Hey BP Community.
I have been involved in REI investing for 3 years.
Property 1: Rental Multi
I started out with a 2 unit multi north of Boston. Which I currently still hold, and cash flow decently. Value comps are about 540,000 my debt is around 385,000. my monthly net CF I’d about 1,500 haven’t raised the larger u its rent in over a year due to wanting to retain the current occupants.
Property 2: Fix and flip
The second property in my REI journey was a 3 way partnership deal. On a Boston south shore single family. It was intended as a fix and flip, and our original exit strategy was reached. we bought with hard money then did a refi to convential because repairs became drawn out and rented for some cf to by is time. we ended up selling for 405,000 and our loan balance was 235,000. After taxes I netted about 40,000 after about a year of work and management.
Property 3: Primary Fixer upper / home.
My gf and I bought a primary North of Boston. Have put some work into it, refinished bathroom, revamped landscaping, new front and back porches. Finished one of the bedrooms that was in dated and aged shape. This home I view as a place to live and build a family for now until opportunity presents itself.
My gf and I have a household w2 income of 170,000, before my income from my rental property
My ultimate question is what should I do. I’ve been thinking going the second home/ mid term/ str route. another thought I have is venture further into a rental property but I know with rates, finding a deal that would cash flow would be tough.
Any pointer, expertise or discussion would be greatly appreciated !
