All Forum Posts by: Alan Pederson

Long journey but I'm sure it will be worth it.

I thought a carriage house was like a garage

I have thought about having partners but I don't always play well with others. It's tough enough arguing with my wife sometimes about what we need to do and how much we need to spend to fix a house up.

@Peter Tverdov I agree with you. I'm not a big fan of having partners. I like being the one that calls the shots even if that means my list of properties may not grow as fast as I would like. I'm told what to do 8 hours a day 5 days a week and I don't want to continue dealing with that forever. Soapbox over.

When me and my wife started doing this 3 years ago we didn't know what we were doing. The only dream we had was to see if we could make some passive (that's a joke because it's a lot of work) income so it would be easier to retire a little early. I told her if we could make $500 a month per house (15%+ ROI) it would be worth the work and the risk. We only have 3 rentals so far but all of them make $500 a month each so we're happy with that. If we can pick up 7 more over the next 8-10 years, I can retire on $5,000 a month in extra income.

I wish I could figure out how so many people seem to find the money to finance all these deals. I must be doing something wrong. We save $2,000-3,000 a month and that still seems like it takes us forever to save enough to buy the next house.

3 SFH all local area and all are long term buy and holds. I have bought one house a year so far and plan to continue doing this until I'm up to at least 10 units. I'm interested in moving up to multi-family deals at some point. I work a full time job and manage the units myself.

I usually sleep 4-6 hours a day. I work the graveyard shift and have been on this shift for many years. It really screws up my sleep during the week and on the weekends. It's even worse when we have a house we're working on or trying to rent. My stress level goes up and my sleep amount goes down.

I know we always keep at least $20k in the bank and we have 3 rent houses.

You could always flip those first 2 houses instead of holding them

As long as you're happy with what you made then go for it. How many hours worth of work will it take? What will you make an hour after everything is totaled up? If I can make $50 an hour or more doing anything, I jump at the chance. That's more then I make and after Uncle Sam gets ahold of my paycheck it's more like i'm working for $10 an hour (just kidding).

@Alexis Scott Me and my wife spent 10 years saving money to buy our first rental in 2015. We saved $1,000 a month and actually had enough to buy 2 but I promised her we would buy the first and see how that went before we bought the second one (in 2016). Everything is going great so we bought the third one in 2017. We now save $2,000 a month plus the rental income. We should have enough money to buy the next one in about 6 more months.