I currently have four rental properties that my wife and I manage. The plan is to keep getting more properties and eventually quit my full time job and just manage the properties. Has anyone here done this? At what point did you know it was time to quit? I feel like I will need more supplemental income from a part time job. Any experience with that? Ty

It's really just another "job". When it's paying you enough to live in the manner you are accustomed to, it's time to quit your other job - it's just like taking a new one.

Depending on the number of houses it takes to accomplish that & if you are carrying mortgages, doing renovations, etc. it might be a while since your current job is "financing" that.

You already have 4 rentals so you understand the expenses/cost to run them - you should be able to ballpark how many more you would need. When we first started, it took about 2 months of rent per unit to cover tax, insurance, maintenance, etc. Now we are closer to 3. Essentially we have 9-9.5 months of income if that makes sense.

Great goal, I can see it, I can see how to obtain it, I believe there is opportunity now and more coming and I am ready to achieve it. Now how to execute.....

1000 doors by end of '24. How's that for a goal?

I have one triplex and I am actively working to find small multifamily and mobile home parks in the greater SA area. I have been flipping vacant land for the last year and I built a small team to send 2500 mailers a month for the next year. I've closed three deals, have a fourth in escrow and several leads in the pipeline. That's to stack cash. I am studying everyday to learn how to get deal flow and secure funding and I've been doing that to one degree or another since 2012. I am close, I can feel it.

I'd love to have regular discussions with anyone who's in similar position.

How much leverage you putting on, at a portfolio level is fine.

Thank you. That makes sense. I'll need a lot more properties for sure. But I'm thinking ahead and I'm seeing a problem coming in which I will have too many properties to manage but not enough income to quit my full time job. Just seeing how others have tackled that.

Thank you. Wow, that is quite a goal! You mentioned stacking cash, which is another question I had... How do you finance so many properties? All through bank loans? Private loans?

You're welcome. We were lucky to start back when properties were still pretty cheap. We started buying with cash & then kept rolling the rents into more cash purchases. I can't imagine doing it with mortgages and not having other income, but I know others do it.

If you have any properties that are in BCS - let's talk! I'm focusing on expanding our property management efforts here

Have a local property mgmt need that I could run by you. Best way to contact?

Was supposed to show up as a reply to you.

Sent you a PM

As in insert the "this is fine" meme here fine? Yeah, I understand the headwinds, they are many. What should I do, sit back and wait for the perfect deal to fall in my lap or get creative and go find a way to make deals work?

Honestly, I believe there will be some deals that were purchased in the last two years with bridge loans that are not going to work anymore. I also know people doing very creative deals right now. That's my main focus, looking under every stone possible to find off market deals and creative financing. I'll probably end up wholesaling several off before I find one that I can keep.

My first big goal was $20k in cash flow by 2020. We called that focus 2020 and we failed miserably, not because I didn't know what to do or there wasn't opportunity. I just had too much self doubt. Maybe I'll fail this goal too but I can tell you that I am MUCH closer than I was in 2020.

If you're in the industry I'd love to chat more about how you're doing and what plans you have.

For land, we use our own cash some, investor cash some and lately we've been successful assigning contracts. Buying with creative financing is the our main focus right now. For example, I have a lead I am working for a 13.33 ac tract with a 1200 sf home on it about 20 minutes south of Hallettsville. It's very rural but it's in good shape for a 1950s model home.

I'm currently negotiating it for around $.50 on the dollar and will put a long option on it with the hopes to find my seller a buyer to assign the contract to. The seller MAY finance 50% of it for us, if he does we will move into it for a few months while we do some renovations and make it a STR. If we did that, we'd likely list 8 of the 13 ac because they are across the road from the 5 with the home. We could fire sale the 8 ac and be sitting with zero cash in the deal and a very LTV on the seller financed portion.

I do have a great relationship with Jefferson Bank in SA and they are still offering 75% LTV portfolio loans. I think we will see more people raising more equity over the next couple of years. There is a ton of cash out there and people want to buy real estate. Maybe I am crazy but I think we're coming into a great time to buy.

More experienced investors please chime in and let me know your thoughts.

Happy to chat, I do this on the side with end goals not to far from yours. I'm still at W-2 person at this point but trying to get off that in 5 years.

My comment was more around at what level on a portfolio of properties basis is your Loan to Value ?

Ahhh yeah I misread that as a pithy statement. Sorry. I'd be grateful to talk sometime.

I respect anyone still hustling in land. I love the model. We hit some counties hard about 1hr outside of Houston and one in the Florida panhandle hard and have made a killing, turned all the cash into 4 rental properties, and still receiving note payments, but the buy side is tough. Currently taking a break on the buy side until the next financial disaster happens and folks are more receptive to cash offers ...

How can I contact you? Having trouble sending you a direct message on here. Thanks!

Hey mwp02ag, what's your email? I'd love to connect.

howdy yall picked up additional work yesterday and today. I don't have stars and can't PM. my email is figtreehomessa@gmail.com