How did you get started with Rental Properties?

5 Replies

Just curious as to what your story is, its very motivating. How did you get started and where are you at now?

Long story short.....

I was a pizza delivery guy in an area where there were lots of bars with video gambling machines (illegal but not really enforced).

I had NO desire to play them....I wanted to OWN that non-taxable (illegal) income stream!!!!    :)

Back then I thought you needed money to buy a bar. Not true of course. I decided the best way to get some money was to buy rentals, let the tenants pay them off and I'd sell/refi my way into bar ownership at some point in the future.

10-12 years later......

Video gambling machines are still illegal, but now they REALLY MEAN IT!!

I've been a landlord for almost 8 years. Im currently at 28 units and plan on finishing 2015 with 50 or more units.

I have NO desire to own a bar......

Always rented while growing up and in college. Didn't take long before connecting the dots and realizing I could be on the receiving end of the rent checks. Always had an entrepreneur side and rentals to me made sense. Thankfully I didn't dive right in at the first deal that rented slightly higher than the PI each month. I read a lot, found BP, read more and finally made my fist MF purchase. The day after closing the financial planning for my next one started. Hope to get the next one and keep it going for many years to come.

Not the most "exciting" start but it's been exciting for me. Best of luck.

@Brandon Hicks  I know exactly what you are saying about the illegal gambling. They use to not enforce it so much here (SC/NC) as well but now they do…Thats a great business BTW….I am curious as to how you grew so quickly? Your pace is pretty good.

@Jason D.  my start was not to sexy either…I rented mine out when I went back into the Military and realize real quickly after getting a deposit, first months rent, and application fee which totaled right at $1800 that this was a pretty good business. I will have my first rental paid in full in June of 2015 and am looking for my next buy.

@Chance Cooper  

I posted a ton in this thread on scaling my business. Check it out and feel free to ask more questions.

http://www.biggerpockets.com/forums/52/topics/130886-how-to-scale-the-landlording-business

I read the book "Rich Dad, Poor Dad" - that's what motivated me initially.  

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