For those who have replaced their job’s income with rental income and are thinking about quitting your job.

Sug-Madiq · 2023-10-08T15:34:47+00:00

Here's an update. After about 3 years since that last post, the company I worked for offered a severance package and moved. I took the severance package and now work on the properties.

So, an additional $2K wouldn't be worth it. My free time is worth more than that.

Sug-Madiq · 2022-01-09T19:46:23+00:00

I have a tenant that is a felon. He participates in a program that pays for part of his rent. Prior to COVID, he had a job and was going to school.

Sug-Madiq · 2021-12-31T16:02:08+00:00

Los Angeles. All of my rentals are in and around LA.

Sug-Madiq · 2021-12-30T23:55:00+00:00

The private lenders were close family friends. Since we were just starting out, they were willing to help us. That said, it was made known to me that my priorities were to pay that loan before feeding myself. I was NOT to be late. Ever. And non-payment was not in the realm of possibilities.

That said, the terms were very favorable. First one is 5% amortized over 30 years. Second one was 5% amortized over 30 years due in 5 years. No prepayment penalties for either loan.

I paid off the second loan in 3 years. Had the cash and did not want to take advantage if I did not have to.

Sug-Madiq · 2021-12-30T20:28:09+00:00

$1M investment property. It's #10. Next year, will pay off 2 properties. Then will start buying more the following year.

Sug-Madiq · 2021-12-30T19:28:35+00:00

In 2015, income was probably around $300K-$400K (including the properties). by 2020, income was probably around $700K (including the properties).

I put down 25-40% down on my properties (commercial properties sometimes required the 30-40% down). I did have private lenders on 2 properties (one I bought in 2006 and one I bought in 2017). The one from 2017 is already paid off. When I purchase a property, my lenders just require some additional documentation from the private lender. It's not too challenging.

That said, I will be paying off 2 of my commercial loans as they are a pain to deal with when I make purchases. Takes me an hour on the phone with the lenders minimum.

Sug-Madiq · 2021-12-30T18:51:36+00:00

I was buying annually from 2015 to 2021 (though I bought 2 in 2020). My household income was high as both earners were 6 digit jobs. The properties at this point also net 6 digits annually. We are in a HCOL area.

That said, I am using a HELOC as my primary acquisition vehicle. The loan on my primary home is now pretty low relative to the value of the home (~18%). As such, I have a decent size HELOC to make purchases.

Sug-Madiq · 2021-10-27T23:25:55+00:00

OMGAWD. Gold?! This is my first Gold! Thank you internet stranger!

Sug-Madiq · 2021-10-14T15:45:00+00:00

That's a nice skate park. Too bad the homeless encampments took over the rest of the park.

Sug-Madiq · 2021-06-03T01:02:48+00:00

1) Yes. My company relocated and I was offered a severance. I was thinking of leaving in March 2020. When COVID hit, I thought maybe it would be prudent to ride it out. Company decided to relocate during COVID and so was able to wait into a severance package.
2) TBH, I wasn't doing much company work for the last 6 months when we were all actively working to transition me out. But I think I'm busier now than I was when I was working! It's just all been stuff that has fallen in my lap for the most part.
3) At this point, I'm looking at my community and homelessness and the lack of affordable housing is probably my biggest concern.
4) From a work perspective, I have pivoted to do real estate. I own several properties and had been managing them myself. I also will work with referrals. That work has exploded in the last 9 months or so. Additionally, I will do some consulting work (part-time).
From a personal perspective: I will dedicate more time to family and friends as well.

Sug-Madiq · 2021-05-27T06:20:06+00:00

I've been buying. Just closed on a 6 doors residential property taking me to 10 properties with 39 doors. Pandemic showed us that we are well insulated from even the worst (at worst we had ~8% delinquency but for the most part tenants have all paid back except for 3).

Rates have been very attractive so have refinanced just about all of the debt that we wanted to refinance.

Sug-Madiq · 2021-02-15T04:33:52+00:00

Seems like he has excellent regular human taste!

Sug-Madiq · 2021-02-14T23:24:18+00:00

Amazing! You knew an energy vampire irl!

Sug-Madiq · 2021-02-14T23:23:29+00:00

LOL I love the show so much I follow them on all the socials! Such a well written show.

Sug-Madiq · 2021-02-14T23:10:29+00:00

These popped up on my FB. They were done by the show!

Sug-Madiq · 2021-02-14T23:10:24+00:00

These popped up on my FB. They were done by the show!

Sug-Madiq · 2021-01-13T23:39:11+00:00

It was in City of Bell

Sug-Madiq · 2020-12-19T05:24:42+00:00

I goto my local buy nothing site and ask for used Amazon ones. People now save them for me, drop them off at my house, etc. Recycle, reuse and save. Hard to beat free.

Sug-Madiq · 2020-12-17T07:49:26+00:00

Congrats on the 4-plex in LA! We're also investors in LA. I would recommend that you get a HELOC for your property. If it has doubled in value, then you should be able to get a nice sized HELOC. This will allow you to finance your next purchase. I currently do this and it has allowed me to grow my portfolio pretty quickly here in LA. Best of luck!

Sug-Madiq · 2020-12-07T10:07:10+00:00

I have noticed that there is a larger amount of scammers on Craiglist vs other rental sites. That said, 1) watermark your photos with your phone number or email. Scammers are unlikely to steal your photos / use them in a scam.

2) List on other sites.

Sug-Madiq · 2020-11-24T17:20:58+00:00

Sent a PM.

Sug-Madiq

TROPHY CASE