in savings and cracking down on my spending to be able to save 30-40K a year. Im blessed to have a stable six-figure income at age 26 and I plan to take advantage of it to scale up as quickly as I can. If you were in my situation, how would you build your portfolio from here? SFHs, multi-family, big commercial real estate? Thank you all so much in advance!