Strategizing a plan to aggressively scale portfolio? Currently have 2 homes, details inside.
Location SoCal. Age 25
Home #1 value - $260k , Ref’id out $180k to buy home #2 + renovations.
Rent @ $1275 (maybe $100 - $150 below market)
Mortgage @ $1269
Loan balance left approximately $178k @ 5.62% IR
Home #2 value - 200k, free and clear.
Rent @ 1590
No job atm, working on a startup e-commerce project in a niche but would rather focus on REI if possible
Net income from the properties approx $1600 before cost of repairs / taxes / insurance etc
Won’t be moving out of parents home until marriage, personal expenses are very low for the time being so I feel like I should be more aggressive with my portfolio ?
What would you’re next move be? I am very open to the idea of acquiring properties outside of SoCal and making this work a full time job. I can acquire a larger amount of units compared to SoCal prices (Would expedite the “not moving out until marriage” issue, and would have to face more personal expenses)
The current homes are almost zero work, minus the occasional issue which is handled quickly by my go to handymen. I would love to make REI full time job , but I understand that could not be possible for years. Would love to hear your experience for some guidance
Posted May 29, 2019, 1:02 AM UTC