Our First Renter

We moved out of our townhome, and after spending 2 days cleaning, painting, mowing, and planting a new flower bed, our first rental property was ready for occupancy. We decided to use a realtor to manage our first property. With my current job I am out of town alot and felt that my frequent absence would kill renter prospects. For the "modest" 10% monthly fee, they screen renters for credit and background checks, prepare the paperwork, collect the monthly rent, supervise the property, and process evictions if neccessary.

It took 2 months, but we finally got a young family into the property. I didn't realize what poor financial shape most people live in these days. It's not that they are poor, it's just that they mis-manage their credit and financial lives, and live well beyond their means. One prospective tenant pulled up in a shiny brand new Cadillac, but when we ran her credit report, she had a bankruptcy, numerous defaults on car loans/repossessions, etc. It became clear to me why people rent.

Another thing I learned was that if you have any sentimental attachment to a property that you've lived in, and are planning on using it as a rental, lose the sentiment. Just make up your mind that you are not going to get the property back in the same shape as it was when you rented it out. I went thru that emotion after cleaning the rental for 2 days. It's just a piece of property and this is business. If you don't plan on living in the home anymore, get over it.

Rental #1 is rented and the deposit and first months rent are in the bank.

Onward in search of rental property #2.

Building Wealth thru R.E

I remember as a kid in 1973, moving into a brand new house in a small town Northern Florida. I think the population was less then 10,000, but I do know my father paid $23,000 for the single-family 3 bed/2 bath all-brick home. I also remember that the main streets weren't paved, and that the elementary and middle schools were brand new too. There was lots of places to fish, and plenty of room to roam and explore. I went by that same house a few years ago, looks the same, but alot smaller. The town has grown too. Exploded is a better word.

I have always been drawn to real estate. There's always a story behind a property. I've also been interested in investing and managing businesses and I am finally at a point in my life where I can put the two together. So here we are. This is my quest to build a real estate empire.

3 years ago I purchased a townhome to use as a primary residence. I recently purchased a single-family home, and decided to find a renter for my townhome.

It's a start !