Taking a break from my regular fixer upper rental house blogging, today I am going to comment on some favorite blog articles that I have recently read.
While I agree with Fearless Men’s article on the silliness of most bucket lists, in their article, 12 Things A Man Doesn’t Have To Do Before He Dies-Stupid Bucket Lists, I also think that starting a part time business is the exception to the rule.
While most bucket lists consist of activities that might reduce your life expectancy ( e.g., bullfighting), or your ability to enjoy life (e.g., broken body from the ever-popular choice of skydiving), a part time business, like owning rental houses, can actually improve your life.
Chuck’s article on Vacancy, First one in a while for us . . . is an insightful description a recent episode of losing and replacing a tenant. I appreciate this “real life” rental story that I can both relate to and learn from.
Louisville Gals Real Estate Blog
In her article entitled, 13 Cool Tools to Make You a Marketing Superstar, Sharon describes 13 amazing tools to help real estate investor to streamline their business. This is great for me because I didn’t know a lot of these things even existed, or that I needed them, until I read her article.
I actually read Lynn’s article Nora Ephron Left Us Sleepless a couple of weeks ago. It’s the type of article that touches your heart and makes you reflect on life’s bigger issues.
Turn Your House into a Rental House
By now, you probably know that my theory is that one of the easiest ways to get started in real estate investing is by turning your home into a rental house, instead of selling it.
My wife, Angy, and I are presently finishing up a book about how we go about doing this, entitled, not surprisingly, How to Turn Your Home into a Rental Property, Instead of Selling It.
Here is a quote from a book
According to the American Association of Realtors, the average American purchases 7 houses during their lifetime. In our opinion, those are 7 houses that we should hold onto for the rest of our lives, to generate monthly income and for long-term economic family security. Don’t give away the goose that lays the golden eggs!
The usual procedure that most people follow is to sell the home that they live in and to use the cash from the sale to buy a new house. If we tweak the old procedure just a little, it can result in a huge difference in our net worth and our economic security. We propose that instead of selling your home, just refinance it, and use the money from the refinance as a down payment on your next house. Now, you own two houses and you can just turn your old home into a rental property.
Presently, the book is going through the final editing and formatting process. Of course, it’s being reviewed by Homeland Security and the Pentagon, to avoid any classified information from leaking into the wrong hands.
By September the book should be available in both Kindle and paperback editions.
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Tags: bucket list, fearless men, fixer upper rental house business, how to turn your home into a rental property, landlord investor, Louisville Gals, start a rental house business
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Thanks for mentioning us! I can’t believe the average American purchases 7 houses during their life time. Seems really high. I like the idea of refinancing and using the equity on a new place. I don’t think I’ll ever see myself doing that 7 times though.
John,
I imagine that average number of 7 houses may have dropped a little during the recession. However, the experience of converting fixer-upper houses to rental properties can be quite addictive. It’s like trying to eat just one Lays potato chip.
Terry,
Thanks for the link. This new book looks good… Can’t wait to read it.
Oh..and Terry: Turning primary homes into rentals is the way we got started as well. Why sell? Especially in this market?
I tell those that are pondering what to do with an old primary to at least rent until the market gets better – you never know you just might like being a landlord.
Chuck,
That’s a good point.
I think too many people have an unfounded fear of being a landlord, based more on Hollywood’s depiction of psychopathic tenants, than on reality.
Terry,
Excellent post! It’s been in my mind to pursue rental properties for a long time. The housing market will always go up and down, just like interest rates and the stock market. But the one thing about owning land and/or real estate–there’s a limited supply!
Let me ask you this: do you suggest renting out your former house if you plan on moving away (meaning you can’t easily physically visit as the property manager)?
Thanks for the mention btw!
Todd,
In general, I prefer my rental houses, like my kids, close enough that I can keep an eye on them.
[…] your job a bit less important. The only way to do this is to start a business of your own. You can begin small, while you’re still working. That way, you will be prepared if your fired, laid off, or the company you work for shuts […]
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