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Updated over 8 years ago on . Most recent reply

User Stats

68
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3
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Andrew M.
  • Pittsburgh, PA
3
Votes |
68
Posts

Next moves after two rennovate and holds, built up some equity

Andrew M.
  • Pittsburgh, PA
Posted

Looking for advice as to next steps as someone looking to eventually make a career out of real estate. 

Over the last two years I have bought and renovated two properties in a neighborhood in pittsburgh that has seen intense appreciation and have built up something like 225k in equity.

My current high level financials are: 

Own two properties, both mortgaged and rented

Conservative total market value of all properties: 550k

Combined debt on properties: 325k

Total equity: 225k

Monthly gross rental income: 3.4k

Monthly net rental income: 1k

I bought both properties on traditional non commercial mortgages and I have an 80k heloc alll factored into the combined debt number above. Neither of my properties is in an llc.

I'm 27 now and making decent money as a programmer but would really like to start transitioning more and more of my income to passive (or passivish) income. I'm really interested in getting into larger scale buy and hold deals, maybe apartments or commercial.

I'd like to hear hear what some more experienced investors might do in my situation to leverage the initial equity i've built up into some bigger deals. Should I be pursuing financing from major banks, smaller banks and credit unions, or more alternative forms. Are there any other alternative forms of finance that are inaccessible to smaller investors but may be available to me as I build capital?

Anything else I should be doing right now to be better positioning myself for future deals?

All advice is appreciated, especially if it comes along with a story of someone who has gone through some of this in the past.

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