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Updated over 5 years ago,
how to grow my portfolio best?
Hello Bigger Pockets Fan's!
i am new to the forum but watch bigger pocket you tube since 2 years.
I have 5 properties, all single family homes, Houston area, 4 occupied (only 1 has a mortgage,80%), 1 i occupy myself (mortgage80%)
I am a real estate agent, single mom, running a small business that produces very good income of what i save about 60%. My properties cash flow well, the one with the mortgage only 200$ per month, of the cash out i bought our recent home, fitting my family situation better.
I manage all properties myself so far and have very little issues, properties are kept in good conditions, tenants are happy with how i manage it. One tenant in 4.House Chapel Bend is a former friend, giving me lots of headache, i am waiting for the possibility to evict her, i neglected my due diligence, lesson learned.
1. House Park Spring , 165.000$ 5 bed, 2000 sqft, converted garage appartment, rent 1600$ (lease just renewed 1 year) paid in full
2. House Maple Manor, 200.000$, 5 bed, 2400 sqft, rent 1650$ ( lease just renewed 1 year) paid in full
3. House Wisteria 235.000$ 4 bed, 2200 sqft, rent 1750, new tenant 1 year contract (80% mortgage just started last year, 5% interest, 30 years)
4. House Chapel Bend 3400 sqft , rent 2000$ , tenant 17 month lease, ends may 2020, caused demages and drama, waiting for reason to evict., house paid in full
5. House Latvia, occupied by me, 235.000$ (80% mortgage, just bought last year5,5 % interest, 30 years)
Questions:
1. I'd like to grow to 50 doors in the next 5 years. I am looking into multi family as well but am more familiar so far with single family homes. I love Brrrr and think there must be smarter ways than conventional financing.
2. I am thinking to sell 4. House Chapel bend, it's large and older, good condition , but neighborhood is changing, school district is getting really bad too. Or do i just put a .mortgage on it? In regular market it would rent for 2500$, i gave it cheaper as the tenant was my friend and in a divorce situation. The house still appreciated nicely. Not sure about .
3. i am thinking to cash out 1.House Park Spring and 2. House Maple manor to invest in new properties.
4. we have some low income areas where i could get houses for 1% rule. All my houses are blue collar middle class or up. So this might be more hassle with difficult tenants but good appreciation and better return. My life is already quite busy with properties, business, realtor and being a single mom.
I am good on monthly cash flow, my goal is long term (15 years) wealth build. I love buy , fix and hold and can arrange that in my life style up to 3 properties a year. I am good with managing construction sides, male workers :D and negotiations, but would love a general manager as well.
These are a lot of thoughts, i am looking for new input on how YOU GUYS would use what i got.
Thank you for your support and input!!!