In
the 60's
my Dad added a 4-plex
to our piece of property behind our house.
All of the apple trees I loved disappeared
and a brick building with interesting tenants
was a BIG part of my life.
Over the years,
I made lots of friends with the families,
their kids, scoundrels and fascinating students that moved in...
then they were gone.
I do remember that cleaning
the apartments was never fun.
I made a little money...but it was hard work,
especially scrubbing that oven and the bathroom.
Yuck!
I didn't appreciate the idea till now that
Dad was a landlord and an investor.
He kept that building over 30 years!
We sold it after he passed away,
not seeing the value.
Imagine if you built or bought one back then,
paid it off and had income for life.
I've been thinking about that a lot now.
I mean that I want to be the landlord and investor.
The idea is to buy the building,
keep it rented and let that rent pay off the mortgage
without money from my pocket.
Over time as it is being paid down it will appreciate nicely
and I can reinvest the equity after an appraisal into more rental property.
Some of my clients are following the same path,
so we all have been looking at more duplexes
and apartment buildings lately.
Now is a great time to buy them.
Interest rates are still low
and it is a buyer's market (at least for now).
How is it in your market?
Are you buying rentals for yourself?
