My Income Snowball is Growing

[Richard McLain]

I didn't really plan this scenario, and some of you will fault me for a laissezfaire approach, but I started investing in SFRs in the year 2002 as a SIDE BUSINESS.  Lukily, I had other income so I've never neede to take a salary from my rental portfolio.  I invest in Oklahoma City, admittedly a low value market, but I now have 140 doors now, mostly Single Family Residences, with a few Duplexes, Triplexes and Fourplexes mixed in.  The debt on the properties are deep into their amortization schedules now, and it is becoming easier and easier to pay the banks.  With inflation, the rents have almost doubled since 2002, and I am paying the banks back with CHEAPER DOLLARS.  And the snowball is getting bigger. Whoohoo!  Not posting to brag, but to inspire.  What's in your wallet?

[Richard McLain]

@Ray Johnson I've thought about your suggestion.  But if I ever got into a cash squeeze, it is much easier to sell a few houses than it is to sell an entire apartment complex.  I probably don't make as much money as the apartment guys, but it happened the way it happened.  There are special liabilities and risks in owning an apartment complex.  I've had three separate house fires in 16 years (nobody got hurt), and in all three cases, the damage was covered by insurance (two were a total loss).  So I've diversified my income as well as having diversified my risk.  If I want an apartment complex, I would probably buy an apartment complex in addition to my houses.