My wife and I were talking about ways to make some more money without having to take second jobs. That’s when the idea of real estate hit us. We thought it would be great if we could buy some rental property and have people live in it temporarily if they pay us money. We turned to some of the best property management publications to get an idea of how we should get started. We were going to go from being novices to experts in the field. Of course, learning about the ins and outs of property management doesn’t come around overnight. It’s something you have to work at for a while.
Through taking various notes on the publications that we read, my wife and I gained all the knowledge we needed, and were finally ready to start buying property. We looked for properties that had good prices, even if they needed a little bit of fixing up. We had no problem with buying fixer uppers because the cost of making the necessary repairs to these properties would only be a drop in the hat compared to the money we would get from renting out the properties to different people.
We had around 7 properties for our initial wave of purchases. Once these properties were fit enough for people to rent, we started placing ads in various outlets, hoping that someone would be interested enough to contact us about the properties. A few days later, we got some phone calls and emails from people who wanted to see the properties in person. We had little tours for the people, and they liked the properties enough to rent them. When we got our first rental, it was such a good feeling, as if we had won the lottery for the first time.