Big 1444031354 avatar christopherj21

Christopher J Lemmon

  • Investor from Saint Louis, Missouri

  • 21 Colleagues
  • 2 Following

I got my first taste of real estate when I landed a loan officer position in 2005. It was my 2nd 'real job' (with a desk, phone, and computer) out of college. It opened my eyes to how much money some people were making in the real estate industry. It was also an education for me in personal finances to read several credit reports a day for a few years. I saw customers struggling to make payments and coming to us to refinance and combine all their credit cards into their mortgage. I also saw loan officers with huge paychecks, sometimes $30K in one month. I also how many, many people spend the vast majority of their paycheck on mortgage interest. (Selling loans you get to learn a lot. I read my first mortgage schedule when I was a loan officer.) A whole lotta interest is being paid on the payment. That's when I realized most people are just paying rent to the banks. I got out of that line of work in 2007 and did not get interested in real estate again until 2013 when my landlord was about to raise my rent. I was single at the time and decided to see if I could buy a home for what he was going to charge me in rent. It turns out I bought 4 (actually a 4 unit apartment building for what I would have been paying him in rent.) I collected three rent checks the day after I bought my house, and I was hooked. That first month one of my tenants was late and had only given me a partial payment. He said to me, "When I get my paycheck I will pay you." And it occurred to me, that I was actually getting almost all of his pay check. At that moment I think I was hooked. My mind began turning trying to find ways to acquire more rental units. That's what I have been doing ever since. I still have a 'regular full time job,' but I do enjoy and at times hate my work on my rental properties!

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