(In this blog post we discuss growing up around real estate, rental properties, & real estate investing. One of our motives behind starting “Buying Property 215”)
Since we were born, my brother & I were destined to participate in real estate investing. While growing up we seen the entire process when it came to rental properties, simply because our mother owned three rental properties & our uncle Bruce owned over twenty properties. We have seen the benefits, we have also seen the obstacles when it comes to rental properties and real estate investing!
Our mother purchased her first rental property in Roxborough when she was only 17 years old. She held the property as a rental property while living at my grandmother’s for a reasonable price. That allowed our mother to profit a couple of hundred dollars monthly after the mortgage was paid. At the age of 30, our mother purchased her second rental property from her grandmother. Having multiple revenue streams is crucial, our mother had an average job but due to the rental properties, we had the opportunity to live comfortably with all our needs met!
At a young age, we played our role when it came to assisting our mother with the rental properties. In between tenants my brother & I would help with cleaning the rental properties as well as painting the properties. Personally, I’m familiar with advertising properties for rent on the internet, back when I was 13 years old, I use to post the properties onto craigslist. My mother always placed for rent signs out front of the rental properties, years ago this method worked well but in the modern age of technology the internet makes finding qualified tenants much simpler! My brother and I use to run the appointments with my grandmother to show my mother’s and uncle’s properties to possible tenants, so we have seen firsthand how the screening process is done!
There are many benefits to rental properties such as an extra source of income, a safety blanket, & usually real estate always increases in value. However, there are negative aspects of real estate such as having tenants not paying rent, large costly issues with the property, or having the monthly cost (mortgage, insurance, and taxes) exceed the overall profit. In our personal experience, the pros outweigh the cons. Most of the time if you screen the tenants properly with a background search & credit history you tend to have good tenants. It’s very important to build a common understanding of respect, if there are any issues with the property take care of it in a timely fashion. We recommend you’re first rental property be updated and in “turnkey” condition that way you minimize the possible repairs. After the first rental property, you continue to build your assets! A few rental properties are easy to oversee but if you get to the point where the number of rentals becomes overwhelming you have the option to hire a property manager!
Thank you for taking the time to read our blog post about “Growing up around real estate, rental properties & real estate investing“