@Bicycle_B Thank you, I appreciate that.
@Spitfire Thanks and I agree, for a MMM types, it's a liberating income level, absolutely.
@Trifele Thank you!
@Dicey Hey, thank you, hope you've been well. Pretty sure your one house still has more light cans vs all mine...combined.
@tralfamadorian Thank you and good call on the lessons learned.
- Try and get more inspections done when possible. It's not always possible and because of this, I largely stopped doing them all together. But I should still strive to perform an inspection to weed out the nightmare projects like #6.
- Continue to seek bids from other contractors. I had declined to work with a couple other folks as I had a good thing going with my contractor but in reality, I probably could have saved a lot more money, especially on the last couple of projects, by going elsewhere. I got lazy and comfortable.
- Establish a schedule and track it religiously. I did this on the first couple of projects but again got lazy and comfortable. It's real dollars that are lost every day a property isn't occupied or is waiting on utilities turn on because I forgot, etc.
- Be more selective and stick to the original goal. The last two properties I really didn't need and the funding and rehab for these caused some stress that if I could do it over again, I probably would have just passed. It's hard to say no to another $1500/mo in cashflow and $48k in equity (originally planned for closer to $80k) but it was stressful.
These are the key lessons learned that come to mind.
@theoverlook Thank you. Correct, sole owner. Bank leverage is as follows and you'll see that the amount correlates closely to the monthly cashflow:
Property #1: $178k mortgage balance
Property #2: $129k mortgage balance
Property #3: $115k mortgage balance
Property #4: $189k mortgage balance
Property #5: $115k mortgage balance
Property #6: No mortgage
Property #7: $79k mortgage balance
@zoochadookdook Thanks and sounds good. Shoot me a PM, always happy to chat RE.