First year of Investing

[James Lemon]

Last November I purchased my first Investment property! After ten years in Real Estate I copied the strategy of two investors that I had worked with and learned from. I had no idea about Bigger Pockets, but looks like I fell right into the BRRR category.

• First Property Conventional loan with 20% down purchased at 30K. Note $415 Tenant pays $650.

• Second Property Conventional loan with 20% down purchased for 18K. Note $225 tenant pays $650.

• Third Property was a Bank foreclosure for $ 21k purchased with $5k down and a interest only loan as bank did not want to wait on Conventional financing. This property I invested $7k in my own money and totally renovated. Cashed out 20k after paying balance off and paid cash for the 4th property. Mortgage $320 tenant pays $700 monthly 4 bedroom 1.5 bath.

• Fourth property purchased as foreclosure for $16k and total renovation cost of $6k total investment $22k. Paid for repairs on all out of my reserves and commission from other sales.  Four bedroom 2.5 bath rents for $800 monthly and payment $315 on business line of credit.

• Currently I am using the cash out of the fourth to pay for the two properties that I have financed and another small loan.  I made an offer on two duplexes that are generating $2300 a month. My plan is to use the two owned properties for $50k and add $10k of personal funds to pay toward duplexes. Loan amount should be $80k with the bank and four properties that generate $3600 monthly

• Any thoughts