Does anyone own more than 10 properties? - Posted by Steve

Posted by dell-ohio on August 25, 2003 at 22:15:24:

Desired profit is 20,000 after all expenses. If there is minimal work and the price of the property is low we will take less.

Example 1. We bought a trailer on a lot. Paid 12,500, put 5,000 into rehab, took contractor one week. Sold it for 27,000. = 10,000 profit

Example 2. We bought a modular was forsale beside a multiplex that we purchased. Listed for 59,000. Bought it for 50,000, painted the deck and remulched planted a few flowers,< $2,000 rehab, and sold it the first day we ran our ad for $65,000.

Major rehab we need more money. Example Single Family Bank owned property purchased a few month ago. Listed 29,000 paid 22,000 expected 15,000 in repairs. After replacing termite infested floors and two walls we got 25,000 into it. We will be putting it on the market next week for 69,000. Should be a pretty quick sale. Should have almost 20,000 left after closing and carrying costs.

Answer to the second question. We have five properties that we are keeping so far. They cash flow at least 10,000 annually. The others we are selling. We buy and sell some others we keep. So far we have not used a realtor to sell. Our plan is to market ourselves for 30 days, if we dont sell then we will list. So far we have not needed to do that.


Does anyone own more than 10 properties? - Posted by Steve

Posted by Steve on August 23, 2003 at 20:05:31:

who is a big player on here? Anyone got more than 10 houses?

Re: Does anyone own more than 10 properties? - Posted by Rob FL

Posted by Rob FL on August 25, 2003 at 10:29:44:

My main thrust is quick-turning properties, so my success hasn’t been in accumulating them. Most of it has been either doing wholesaling or light rehabs. I do manage about 8 or 9 rental units of my own, but they come and go as I buy and sell. The big short-term money is definitely in the buy and immediately re-sell business. The rental properties are about the equivalent of a 401K plan at your job, they will make you rich many years from now but they won’t give you lots of money this year.

Re: Does anyone own more than 10 properties? - Posted by Jasonrei

Posted by Jasonrei on August 25, 2003 at 24:43:36:

Looking at my dry-erase board, I have 15.

3 are pending sale,
3 are for sale with no contract pending yet,
4 will be repaired & for sale this week,
3 won’t be repaired & for sale til next month,
2 are multifamily rentals.

I guess I really only plan on keeping 2. The others I won’t own at the end of the year, I HOPE!

Also, I work with a partner so I really only half-own these 15.

Substance over Form… - Posted by JT-IN

Posted by JT-IN on August 24, 2003 at 22:16:21:


Your question here serves little purpose, even if everyone answered the question complete and honest… Of course as you see, most folks aren’t about to share that info with you, so you’ll need to aquire your data elsewhere…

Anyway, what is a better fnancial situation to be in…?

Owning 20 properties… Or owning 10 properties…?

Thgis depends upon what the equity and cash flow from each of the properties are… If the fellow with 20 properties had little equity in each, and only a smattering of positive cash flow, the sum of that ownership could be a negative to drag you under.

Conversely, if the owner with 10 (or 1 property for that matter), has significant equity in each property and $ 500 per month pos cash flow from each property.

see the difference…? The number of properties does not matter… it is equity and cash flow. Unfortunately, far too many investors are too tilted toward aquisitions, at any cost nearly, and pay too little mind to the quality of the deal… (equity and c/f).

There are many folks here who are well invested, holding both substantial equity and c/f… and after reading posts for a short while, it is relatively easy to gleen who IS investing wisely… and successfully.

Just the that I view things…


nobody here owns any property - Posted by jd

Posted by jd on August 24, 2003 at 17:14:27:

but I don’t get the point either.

Re: Does anyone own more than 10 properties? - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on August 24, 2003 at 01:42:54:


What is the purpose of asking this question? What use are you going to make of this information.

And while you are at it, why didn’t you ask other personal questions such as “How much money do you make?,” “When are you going to stop beating your spouse?,” and “please tell me all about your sex life?”

Good InvestingRon Starr*********

Re: Does anyone own more than 10 properties? - Posted by dell-ohio

Posted by dell-ohio on August 23, 2003 at 22:31:48:

There are a lot of people on here who own a LOT more than 10 properties.

I consider myself a beginner. Just started in Jan of this year. We have have purchased 12 properties since then and have two more under contract that we will be closing on in the next couple weeks.


Nope, no one … - Posted by Mario

Posted by Mario on August 23, 2003 at 20:39:46:

What kind of question is that? Some people on here own 100s of houses …

Donald Trump? Yes or no? - Posted by Scrooge McDuck

Posted by Scrooge McDuck on August 25, 2003 at 22:32:32:

I think The Donald owns 2 or 3 casinos in Atlantic City and 3 or 4 buildings in Manhattan but does his portfolio add up to more than 10 properties?

Does anyone know?

Good example, Rob… - Posted by Houserookie

Posted by Houserookie on August 25, 2003 at 15:00:45:

Flip for profit today. Subject-to and rehabs for long term exit strategies.

