Advice

I live in NY and currently have a total of six rental properties in Florida.
1. Valued at 420k mortgage of 270k
2. Valued at 125k mortgage of 67k
3. Valued at 125k mortgage of 90k
4. Valued at 80k mortgage of 50k
5. No mortgage valued at 40k
6. No mortgage valued at 40k

my monthly net cash flow is $1700,
my ultimate goal is to have enough monthly cash flow to pay for the big mortgage which is $2400 with tax insurance utilities, ( I break even on the property monthly currently)
Any advice on how to move forward from this point? I feel like I have a ton of equity and I should be doing so much more...thanks in advance

Comments

  • It appears you have a total equity of $830k and debt of $420k. If you only cash flow $1700 per month while having 6 total properties, then I assume that your rents are not high enough or are not worth owning the property for. I would suggest refinancing properties 1-4 to pull the equity out and use that equity to pay down the mortgages of property 1 and maybe even pay down 2 and 3. If you don't have a mortgage on your larger properties, then you should cash flow a lot more than $1700. Thoughts?

    Freshman at the University of Northern Colorado

    Majoring in Finance, Mathematics, and Economics

    Goals: Acquire cash flowing real estate assets and

    start a successful real estate company within six months.

  • That cash flow seems really low to me as well for the equity and amount of properties. Maybe sell some and exchange them into better performing houses?
    Creator of Invest Four More
    If you want more help with your investing, check out http://investfourmore.com/blueprint-for-successful-real-estate-investing/


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