Looks like low leverage at the time, but no refinances? 

Way too low!

Most of the properties I bought are in the "high end of the low end" range, and none are on or near the water, which helped a lot.

I would not, however, bet on shipping rates staying this low over the long term.They have all the plumbing and electrical built into a centerpiece.This the sort of problem you'll face.  

I have a small real estate portfolio and a long investing horizon as I'm in my early 30s.Thoughts on why to stop 401k:- no match benefit- returns are very low avg. annual ~5.5% last 3 years net of fees- can only borrow up to 50k from 401k - limited access to capital until retirement age Thoughts on why it could be good to invest in ETFs or general securities example instead(SPY) :- higher returns 9% avg annual last 3 years net of fees - access to capital - securities backed line of credit (could be used as another form of liquidity to continue purchasing real estate) - long-term mitigated tax liability - if you never sell the underlying securities and instead use the line of credit as a form of liquidity to purchase assetsIt seems like this could be a long-term strategy with limited tax liability. 

With low inventory, this is a more efficient approach than targeting specific areas, IMHO! 

KC is a great long term rental market for low taxes and landlord friendly.

🏦To get to the point where you can avoid personal guarantees, you’ll need to build your business credit over time:Open trade lines in your business’s name (utilities, vendors, etc.).Make sure you’re reporting payments to business credit agencies like D&B.Keep your debt-to-income ratio low and maintain good cash flow.It doesn’t really matter if it’s an LLC or S-Corp—what matters most is establishing the business as a strong, creditworthy entity.But yeah, in the early stages, personal guarantees are almost unavoidable.

@Adolphus Fletcher - If you're main goal is to build business credit there are different avenues to do so including: obtaining and unsecured line of credit for the business, applying for a business credit card, applying for business accounts such as Home Depot/Lowes, etc...

Luckily for me, my cost of living is extremely low right now so I can save almost all of my commissions.