Chris Sherman runs a successful business, but he knows that no business is guaranteed forever. That's why his goal is to build enough rental income to eventually replace the income his business generates, giving him financial security no matter what happens.
On this episode, Chris shares the strategy he's using to grow his portfolio while aggressively paying down debt to create long-term cash flow.
We break down the numbers behind his rentals, including total rental income, mortgage payments, property taxes, insurance costs, and how he budgets for repairs, vacancies, and unexpected expenses.
Chris also explains how much cash he keeps in reserve, why he and his wife self-manage all their properties, and how they divide responsibilities to make portfolio management efficient. He also talks about why he prefers buying rentals close to home and the advantages that gives him as a self-manager.
We also dive into Chris's commercial office suite, which he purchased for his business and paid off in just 50 months. He explains how his LLC structure works, why leasing the office back to his own business creates tax advantages, and the different financing strategies he's used to acquire rental properties over the years.
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