Re: Substance over Form… - Posted by David Krulac

Posted by David Krulac on August 25, 2003 at 06:07:08:

I heard John Schaub say that he currently owns 20 houses and that his goal is to own 10 houses free and clear. He figures that 10 rental houses free and clear can support his life style.

David Krulac

Re: Does anyone own more than 10 properties? - Posted by Wayne-NC

Posted by Wayne-NC on August 24, 2003 at 08:51:19:

Ron, I think that is a fair question but it was asked wrong. Some people like to know where they stand or rate if you will with the rest of the real estate investment community. How would one know if they are on track unless they compare their results with many others? Ofcourse some don’t care to know but I think it gives one a level of success to shoot for. Maybe a survey would do better. How many have 10, 20 30, etc. You will probably see a perfect bell curve here. Where we all stand in it may be important to some not as a competition but as a level of seasoned investor. Also, this question was asked to the general population and not to a specitic person and without the words “you or your” in it. That word makes it a personal question as the ones in your previous post. Your thoughts again?

Re: Does anyone own more than 10 properties? - Posted by mo

Posted by mo on August 24, 2003 at 10:43:02:

Dell, this is off topic for this thread but I am curious about two things - 1) do you use a particular strategy for acquiring the properties that you purchased? and 2)approximately how many properties did you pass on in the process of purchasing 12?

Re: Nope, no one … - Posted by Wayne-NC

Posted by Wayne-NC on August 24, 2003 at 08:56:07:

See my post above for another look at things. Also, Dell had a valuable answer to that question.

Re: Donald Trump? Yes or no? - Posted by IB (NJ)

Posted by IB (NJ) on August 25, 2003 at 23:26:39:

I was just in FL where I saw a Trump Golf resort. I guess one of the properties that don’t really get publicized.

Re: Substance over Form… - Posted by Frank Chin

Posted by Frank Chin on August 25, 2003 at 08:19:10:

Hi Dave:

Nice to see you posting again. Agree with your analysis.

Here is NYC, I just need two “3 familes” free and clear to support an average life style.

Rent from one of the units pays taxes, insurance, expenses and vacancies. The remaining two is profit.

Years ago, folks pay 25% of gross family income for rent, now its up to 35%. With 4 rental units as “profit”, I would make 4 times 35% of the average family income, or 140%.

In real terms, each 2 BR in NYC rents for $1,300, or one would make $5,200/month before income taxes.

Then, someone could make the same with one good commercial property. My dad makes 6k/month from one such property, with much less work, at least compared to managing 10 free and clear SFR’s in the midwest.

Frank Chin

Re: Does anyone own more than 10 properties? - Posted by Brent_IL

Posted by Brent_IL on August 24, 2003 at 13:12:20:

It is probably a fair question, but we’d have to compare apples to apples for the answer to be helpful. Where do those of us whose objective is to never own investment property, or to own it for as short a time as practical, fit into the ?real estate investment community? when the criteria is ?How many do you own"?

Re: our strategy - Posted by dell-Ohio

Posted by dell-Ohio on August 24, 2003 at 22:57:28:

Our basic strategy.

Picked up a copy of the HOMES magazine. Took it to the local coffee shop, ordered a mocha and a scone. Circled all the properties that had info like, needs TLC, Fixer Upper, handyman special, if they had over grown yards or other signs of neglect I circled these too…

Took the top six and called the realtor for a printout of the properties. Did a drive by to see what the neighborhood was like. (We dont buy in bad neighborhoods).

The properties I was still interested in after the drive by, I call the Agent and have him run me comps on the best four. Then I set up an appointment with the realtor to show me the properties. I do a drive by of the neighborhoods to get a feel for the comps before meeting the realtor. Then I meet the agent and go through the houses.

I estimate retail FMV then subtract - repair costs - profit desired and arrive at an offer price. I write offers on the two I like the best, give the seller two days to accept my offer. If he does not accept I write offers on the other two.

That?s the condensed version. All our properties except two have been purchased through MLS. One was a FSBO and one an auction.

BY pass? if you mean how many ads did I look at to find a few good ones. Literally thousands, or a couple dozen magazines. I had the realtors pull listing sheets on maybe 100-150 properties. Serious analysis done on maybe 75, Properties toured maybe 50. Offers written approximately 30. Offers accepted to date 12.

In the beginning we wrote maybe five offers for each one accepted. Today we have about one out of two-three accepted, after offers and counter offers.

One strategy we just started with that I read about somewhere concerning bank owned properties. Keep writing offers on the same property every month until it sells. You are almost guaranteed to buy properties.

We just bought our second bank owned property at a hefty discount. Original list 73,000. We offered 30,000 after a few counter offers over a period of two month we purchased it for 36,000. Good ranch on one acre in the country. Build 1978. Serious cat urine problems that we can resolve.

Happy Investing, may all your days be interesting,


thanks nt - Posted by David Krulac

Posted by David Krulac on August 26, 2003 at 11:10:32: