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!