Sometimes people ask, “With all the challenges and frustrations that come with the land lording business, when you weigh the pros and cons on everything is it really worth it?” My response is that I have been a landlord for 25 years and I would not get out of the business. Sure, I’ve had days I have been upset, but not enough to throw the towel in. Over the years, I’ve had people tell me, “I could never be a landlord.” They’ve watched me, cut the lawn, paint the house, shovel the driveways and walks, clean up after tenants an prepare the apartments for the next tenant. Now I watch THEM go to work every morning and come home every night because I retired on June 30th. I was able to because of the property I own. Because I am only 52, they now say, “I wish I had done what you did.” I wish they did too, because it’s tough finding people in the middle of the week to play in a foursome!
Steve Todd, AZ
Thanks for your story Steve. It is inspiring and with a lot of luck, I hope to retire by that age myself 8)
Very inspiring. I’m 26 now and hoping to “retire” by 35 or so. Retire for me is no fulltime 9-5 job, REI only. I don’t think I could ever fully stop working unless I was fantastically wealthy and could fill all the hours of the day travelling and having fun. On realworld money I don’t think I would have enough to do to keep busy and not be bored.
I always love a good success story. It empowers you to become one as well.
Great job!!!
Hi
I just read your Life -Story which sounds very interesting to me. I am (35) originally from Germany, working here in LA as an architect. I am all my life more interested in real estate investing, than in architecture itself. Another Real estate success story I’ve come to know about is of a stay home mom turned millionaire lady Charrissa Cawley who owns a company called REI Conferences. Have you ever heard about her? During a short span of time of about 1 year she turned her self into millionaire, this is really great achievement. I came to know that she gives free training every Tuesday night at 6:30 pm pst. I am thinking of listening her to decide what can I achieve in the real estate investing.
I’m calling big fat liar on this one. You should really keep your story straight if you’re going to hock Cawley seminars. Allow me to remind you of your previous post:
Hi everyone, I'm new to the forum and it looks like there's a lot of people that know a lot about real estate, so I figured I'd give this a try...I’m a junior in college, and I’m looking for a summer internship in commercial real estate investing and development. I’ve always found investing in and developing properties to be interesting, so I want to get some experience as it may be a potential career someday (note: I’m not looking for a position as a real estate agent).
I’ve spent a ridiculous amount of time contacting commercial real estate firms that I found on the web, but I have not gotten a positive response from anyone. Can anyone give me any leads? Does anyone know of any firms (big or small) with internship programs, paid or unpaid? Anyone want to take me in as cheap or even free labor???
I’m pretty flexible with location, but I’d prefer to be in the Northeast (NYC, Boston, Philly, PA, NJ). Any information is helpful; the internship search process is so frustrating.
So you’re 35, from Germany and now living in LA and working as an architect. But you’re also a junior in college looking for an internship in the northeast? Also, in this thread you have grammar that would make it seem that English might be your second languae but your other posts don’t have that feel about them. ODD ISN’T IT??? Weird that most of your posts also mention Cawley’s courses. Anyone else that wants to see what I’m talking about please click here: http://www.reiclub.com/forums/index.php?board=28;action=usersrecentposts;userid=20870;user=betly
I bet he has a great excuse…like his boyfriend is using his computer and chatting under his screen name or he has multiple personalities. Good call Rich in CT!
Well, beyond the fact that I’m highly sceptical of anyone claiming to go from median income to millionaire in a year…almost every single post that Betly has posted has mentioned Cawley. Mentions her website over and over. Seems like maybe he’s trying to sell the program?
Good catch - I had actually seen his post asking for an internship in commercial real estate and thought about putting him in touch with my last employer. I’m glad I thougt better of it.
I enjoyed reading your success story.
Mentioned previously that my dad was a landlord, and kept one commercial property for his retirement. He retired at 58, about 1980, around the time the mortgage on it was paid off.
Each month, his work consists of picking up about seven rent checks. several thousand amonth, from a mailbox he provided the tenants, writes a deposit slip, a walks it over to a bank a few blocks away.
Two years ago, he had a major operation, spent a number of months in rehab, and us kids had to help with the property managment, namely, walk to the bank with the rent checks. It was 20 minutes work each month, i.e. when all of them paid on time, and depending on how long the line is at the bank. Once or twice it was two trips to the bank.
As he was recuperating from major surgery, one day he said “buying rentals was the best decision I ever made, and what I collects now is several times the social secuity check”. He owned his own business, and does not have a pension.
My mother in law got herself a 2 family in 1980 for 110K, after she retired, and her husband passed away. She never bought a rental when he was alive because he was so negative about landlording.
As she paid all cash for it when she bought it, from the life insurance, she lived free in one unit, she lived off rents from two units, $1,200 + $600.00, not a bad retirement income supplimenting social security and pension. At the end of the year 2005, she sold the place for 850K, a profit of 740K.
Residential landlording is a bit rough when you’re in your 80’s. In my dad’s case, commercial landlording is more hands off.
I read another post here about relatives negative on landlording, and I can say that it’s not the case at all, at least in our family.
I also enjoy reading the success story as it reinforces my motivation to reach goals set for myself. When I graduated college I told myself I needed to retire or be able to retire at age 50, if not sooner. The goal to do so is building my career as well as my hobby, rei. Thanks for the story!
Great Job Rich!!!