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Updated over 3 years ago,
portfolio growth advice / refinance
I am just getting started and still very new to this. I just recently purchased my first 2 rentals (in the last 60 days). Both are 3bd/1ba SFR in NC. Each were about 30k down, conventional financing. They cash flow ~$300/month each ($600/month total). My ultimate goal is around $10k/month in rental income. I'm saving 2-3k per month but to gain the cash for more purchases appears to be very a slow approach.
We have about $250k in equity in our primary residence. Obviously not much equity in the rentals since just purchased. Would you cash out refinance the PR and buy more rentals?
What processes / approaches have folks used to grow their portfolio more rapidly?