All Forum Posts by: George Leeman

hi I am pretty new to investing with just over a few years of experience. I currently own 9.5 rental properties worth a total of about 800 to 850 thousand that rent for about 8000 gross and if all goes well with no repairs and vacancies or insurance I pocket 6250 after expenses. I also have about 150k primarily in stocks.

I have 35k in retirement accounts and about 65k in a inherited ira I can use when ever. I also have about 50k in my own personal stock account.

Two of my properties are owned in my inherited ira so the income is tax free. All the properties I bought have gone up hugely in value since purchasing which is great.

My plan was to better fund my retirement accounts to get 50k in there and then purchase a duplex with 1 unit in my. Ira and 1 unit in my inherited ira for a total of 11.5 properties owned cash since I own half of one with my brother. I would then sell off one of my properties and hopefully purchase another duplex for about 100k fixed up as well.

My issue is last year I paid almost no taxes due to buying and fixing houses and putting income in retirement accounts so I don’t qualify for a mortgage this year.

I want to learn how to refinance and cash out and take loans against my rentals to invest in investment mortgages and see if I can’t do a better job with about 1 million to work with. I’m interested in buying a cheap 10 to 20 unit apartment complex on a investment mortgage that I cashed out some money from a rental to use as a down payment.

Who would like to offer suggestions? I’m 26 years old and single and I help take care of my disabled mother, much of my money I got from a relative dying and I want to make them proud and grow it and be able to support myself and my family well.

I am not looking to own 100 rentals, just make a few more smart moves.