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Updated over 1 year ago,
STUCK! Looking for advice/mentorship on how to leverage portfolio to level up
I feel like I am stuck getting to the next level and seeking advice from those in similar positions. So far I have been just saving up to buy the next rental property and feel like I am on the slow route to success. I have not leveraged any of my properties yet which includes both primary and rentals. All properties were purchased under my personal name and are not under an LLC. Here is where I am at currently:
Primary Property:
- Valued: $450,000
- Owed: $243,000
- Mortgage: $1350
- Interest Rate: 2.875%
Rental #1:
- Valued: $300,000
- Owed: $107,000
- Mortgage: $900
- Rent: $1,850
- Interest Rate: 4.5%
Rental #2:
- Valued: $270,000
- Owed: $116,000
- Mortgage: $910
- Rent: $1,650
- Interest Rate: 4.125%
Rental #3:
- Valued: $300,000
- Owed: $133,000
- Mortgage: $1040
- Rent: $2,000
- Interest Rate: 3.75%
I work a 9-5 job and with the rental profits above, I am able to save about ~$80,000 a year conservatively.
As I mentioned, I am feeling stuck with my current strategy of just saving up the money to buy and renovate each property one by one. I want to revise my strategy and start to leverage what I have in order to make quicker moves with future investments. Given what I have disclosed in this post, what’s my next best move? What should I start looking into? Any questions or additional information I can provide? I feel like there’s a clear answer here but I am just not knowledgeable enough myself to know what to do. What creative financing strategies do I have in this current market?