I have 5 houses renting, what's next

[Diandre Pierce]

I have 5 houses renting and I am curious on what is next. I can save $9,000 a month and I am thinking of scaling but I am unsure how. or even to what. mobile home parks? apartment complexes? triple end lease. My goal is to be filthy rich and set my family up for generations. maybe I should pay the mortgages faster? anyone have any ideas?

[Alecia Loveless]

@Diandre Pierce I’d save some money up and then look for a good value add multi family property. Maybe one that had some mismanagement issues. Not one that’s too big because it’s your first multi family, but maybe a 4-8 unit. It’s just like having your 5 houses, only all in one building.

I just bought a lovely 8 unit last April that had been horribly neglected but have turned it around and done some cosmetic renovations and increased rents. Today it has doubled in value with only about $75,000 in repair money.

You can find these deals if you look hard, search the MLS and off market and network. If you have any contractors ask them if they know of any properties for sale. Let people know you're buying when you get ready to buy. You never know who knows of a deal.