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Updated 11 months ago, 01/17/2024

User Stats

26
Posts
11
Votes
Michael Hoover
11
Votes |
26
Posts

17 Homes and growing but FEEL Stuck HANDs-ON - How did YOU ESCAPE wearing every hat?

Michael Hoover
Posted

Hello all Need advice (I think), Started in Real estate 3 years ago with 160k liquid cash to begin. I've always had the hands-on I can do it if anyone can mentally so my plan was always BRRRR (fixing ugly homes). Currently at 17 homes rented and 3 purchased inline for rehab. Always have had good credit and my previous job had me starting with 0 in debt. Family of 5 to support.

From the beginning, I've been doing every step as a one-man operation with 1 to 2 labor "helpers". Home search, to reno planning, to paint, to plumbing, to floors, to roof, to record-keeping, contract writing, and self-managing (all).       Feel I have backed myself into a more than full time job and in my baby rural town feel this might be the only way to keep this profitable.

I invest in my "backyard" of Central MS, VERY Rural small towns. BRRRR method primarily

16 homes rented, 3 in line

my average home purchase at 36k of mid to highly-distressed properties,

finished Reno appraised value avg 99K

Avg Loan to value 60% after the cash out refi 

Cash flow avg 329/each, 5200 total.

Porfolio value 1.85m,         Equity 811k.

I know I'm growing home numbers, cash flow and net worth so Feel I'm moving forward but finding a real mentor to show me how to be more hands-off would be GRREEAT.

Contractors in my area are nearly impossible to find. Tiny Handyman businesses have been unable to tackle full work scopes and hiring individual jobs doesn't pan out money-wise.      

Maybe I've grown to accustomed to the "Free labor" of myself? Looking for someone who has battled a similar mindset and how you escaped!?   

 Thank you for your time to help me out. For real!

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