Going It Alone

Most people imagine landlords as old crotchety people who are always complaining about the racket you make, but that's not my case. Sometime during college, a friend of mine got hit by the real estate bug and became very interested in investing in rental property. His enthusiasm rubbed off on me, and after several years of research and one year of working a job I was able to put together enough money to pay the closing costs on a three family building all on my own. I was only 22 at the time. I hope to buy more, but I'll have to wait a while before the banks start to like me again. But I'm confident I can secure my future this way, and eventually free myself up from having to work a typical 40 hour week.
deleted deleted
3 Responses Jul 15, 2007

My dad did the same thing when he was in his 20's. He always told me that rental property was one of the best investments, because you get a mortgage and then have someone else pay it off.

Absolutely, totally smart! And at such a young age. I'm a landlord also - but am in the throes of plumbing problems right now. Tomorrow will be spent in finding a reasonable plumber. So, it can be great but you have a great responsiblilty also. I'd prefer to buy 1st TD's lots easier. Or tax liens is a good investment in real estate also. My background is in title insurance.

It's very smart of you, no matter what happens to the econony people need a place to live. I was a Realtor and purchased many property's . when they are paid for sell them and hold the mortage, so now your the bank, you make the interest. Good Luck