I've finally made a move to begin a real rental portfolio of my own! On the 25th of September, I closed on a small, two-bedroom, craftsman style bungalow in North Charleston with the intention of renovating it a bit on my own while living there, until I am able to lease it out and move on to the next one. The idea is to collect four "doors" and then vet some lenders for, what it known as, a portfolio loan. A portfolio loan is a loan that is usually amounts to the valuation of all of your rental assets combined, though the qualifications and terms change from institution to institution. Once we've gotten that far, I'll start looking for a multi-family investment property. In the mean time, I have been hussling trying to get this property move-in ready because we are hopefully closing on an REO (bank owned property) in the following days that will be a rehab. There will be more information on that property as things happen. If any of you are interested in obtaining some passive income properties (which I highly recommend), the best resource online is Bigger Pockets. If you are not a full time investor, it is difficult to be a member of your local REIA or a real estate education group like Fortune Builders, but Bigger Pockets is free and you can find loads of educational and informative things like this article. And, of course, if you need any help with the analytics of a deal or the representation of a deal, you know who to call! I often have homes that I am wholesaling that usually make for a great passive income investment. I recently sold one parcel that sat two single-family properties and a duplex. The gross income from that property was around $28,000.00! I would have absolutely purchased that place if I could have!
Also, I will be uploading photos and updates of both this rental property and my next rehab as things come into fruition.