50k and under salaries

[Taylor K.]

How many of you have created a portfolio of rentals with a 50k or less salary in your day job? How many properties do you have? How did you do it? What price range do you focus on?

Cant wait to hear your stories.

[Amber Bellin]

I work a job that I love but I make less than $35k a year. I have 2 children and share custody with my ex husband. I currently own 4 homes and an empty lot.

For me I started with the home I purchased after my divorce. I didn't have any cash down but I had good credit and no debt. The second house came in when I found a really good deal a few streets over. At the time the market was down and things weren't selling. I did it "owner finance" and purchased the home plus the lot next door and spent every waking moment rehabbing the house. It took me 4 months because I only had my partner to help and a contractor (after firing 2 bad ones) to help me with the things I had never done. I learned a lot! I did a lot of shopping at thrift stores, Craigslist, habitat for humanity etc. to find a lot of what I needed to fix the house. It turned out amazing and about a year after I purchased it I refinanced to get away from the owner finance and the house appraised at $75k more than I paid and that did not even include the lot next door that I now own free and clear. When I did the refi, I took out $20k extra and used it to buy my next home. You get the idea, now I make enough in rental income that the banks seem willing to lend me anything I need. I also now have a couple of investors that have been impressed with my work, so my next purchase will be made with investor $. The problem now is the market is up significantly and finding the deals Is easier said than done. I am always keeping my eyes out tho, you never know where the next purchase will come from!

I still have that $35k job, to hard to leave the security when I have little mouths to feed. I am aiming to leave my job tho once my children are off to college... Maybe travel to different areas and live in homes as o fix em?? Who knows! Reach for he stars right!?