What would you do at my current spot
I need some advice, I continue to learn everyday, listen to podcasts, read ect but I still find myself unsure of what to do next.
Basically im 22 I have 3 properties I own that are STR and all BRRRR'S besides one that is free and clear due to it being old family land that was vacant but had basically a 500 squarefoot teardown on it. I used all the money I made from a highschool business in ecommerce and selling basically everything I owned to rehab it.
I ended up buying another house after a year or so as well as starting an arbitrage STR business with a partner.
I split the lot and am converting the stand alone garage into an ADU. This property cash flows before the ADU.
Now im about to graduate college I make more than enough to live on due to having another profitable business with a partner though I have some major personal life changes coming that will take a lot of my income but I will still be able to save an amount I am happy with
In this position where should I go? I love doing reno work with the contractors I bring in as I can learn and know the ins and outs of the property but I also want to start getting into larger multifamilies or even just duplexes or low income.
I guess im just asking for advice on where I should focus as im about to cash out of this current deal and pull about 45k in equity out safely as well as having 3 cash flow positive properties I just down know where I should focus with still limited experience.
One of the big things is I may sell myself short thinking I cant get into certain things with my limited experience.
Thank you! Feel free to reach out or connect.
Keep the ball rolling and use the cash/equity to focus on more REI to build your portfolio. You have growth in both cashflow/passive income and future ARV/equity. Location is key in most cases to help identify your next purchase. Do you have any interest in 2-4 units to increase the units/rents under one tax bill. Multifamily rentals help add the extra protection against vacancy and they typically always debt service themselves.
You can also focus on amenity style homes or locations to increase your STR ROI and focus on either turn key or TLC properties to speed up the ARV potential. Never sell yourself short you have more properties under your belt then most people in their 30's. Explore more programs and property types and since you know about ADU's look for homes with bigger lots for that specific potential.
Feel free to reach out and Network always happy to help and talk REI!
