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Updated over 5 years ago,
Looking for advice on scaling/investing options!
First of all thank you in advance for your time and willingness to listen and share your ideas, suggestions, positive critiques! I also apologize in advance for my noobness.
I will try to keep the story brief and get to the nitty gritty! My wife and I are in a prime position to make some great moves/decisions. We currently own two rental properties and also have a home we live in that we "own." One of our rental homes is mortgage free and generates an avg of say 1800/month net revenue with a tax liability of 1100 per annum. Our other rental we just inherited from her late mother passing. I just personally completed a rehab on the property and we got it rented which it now provides a 650/month net and has roughly 100k in equity with a tax liability (believe it or not) of 75 per annum. yes 75 dollars. Thanks in-laws!!!. We self manage both properties and I am Mr. Fix it of course. We both also have very busy full time, technical and stressful careers but make a decent income. Yes, we are extremely blessed and grateful. We both put ourselves through school with no financial help from anyone except the banks and as of this week have paid them off and are (aside from the mortgages) debt free. We are in our late 30's and way behind on your "typical" retirement savings.
Our goal is to get out of SFR's and into MFR's and to generate cashflow to a full income level, allowing us to leave our "day jobs" and focus on building a deeper RE portfolio.
If you're still reading at this point, I wrote and deleted and re-wrote the next part several times but decided to delete at last and just ask, what is the best move here with these vehicles? I imagine this has been asked a million times and I apologize if has. I just found BP through a podcast and jumped right on here without digging through everything yet. I am aware of the BRRRR and 2% rule and such from just being in the landlord space but we want to grow and make moves so I wanted to tap into the great community here and hopefully start some great discussion! Im not on social media and stay off internet forums so I hope to meet and talk with some great likeminded folks here!
Thank you so much!