Met my $100k cash flow goal!

[Amy A.]

A few years ago I set a goal of $100k of rental cash flow per year. This month (it's only Sept!) I made it! Started in 2007 with a 5 unit, another 5 unit in 2008. Tried to sell around 2010 due to frustrating tenants, thank goodness they didn't sell! Added a SFH in 2012, a 5 unit and 4 unit in 2013, and a 12 unit in 2014. Did tons of capex in 2015, and now have met the goal in 2016!

I earned my down payments by fixing and flipping foreclosures.  I have done 17.  Now I realize my goal was too small and am under contract to develop a mixed use commercial property and purchased another 4 unit this year.  These will be professionally managed as I give up management duties of the portfolio little by little.

Of course, I couldn't do this without my husband who is the "second set of eyes" on the numbers and is my (often reluctant) emergency plumber.  We always agree before we purchase anything, except for one foreclosure that I bought online, but he wasn't mad when we made $37k.

[Amy A.]

@Daniel Singh my best advice is to know your numbers (research to find realistic income and expense numbers, don't take the seller's or agent's word for it) and budget to pay others to do most of your improvements.   I like to do everything myself, but I got burned out at 10 units.  I reached a low point when the new floor I had personally installed, working many late nights, was destroyed by a tenant who never let her dogs out.  It brought tears to my eyes (or was that the ammonia?)