All Forum Posts by: Kevin C.

@Paige Martin definitely true, but I’d rather have an algorithm do it for me than doing it myself. Call me a cynic, but in my experience a local saying “I’m just looking for a quiet weekend with my beau” can be translated directly to “I’m going to invite 30 people over, trash your house, and if all goes well the police will be called and you’ll have to pay your cleaners more than you earned on this booking.” 

I had read and talked to a few people about rental property. I started with one SFR and slowly built up to 32 houses. After I had about 10 houses I could use the equity from those houses for my down payment for the remainder. About 3 years after I started purchasing rentals, I was in the hospital for six months. I managed the properties myself until I was in the hospital and could not find a good property management co. People moved out and they did not find renters. I was losing money on the rentals. When I got out the total hospital bill, it was 5.5 million dollars. My insurance capped out at 1 million, so I owed 4.5 million. I still could not go back to work for another 6 months. I had to file bankruptcy and I had to throw my rentals in with my medical bills. Fast forward about 5 years and my mother died and left me about $20,000. I day traded stocks and accumulated enough to purchase 3 duplexes that were mismanaged and needed work. I got good management and started upgrading them. 3 yrs later I sold them for double my purchase price and put the money in a 1031 and currently purchasing with that money. I also flipped two houses and made 57K on one and 53K on another. Am currently looking for a 10-20 unit with that money. It is going slower than I would like it to. I think having a mentor would help me considerably.