Building long term wealth through rental properties.
This is a sponsored post written by me on behalf of Floor & Decor. All opinions are 100% mine. While there have been some delays, renovations of the third-floor unit at Big Green are moving along and we are finally at the point where floors …
In the second episode of Rental to Wealth, Kyle and I dive deep into the details of our recent purchase and share with you all the numbers. With also give you an interior tour of the third unit and discuss the renovation plans and how …
In the very first episode of Rental to Wealth, Kyle and I take you with us as we close on our fourth rental property, a historic triplex in South Jersey we lovingly refer to as Big Green. Our first property is only a few blocks away and we are excited to pick up another in this great neighborhood. In this video weekly series, we’ll document our journey as we renovate the units and bring this property up to it’s full potential.
We found this property on the MLS around the time we were finishing up renovations on property number three. As someone who doesn’t like to take on multiple projects at once, we ran the numbers but didn’t actively pursue the home. A month or two went by and the property went off the market only to reappear a few weeks later with a $40,000 price reduction at $359,000. We were stoked! Price was more in our range and the timing was right. We were finished with property number three and ready to look. We scheduled a tour, walked the units, and made an offer along with a personal letter to the seller letting her know our intentions of house hacking the triplex and how excited we were to possibly call the third floor unit our home.
After some negotiations, we were under contract for $330,000 with $10,000 back towards closing costs. 45 days later and we’re at the closing table ready to get started on renovations.
In the second episode, we will share all of the numbers from projected rents and renovations costs, to cash flow and reserves. We’ll also take you inside and walk you through unit three, the one-bedroom we will be living in and tackling first.
DIY on, we’ll see you in the next one!
Property number 3, affectionately referred to as Little Pow, is officially complete! We finished renovations, welcomed a new tenant, and refinanced the property to pay back our lenders and pull out some cash for the next deal. This property was rough and we’re so excited …
The Troop and I are headed to the MidAtlantic Summit this week for two packed days of all things real estate and we are stoked! While we haven’t attended many real estate specific conferences, I’ve been to many for my full-time job so I know …
If you follow along on Instagram, then you know we closed on our third investment property, bringing our total number of rental units to four. We didn’t plan on buying another house yet after just finishing renovations on property number two, but a wholesaler reached out to us so we figured we’d take a look and run the numbers.
Continue reading You, Me, and Property Number Three
Moving is inevitable when your house hacking your way to financial independence. In fact, we predict we’ll have moved a total of seven times before we settle down into our “forever home” a few years from now. To supercharge our savings rate, The Troop and …
Property #2 was nothing like our first investment. Our first duplex required 4 times the amount of work, took 3 times as long, and tested us in every way possible. Fortunately, number 2 wasn’t the case. But with that, makes not very exciting before or …
Whoever said the first property is the hardest, obviously never bought a second one.
For us, getting that second property was rough. There was so much more uncertainty. For our first investment, we planned on house-hacking and so our criteria was very specific. We knew exactly what areas we would consider, the size, the complexity of the renovation, and how to fund it.
But we didn’t have this same focused vision on the second one. Since we wouldn’t be living in it, there were so many possibilities! Did we want a full gut duplex in the suburbs, a light rehab quad in the city, a vacation rental in Thailand, or turn-key single family in the South. Staying focused was so hard. We felt like puppies running after every car that drove by unable to ever catch one.
So we niched down.
It’s been a long time coming but we are proud to say we are officially finished renovating our first investment property! Looking back, it’s been such an amazing experience. We’ve both put in so much time and hard work, learned a lot of lessens, grew …