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Updated over 3 years ago on . Most recent reply
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How do you grow rentals quickly?
I read a lot about people that go from one property to 10 in just a year, for example. How do they do that with rentals? I assume that they must be getting awesome deals where they bought very low, did a quick rehab, and then refinanced and had a ton of equity and then used a home equity mortgage. If they used all their initial money to buy the place then they are back at zero, have very little equity in the property, and are only cash flowing a few hundred a month, that's not enough to go buy another property in just a few months. Is there something I'm missing? Is there more to it than just an incredible deal?
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- General Manager, Publishing at BiggerPockets
- Denver, CO
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@Philip Marzen The book by Chad Carson called "Retire Early with Real Estate" touches on this subject a bit! Almost like Dave Ramsey's "debt snowball," Carson details out how to "snowball" your investments.
On a personal level, I think the easiest way to start is by House Hacking so you live for free and that opens up some cash to get started on your second property.
I also think a lot of the 0-10 properties in a year aren't solo ventures! Find partners! Grow your network! That's how we've done our best deals thus far :)