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Updated about 5 years ago on . Most recent reply
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I am a new landlord, so now what?
I am a new landlord of a 6 unit building in Philadelphia. What are some ways to grow in real estate aside from reducing expenses and increasing rents (e.g., buy other properties)? I prefer the monthly income over the longer term appreciation approach. It would be great if both approaches worked in the long haul. My idea is to save enough to buy a second income property. Currently, I am self managing the property as I see little to no value in having a property manager "run" the building.
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@Waldo Kohl It sounds like you're wanting to find out how to scale your business and buy more buildings/units, correct? And you are interested more in cash flow and not counting on appreciation? One of the faster ways - if you've not seen it mentioned around this site - is the BRRRR method. If done right - and people can certainly make it sound easier than it is - you can buy a new building every 3-6 months or so. Again, I don't want to bore you with the details of it in case you've already seen it mentioned, but just putting it out there as a strategy that has the potential to fast-track people.