How to get past 3rd, 4th, and 5th rental?

[Chris Mcdonald]

I have my first rental unit, cash flows $900 and about to pull out 100k in equity. My next purchase will be easy but my concern is - how do I get approved for number 3,4, and 5?

My thoughts- I have 100k to play with. Find a property that is $200k.

Purchase 200k, Valued at $250k

10% down - 20k

Rehab - 20k

Cash flowing $4-500

All in I will have spent around $50k rehabbing, down payment, and closing. The home will be valued at 250k and I’ll owe 180k. I’ll have 50k left in the bank. And only a little bit of equity in the new property.

What is the strategy to keeping the momentum rolling without running out of cash?

How will I get my next property?