11 units after 4 years

[Steve M.]

I have been coming to BP for a couple years now. I figured my first post should be the highlights of our last four years as RE investors

My wife and I purchased our first home (an over under duplex) a couple months before we were married about 4 years ago. I was a full-time student and had a full-time job when I decided to buy and renovate my first house as well as making the leap into becoming a landlord.... probably not the best idea but it worked out great! 

Numbers:

Paid-$265,000

Down payment=$53,000

PITI-$1200

Rents $2100

Cash-flow-$900

I had been reading about RE investing since I was a freshman in college but I had never taken the plunge. After a basic renovation we were able to rent the basement unit for $850. After collecting our first rent check I was hooked. Our renters left us with a mortgage of only $350. 

It wasn't long until we had a good chunk of change saved up again. On duplex number 2 we opted to put only 15% down and we also opted to live in the bottom unit rather than the top (my wife is a trooper).

Numbers:

Paid $295,000

Down payment $44,000

PITI=$1500

Rents $2325

Cash=flow-$825

While living here we purchased our next two properties, another duplex and our first triplex. The duplex brought cash-flow of $750 and the triplex brought $1050 bringing our monthly cash-flow to $3525

we moved about a year ago into our current home (another over under duplex where we rent the basement for $950)

We have been saving up and we're actively looking for another investment but the SLC market has gotten so expensive we can't find anything that will cash-flow.

We're not making a ton on cash-flow but our properties have been appreciating very well. Between appreciation, pay-down and cash-flow we have a pretty good chunk of equity saved up. My next goal is to develop a small apartment building (10-20 units). There is a huge demand for affordable housing in our area and I'm looking forward to the challenge.

reading through success stories on BP is my favorite thing to so I figured I might as well contribute.