We have just signed on our biggest deal yet!!

[Dustin Lavender]

So I have been investing like crazy over the last year. We started with $4500 2 years ago and today own 7 SFH, a duplex, and a multi-use property that includes 10 rental units, a small coin laundry, and 3 bay self serve carwash. Earlier today I put in an offer on a 36'x110' coin laundry facility fully furnished. The property is also home to a double bay car wash. One side is a self serve bay and the other side is an automatic. The appraisal and paperwork show a monthly revenue of $8,000 with the current appraisal showing a value of $400k. We have a signed purchase agreement for $250k. I cannot express in words how excited, scared, and whatever else I am. Now we just have to put together the funds! 😬

[Dustin Lavender]

Hersh M. I definitely am starting to sway toward multifamily/multi-use/ commercial properties. In my area this is where the cash flow is at in my price range. Most of our properties are financed using equity from previous purchases. This year so far we completed the renovations on the 10 unit apartment we purchased in late December, we got the car wash and laundry there up and running and we have closed on two SFH since then and completed the updates on those and both are rented. it is definitely a hustle and at this point we re-invest all of the cash flow back into the business. That means I ain't getting paid yet! lol but I still work full time and so does my wife.

My lender is a small local bank (#shop local). They are great. I write up a 2-4 page proposal for each property we purchase explaining what our projected project costs will be and what our expected rents and cash flow will be for each, etc. and they haven't told me no yet. Many of our properties are financed with no money down because we cash out equity from the other properties and roll it into the new loan for the down and closing costs and many times we walk away with enough cash in hand to complete the reno's as well. We aren't doing full gut renos on most of these properties though. Our average is 5-7k depending on the extent of the work and how much of it I do myself.

There are those out there who seer debt is bad and a lot of people want to own their properties outright, but if we did that at this point we would be stuck with one SFH cash flowing at maybe $200 a month scraping together to try and buy another. In a few years we plan to start quickly paying down our highest monthly payment loans so we can cash flow better and then pay down the rest of them.

As you can see I don't mind talking, so let me know if you have any other questions. 

*Disclaimer: I am by no means an expert. This is just the strategy that is working for me today. Tomorrow I may change my mind.