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Motivational Monday: My Past Part 2

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Motivational Monday: My Past Part 2

 

So last week I started this category of Motivational Monday and I wrote a little about my past Part 1. You can read it here. This week I want to tell you a little about how I actually became a landlord.

 

I’ll start by saying that I didn’t plan on being a landlord. I didn’t have a grand plan to be some real estate mogul. I just knew that I had a great townhouse in a desirable location. I knew that the longer I could hold on to it the more money it would be worth. So I held on. And I am so glad that I did. Here is how it started.

 

I met my wife while we were in graduate school. We both worked full time while attending graduate school at night. The whole class became close. I guess when you all go through a journey like that you find strength in each other. A bunch of us would go to our Thursday night class after work and then go out for some fun in New Brunswick. The Thursday Night group was pretty big at first. As the months went on, the group got smaller and smaller. One-by-one each person in the group dropped out. And then after some more time went by there was just my future wife and myself hanging out on Thursday nights in New Brunswick.

 

When we first started attending class and going out on Thursdays we didn’t really know each other. The more we hung out the more we realized that we could be good friends. That went on for a while and then before we knew it we admitted that there was something there. We were officially a couple a few months after that.

 

We both graduated and decided to get married. I had my townhouse and she was living with her parents. We knew we wanted start off married life in a single family house. And we both knew that I should hold on to my townhouse if I could. So I did.

 

The thought was that I would hold on to the townhouse until it got too rough. If I went too many months without a tenant or if I had any bad experiences I would just sell the house. I felt comfortable with that. I knew it could be a few months time before I sold it if I need to take that route. But I had a gut feeling that we would be fine either way. And we were.

 

So fine in fact that after nine years I still have the townhouse and I just signed my tenants on for another year. I love it! It’s a great feeling. It gives me a second income stream. I run it like a business and that is fun also. I make tweaks to increase my cash flow and profit. I meet great people (tenants) and it’s a win-win. I give them a great place to call home and they give me money and they take care of the day to day things regarding the house.

 

I did not know anyone that was a landlord before becoming a landlord myself. I got myself a “Dummies” book on property management and I took the leap. That’s it! Of course there were a bunch of things I learned along the way. Things that, if I knew, could have made me a bigger profit much earlier in my landlording career. But that’s OK. I can now share that knowledge with all of you so you don’t make the same mistakes.

 

So if you are thinking about becoming a landlord and the numbers seem to make sense then…CHARGE FORWARD! Go ahead! Do it! I know you can!

 

How do I know? Because I did it. And I know you can too!

 

I look forward to reading your questions and comments about this. Please post them below and I will answer them.

Thanks for your time!

 

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Motivational Monday: My Past Part 1

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Motivational Monday

So even though Monday is almost done here on the East Coast, I figured I would try this out as a weekly post. I know sometimes I need the most motivation and strength on Sunday and Monday nights so maybe you can benefit from this.

Here it is:

I KNOW YOU CAN DO THIS!

I know you can become a landlord! I did it. You can too.

I know you hear that a lot and I have a feeling most people use that phrase to sell more crap.

But I am dead serious about it.

Here is why I believe it.

I wasn’t born with any silver spoon in my mouth. I hustled working every day since I was 13 years old. From paper routes to Pizza Hut. From construction to college intern to the day I landed my first full-time job. I hustled and continue to hustle. Every day. Period.

I paid my own way through college.

My parents gave me a whopping $3,000 dollars for college. That’s it. That was way more than they could afford. But they did it anyway. And I am grateful for it. Why? Because it got me started. And it provided the momentum I needed to go from high school to undergrad. Right into community college. Some people call community college the 13th grade but I call it the bridge. Community college is the bridge that some people need to get that undergraduate degree. It was for me. I couldn’t afford a “real” college at the time. But community college got me to my associates degree which then got me to Rutgers University (RU!).

And what financial vehicle got me through the rest of community college and through Rutgers? Credit Cards. Because even back then the $3,000 my parents gave me lasted one semester at community college. Yup…good old debt inducing credit cards. But if you know anything about finance and leverage then you know the best debt is debt you can use to pay yourself back multiple times over. Debt that you can use on an appreciating asset. And that is what paying for college with a credit card did for me. I was able to pay the monthly payments to the credit card companies by using the money from my internship. And then after I graduated I went from my internship to being hired full time. PAY DAY! My salary allowed me to pay off my debt.

My salary then allowed me to buy my first house. And then my salary allowed me and my wife to buy the next house and rent out my first house. I didn’t know any other landlords. The numbers in my cash flow worked. I wanted to be a land lord. I wanted a second passive income. I just did it. I told myself that if it sucks then I’ll just sell the house. After a few years I knew land lording didn’t suck. Then our salary from our jobs and the income from the first rental property allowed us to purchase our second rental.

Nothing special. Just hustle. Figuring out what I wanted to do and getting it done with the resources I had. That’s all I did. That’s all I continue to do.

And you can do it too.

YOU CAN DO THIS!

I did it. I know you can do it too.

I hope this was helpful for you.

So what is your next step? I want to hear it. Write a comment below.

Thanks for letting me share. Make it happen this week!

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