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Updated over 2 years ago on . Most recent reply
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Five SFR's but struggling to scale up
I started my real estate investment journey in 2016 by buying my first SFR with a 401K loan. I currently own 5 SFR but I am wondering where to go from here.
Currently cash flowing around $1,200/month and want to scale up faster but I honestly don't know where to go from here. I work a W2 job making decent money and have just been saving up for each rental and making the 20% down payments with conventional financing.
It definitely gets easier with the additional rentals but still too slow for my goals.
I have set a goal for $10,000 per month in passive income but don't see that happening for many years much less than the 5 year time frame I set for myself.
How do I progress from my current position to where I want to be?
Most Popular Reply
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I don't know if anyone will see this since it was back in Nov '21 but I just wanted to give an update on my progress.
After everyone's advice and A LOT of research, reading, and podcasts, I made some moves to get me closer to my goals.
I sold a piece of raw land I owned and bought a duplex off market which cash flows great.
Next I refinanced two of the properties with the most equity and took out a big lump sum.
I found five off market deals that I was able to purchase with money I had saved and the refinance cash.
I also came across one great deal off of the MLS and was able to get it as well.
My next move is to tap into the equity of my primary and I should be able to purchase three or four more rentals in the near future. Still not where I want to be but I will have 15-16 rentals with a nice cash flow of around $5,000 per month which is my lean F.I. number.
I will probably continue to buy when I come across deals and have down payments from my rental income and my W2. I am in no rush to quit as I love my W2 but the additional income is such a huge blessing.
So in conclusion, THANK YOU SO MUCH!!! The advice and guidance I have received on these forums and from private messages has been invaluable.