My good friend Jeffery Taylor, aka Mr. Landlord, has provided yet another amazing article. I have been buying and selling rentals for over 20 years. In today’s market is it worth it to be a landlord…
Is owning rental property worth the landlording hassles? One divorced mom of 3 who had nothing in her name in 1980 thinks so. Fast forward 20 years. Her kids are college grads paid for by real estate. Here’s a bit of her “never give-up” story.
Who would want to be a Landlord? Ever hear that question? Well I would. I started out a divorced mom of 3 with nothing to my name. Couldn’t even get a loan for $1200 on a car in 1980. A little backdrop to my story. I dropped out of high school in my junior year to marry my boyfriend. Deliberately got pregnant to try to keep him from going to Viet Nam. That was 1965. Didn’t work. I was 3 weeks short of being pregnant enough and they shipped him off leaving me stateside, pregnant and 16 years old. He came back a changed guy. Marriage only lasted 2 more years. Just long enough to have 2 more kids. So I ended up divorced with 3 kids at the great age of 20.
My parents had raised us kids to work. Had my first job helping take care of a house and kids at 10 during the summer time. Had bought my own clothes since then so I naturally went to work after the divorce. I held down such wonderful jobs as waitress, maid, CNA, packing pickles, and factory work. In 1978, I was standing packing pickles for $1.85 hour when I figured that maybe there was a better way. I went back and got my GED. I scored in the top 1% of anyone who had ever taken it. That was good enough to get me a scholarship to college. Having been a CNA I planned on taking up nursing. Those classes were full up with an 8 month waiting list. Not wanting to lose my scholarship, I looked around for what else I could take. Lots of openings in computer. I had never seen one but oh well. That is how I ended up in Infomation Technology.
I got my first job offer when I was at school for 5 months. They said they hated to insult me by offering me $4.35 an hour to start as a computer operator. I accepted the insult. Job was for weekends only to start. Worked it into a full time job. They picked up my educational costs. By the way, I never accepted or asked for any kind of government help other than pell grants to go to school. I graduated with a 3.87 GPA while working full time and raising my kids. The company offered me a promotion to Computer programmer and I was off and running. Three companies and several promotions later, I finally was making enough money to start looking at investing some.
I had always hated the run down shacks I rented and I kind of wanted to be able to offer something better. That is how I chose real estate for investing. Fast forward 15 years. My kids are college grads paid for by real estate. The VP at the bank calls me by my first name and I have his personal phone number. My Insurance agent jumps when I call – I have more policies with him than anyone else. I got a half million dollar loan with no problem. I have purchased 3 homes in 3 months. All of this because of real estate investing. So yeah, I can put up with the hassles of having to go sign a lease tonight and not make it home till 7 or 8. And my youngest son GETS IT. He will go far. I already have more money than I will ever need. Now it is for the kids and grandkids.
Isn’t this an amazing story. Soooo..what is stopping you from being a successful real estate investor? I also started as a single mom with no money, no car and no formal education…what’s your excuse.
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Be a Blessing,