Wilmington DE · Member since 2021 · 14 posts · 8 votes
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?
@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 :)
@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 :)
@Katie Miller, that makes sense. It just seems nearly impossible to do if you are just starting out and only doing buy and holds. Luckily my wife and I already own our house but I can't convince her to pull out a home equity loan to jump start our real estate journey.
I'll just have to keep networking and stacking cash.
@Philip Marzen -- I think it depends on the market you're in as well as far as cash flow goes for LTRs. Have you attended a BP Webinar yet? That could also help jumpstart your progress!
@Philip Marzen a good majority of people growing at that type of rate are partnered with other folks, or bringing in investors. Like @Katie Miller mentioned, grow your network and relationships!
@Katie Miller I have not attended a webinar yet. Still getting used to the site now that I'm actually here and not just listening to the podcast. I'll do that though. Right now it's all about stacking money and learning how to get more to do my first deal.