If you own multiple properties, rentals, etc....

[Anonymous]

How did you get there? What was your first step?

[Anonymous]

We have two rental properties (SFH) that bring in about $150k per year in rental revenue. They are both our former primary residences. Each time we moved we just kept the prior house and turned it into a rental.
Both have low interest rate mortgages that will be paid off in 7 and 13 years respectively.

[Anonymous]

Bought a cheap studio apartment near Metro and renovated it myself. Paid $51,000 for it and now worth about $300,000. Rented at $1800 a month.

Did the rinse and repeat and now own 11 studio apartments all close enough to Metro but not on top of Metro. Someone always wants to get away from roommates and have a cheap place to live.

Probably have close to $2.5M in equity and no mortgages on any of them. Cash flow is fine.

[Anonymous]

Uh, honestly, my dad bought me a condo when I was in college. Also, I had a trust that paid for college and books, but he paid my living expenses and then on top of that, gave me the child support he used to give my mother, which I just stashed since I didnt' need to spend it on anything. I was able to buy two more condos after selling the first for a profit with the money I'd saved, and rented them out, and kept going from there.

[Anonymous]

Listen to Bigger Pockets podcast for your question.

[Anonymous]

My parents own multiple rental properties in DC and MD. They bought 40-45 years ago when DC was a sleepy town and you could buy a home or commercial building for $90K-$100K. They started with one, paid cash then saved up enough in cash to buy the second, then the third and so on. This is extremely difficult to do today.

[Anonymous]

Bought a RH on Capitol Hill in the 90s. Rented the basement for decades, then the whole house when we moved to another country. Paid off the mortgage using rental income. Used cash to buy our next place, sold that for a huge profit and bought the next place for cash. It has a guest house we short-term rent, which generated enough cash to buy another property for cash that we developed and now long term rent.

You have to be dedicated to it. And do most of the work yourself.

[Anonymous]

Anonymous wrote:Bought a RH on Capitol Hill in the 90s. Rented the basement for decades, then the whole house when we moved to another country. Paid off the mortgage using rental income. Used cash to buy our next place, sold that for a huge profit and bought the next place for cash. It has a guest house we short-term rent, which generated enough cash to buy another property for cash that we developed and now long term rent.

You have to be dedicated to it. And do most of the work yourself.

I don't understand. did you sell your capitol hill rh?

[Anonymous]

Anonymous wrote:We have two rental properties (SFH) that bring in about $150k per year in rental revenue. They are both our former primary residences. Each time we moved we just kept the prior house and turned it into a rental.
Both have low interest rate mortgages that will be paid off in 7 and 13 years respectively.

+1. Bought 1st place, townhouse with 1st job. Never sold when I moved to a new place and kept and rented it out. Have 3 properties that way and renting out. Then bought beach house that we also rent out in the summer.