Alright, I've had too much bouncing around my head and need to put a bit down on paper to see what the rest of the BP Nation thinks. Please bare with me if you would. (Yep, looking back now that I'm done, it's long... read fast!)

I started investing Thanksgiving last year. Bought a duplex and dived into the landlord world. Given the limited funds I was starting with, I figured that would be it for a while. I could learn the ropes, explore and learn the market better, and in parallel save up funds for additional down payments. But then an FSBO quadplex came on the market just before Christmas that was just too good to pass up. I pulled the equity out of a car we owned and snatched that up. Not only did I get a chance to triple my units from 2 to 6, it gave me experience in buying subject to financing, and also forced me to contact a bunch more banks as I looked for a way to refi out of the HML the seller had in place. Okay, now I'm done, broke, trapped equity I can't tap til June... time to learn to be a landlord. Eh, not so much it turns out.

So right before closing on the refi, I'm still shopping around FSBO listings to see if I can get into any properties for zero or next to zero down, makes sense for a cash flow investor right? Well a seller tells me he can't do 100% financing but that he would be willing to carry a 30% down payment note if I can get financing for the other 70%. Hmmm, that's intriguing I think. Being this happened days before the Refi on the HML, I figured I would ask my new found lender while I was closing if they had done things like that before. Turns out, absolutely! Here I am, basically presented with an opportunity to do 100% financing. Surely this silver "bullet", this financing "magic" will only be available for 1 property? Oh heck no, as long as my Debt to Income stays solid, they have no qualms doing several they tell me. WOW!

So the seller who originally presented this idea ultimately backs out, they got a similar offer without the need to carry the 30% and went that way. But there were a few other properties I had seen that would make solid investments. They all rent for at least 1.5% of purchase price and I could "buy" anywhere from 10 - 25% equity based on my analysis in what I believed they'd appraise at. I figured I would reach out on these properties, 5 in total, and maybe 1 would be interested. Now realize, all 5 had previously said they weren't interested in seller financing. So my realtor calls them, FOUR!!! respond back saying they are interested. Holy cannoli! I can either pay closing costs (give or take $2,500) or even roll those into mortgages and greatly expand my portfolio... going from 6 units to 16 units! Naturally, another unit has since been posted to the MLS, and they too are interesting making it 5 houses and 18 total units (from 6)... what is wrong with me!

The negotiations on all 5 are going well. Two have backed off the 70/30 and have moved more to 95% owner financing so I'll play those by ear but all look doable. In the next 6 weeks I believe I can close all 5 deals.

So here's where I need BP Nation's advice... can one grow too quickly? I know Ryan had concerns at the summit (Btw, thanks for chatting with me at supper, I really wasn't that antisocial the entire event, was just in a self reflective mood when you caught me!) or at least looked at me in astonishment. For sure, I am stretching my cash reserves but that would only be a temporary thing. They would recover in approximately 2 or 3 months to very conformable levels. I'm more worried that I'm simply biting off more than one can chew. Is managing 7 rentals really that much different than 1 or 2 in your experience? I mean, I want to capture as many good/great deals as I can but at the same time, long term success is what I'm really looking for.

Like I said, the brakes appear to be broken. This real estate bug is looking more like an addiction. Am I careening towards certain disaster or am I simply overdosing on pure goodness? Is it time to throw open the emergency chute... should I maybe tap the brakes and take a breath... or should I continue balls to the wall?