Rental Property Investor · TN · Member since 2018 · 2k+ posts · 2k+ votes
So, I have 3 more rehabs to go, 2 are houses and one is converting an apartment house garage with a kitchen and bathroom to an apartment. After these are done and rented, my why needs are fulfilled.
So, do I stop adding more properties or keep going?
I self manage but if I add more, I really would have my personal life impacted by tenants and the business. I could hire someone to help, but then I become a supervisor.
The income is there to keep on building the portfolio. But I could also vacation more. Or just flip the money back to the financial manager for EFT, stocks, bonds, whatever. That truely is passive.
Oh, but every so often a deal pops up that is hard to resist. Then again, I do not want to create something that becomes a major job either.
I know in the end its a personal decision, but before making it I really would like to know....
Rental Property Investor · Smyrna, GA · Member since 2018 · 974 posts · 645 votes
5y
First of all, congrats @Lynnette E.! That's awesome. Check out what Tony Robbins speaks about on this subject. In the end it comes down to your fulfillment and we're most ourselves and human when we are in community and are giving back. Find a tribe (even BP) and give back.
Rental Property Investor · Smyrna, GA · Member since 2018 · 974 posts · 645 votes
5y
First of all, congrats @Lynnette E.! That's awesome. Check out what Tony Robbins speaks about on this subject. In the end it comes down to your fulfillment and we're most ourselves and human when we are in community and are giving back. Find a tribe (even BP) and give back.
San Diego, CA · Member since 2020 · 150 posts · 54 votes
5y
Hey Lynnette,
Congrats on achieving 3 rentals, I am in the learning phase still, and from what I heard it all depends on your goal. For example, my goal is to achieve 10 homes of passive income = $3,000 cashflow to start with and then keep escalating. So it all depends on the number on your head for financial freedom.
Congrats on achieving 3 rentals, I am in the learning phase still, and from what I heard it all depends on your goal. For example, my goal is to achieve 10 homes of passive income = $3,000 cashflow to start with and then keep escalating. So it all depends on the number on your head for financial freedom.
Cheers
I have more rentals. The are all fixed up and rented. I just have 3 left to fix. All 3 will be easy to rent once they re done. I buy foreclosures REO, major work to get them livable.
San Diego, CA · Member since 2020 · 150 posts · 54 votes
5y
Got it, How is buying foreclosures REO? I was learning more about Trustee sales in the San Diego market the only thing is a lot of people betting for the same homes and prices ending being almost as MLS homes, any advice on what to do in this case?