One of my original desires after graduating from college for a business of my own was to own rental property. The desire came from Rich Dad Poor Dad, a book I read during college. Once I had a job, I found a company that would help you buy and rehab a house. I started the process, paid the 2K fee, but when it came time to get a loan, I chickened out. It didn’t feel right. I would be overextended and up a creek if nobody rented or bought the place.
That itch hasn’t gone away. With the housing collapse and rebound, there are plenty of properties out there for the picking – you just need to know which to pick and have the cash ready.
I’ve since been looking at various services that vet properties for you, services that collect properties into a portfolio and sell them as a fund and other versions of this idea. The one that has stuck with me is buying a currently cash flowing, rented house with verified tenants.
I want to get started and get at least 1 property purchased and learn the process. I am working on gathering a down payment and we’ll see how it goes from here.