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Updated over 4 years ago on . Most recent reply
Who has empoyees, flips and is building a rental portfolio?
Hey BP
For the last 6 years we have been flipping and building full time and converting 1-2 units a year over to our rental company in the Raleigh/ Durham area. Recently we have decided to ramp up our rental property holds through new construction and flips. Luckily, we employ a construction manager and an admin that help us out tremendously. The problem I am running into is if we convert all these flips and/or new builds over to rentals then we don't make any income and I can't pay myself or my team. The only thing I can think of is when we refinance them we pull out enough money that we can pay our staff.
Im hoping someone has done this in the past and can shed some light on a better way.
Currently our cash flow from rentals does not pay all the bills. We don't use any of it to live on actually, just let it build to help buy the next one.
Thoughts?