27 year old in search of investment ideas. 1 million already invested.
Posted 10-09-2013 at 04:01 PM by Pinkmani
Quote:
So over the past 7 years or so I've been buying properties for rent and my own house that I currently live in, I also have a business that has been pretty stable for about 9 years. My goal is to find a more productive system to buy properties.
Up to this point I have been buying the properties in cash, a method that provides me security and complete return of rent but the drawback is that it takes me about a year to save up again to keep buying, so I want to find a faster way..
Here are the assets.
5 apartments, all paid in cash. ( I will list the cost of purchase and rent)
1- 67,000 - $890
2- 80,000 - $950
3- 55,000 - $850
4- 94,000 - $1,100
5- 100,000 (not rented) currently selling it for $55,000 ( economy bubble)
2 townhouses, one paid in cash and the other one I still owe $45,000 to the bank
1- 190,000 - $1,350
2- 150,000 - $1,200 (mortgage $600 a month so $600 income)
1 personal house, paid in cash
1 -200,000
So in rent I get $5,740 every month, I am taking into account association fees for the apartments and property tax and miscellaneous repairs that need to be done.
Now my business generates me about $156,000 a year (after taxes) and is pretty consistent.
My questions is up to this point I have been buying cash, this year I bought 2 apartments and currently have $35,000 in my bank account, in the past what I have focus when purchasing a property is that it will pay the initial investment in about 7 to 8 years but now I feel like I should take more risk in order to mainstream my portfolio.
Any ideas?
ps. I am planning to meet with an advisor but prior to that I want to do my own research.
Up to this point I have been buying the properties in cash, a method that provides me security and complete return of rent but the drawback is that it takes me about a year to save up again to keep buying, so I want to find a faster way..
Here are the assets.
5 apartments, all paid in cash. ( I will list the cost of purchase and rent)
1- 67,000 - $890
2- 80,000 - $950
3- 55,000 - $850
4- 94,000 - $1,100
5- 100,000 (not rented) currently selling it for $55,000 ( economy bubble)
2 townhouses, one paid in cash and the other one I still owe $45,000 to the bank
1- 190,000 - $1,350
2- 150,000 - $1,200 (mortgage $600 a month so $600 income)
1 personal house, paid in cash
1 -200,000
So in rent I get $5,740 every month, I am taking into account association fees for the apartments and property tax and miscellaneous repairs that need to be done.
Now my business generates me about $156,000 a year (after taxes) and is pretty consistent.
My questions is up to this point I have been buying cash, this year I bought 2 apartments and currently have $35,000 in my bank account, in the past what I have focus when purchasing a property is that it will pay the initial investment in about 7 to 8 years but now I feel like I should take more risk in order to mainstream my portfolio.
Any ideas?
ps. I am planning to meet with an advisor but prior to that I want to do my own research.
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