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    So close

    I am so close to 7 figures I can taste it. Base information, my base salary is 55 grand. Most of my net worth was gained in the last 5 years by working crazy overtime doubling and tripling my salary. Net worth is split between about 50/50 rentals and Retirement accounts.
    • $941,598.17 ASSETS
    • $233,793.94 DEBTS
    • $707,804.23 NET WORTH

    Last edited by Atretes1; 01-09-2021, 10:54 PM.

    #2
    definitely getting close.
    what are your debts comprised of? Rental properties?

    Brian

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      #3
      congratulations! Amazing
      LivingAlmostLarge Blog

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        #4
        Originally posted by bjl584 View Post
        definitely getting close.
        what are your debts comprised of? Rental properties?
        Rentals, besides 10 grand on a truck.

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          #5
          Great job, keep at it! You'll get there. Just stay the course.
          "I'd buy that for a dollar!"

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            #6
            Congrats! My assets are literally within a few thousand of yours but my debt about $150k higher :/ Also entirely in mortgages and real estate makes up about 2/3 of my assets. Are you planning to add to your rental portfolio or work on more investing/mortgage payoff? What is your forward looking strategy for growth? Excited to have a new real estate ally on this board since its not a popular topic with this group!

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              #7
              Riverwed and atretes how did you guys manage to keep buying rental properties and qualifying? How do you manage to get so much equity? Do you just save and put down so much on rentals? I mean $1m on equity and $233k how do you find properties and have them pay down so quickly?
              LivingAlmostLarge Blog

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                #8
                Originally posted by LivingAlmostLarge View Post
                Riverwed and atretes how did you guys manage to keep buying rental properties and qualifying? How do you manage to get so much equity? Do you just save and put down so much on rentals? I mean $1m on equity and $233k how do you find properties and have them pay down so quickly?
                I have 4 rental properties. I started buying them in 2016 and put 25% down on each one. My down payments come from overtime. All my properties are on 15 year loans.I don't have a personal mortgage which helps.


                Originally posted by riverwed070707 View Post
                Congrats! My assets are literally within a few thousand of yours but my debt about $150k higher :/ Also entirely in mortgages and real estate makes up about 2/3 of my assets. Are you planning to add to your rental portfolio or work on more investing/mortgage payoff? What is your forward looking strategy for growth? Excited to have a new real estate ally on this board since its not a popular topic with this group!
                Not sure what I want to do. I bought the 19 ram and I am fixing up my house so that derailed buying a new one for a year or 2. I really don't want to buy right now anyway because of the high price market. I am in between wanting to pay my rentals off or buying more. I get my down payments from overtime so if i ever slow that down my buying power slows down.
                Last edited by Atretes1; 01-14-2021, 02:38 PM.

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                  #9
                  Originally posted by Atretes1 View Post

                  I have 4 rental properties. I started buying them in 2016 and put 25% down on each one. My down payments come from overtime. All my properties are on 15 year loans.I don't have a personal mortgage which helps.
                  Excellent work - and whats best about this is you did it in a prudent way - you worked hard and saved Atretes, thats the best way to do it.
                  james.c.hendrickson@gmail.com
                  202.468.6043

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                    #10
                    Originally posted by LivingAlmostLarge View Post
                    Riverwed and atretes how did you guys manage to keep buying rental properties and qualifying? How do you manage to get so much equity? Do you just save and put down so much on rentals? I mean $1m on equity and $233k how do you find properties and have them pay down so quickly?
                    It's been a slow journey for me. Two of my rentals I bought as primaries first, lived in them a couple years, then moved into something else while keeping it as a rental. Like Atretes, I also only finance on 15 year mortgages and my purchase have been fairly spaced out - between that and the fact that I tend to seek properties I can improve, the sweat equity adds up. My 4 plex (only property I've never lived in) I bought for $95k in 2015. Put about $50k into renovations that I cash flowed from my w2 over 2 years and it just appraised for $226k. Likely could actually sell for closer to $300k as it brings in $3300/mo and I only owe $80k on it. Currently in the middle of a cash out refi to pull equity for my next rental - loan balance will go up to $160k, but I'll be able to pay cash for my next property.

                    As far as qualifying, you can have up to 10 residential mortgages before you have to start looing at commercial or portfolio lending and once you're established as a rental owner (ie can show profits on your taxes), they will count the rental income the next property is going to bring in toward your current income so qualifying isn't hard assuming its a positive cash flow investment!

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                      #11
                      Just a warning, you won't feel any different once you hit the million mark! I joke to my wife about us being millionaires although these day's a million isn't what it use to be.

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