The question many are asking, I am going to help you find REAL answers to this common question using my own experience as well as experiences of others who have asked the same. Why is it that so few feel they can accomplish this feat. Your peers, family, friends all seem to be saying the same thing, they aren’t doing it at all or doing it very poorly. I asked myself the very same question and am here to share my experiences with you, how I jumped right into being a landlord and LOTS details on how you can do it too.
The question so many ask themselves, is the same question I asked my wife and myself when we were about to have our first child. All I could think was, my father tried this and it was a messy experience. Should I try it for myself and risk having the same thing happen? Will I be spending all my time and money on this property, will I be in the courthouse every three months evicting a problem tenant? Will I have to drag my wife and children with me to slap paint on the wall after a move-out? Do I REALLY want to get into this?
These are the questions I constantly asked when jogging past our first investment property. This is called fear, it’s the unknown. Most people associate being a landlord with the negative. Why is that? One of the main objectives of LandLord PT is to reward my visitors with a new perspective. A real-live perspective that will help you sort out your fears and see how you can be a successful property investor and landlord. This isn’t that complicated.
As you will see in the “about me” page, I am not a real estate professional. Now is probably NOT the time to get distracted with becoming a realtor, you can do this later if you wish.
Something to do: put the word out that you’re looking to buy a place and start building your network.
- Call a few real estate agencies, ask for someone who has experience buying investment property.
- Ask friends, neighbors, co-workers for recommendations on a good realtor
- Use the web, groups, search local real estate websites for investment property and contact the agent who has the listing.
This link shows an example of my first property, it’s one of the ugliest properties on the block and was across the street from the ugliest 10 row homes in the area. (insert two photos here)
This link shows the amount of money I invested initially to make all the apartments inhabitable.
This link shows years 1 through current annually on profits or losses.
First Rule – when considering purchasing an investment property, consider where your money is today, however much you have. I personally wanted to regain control, and was tired of trying to follow the up’s and downs of the stock market, bond market and mutual fund prices. I wanted control, but also wanted the security of real estate. It happened to be 2008 which was a year many securities investors would rather forget, my views are still the same to date even in a bullish market.
Second Rule – think longer term, I knew over time there was no stock that could guarantee it would pay itself off.