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It has been one year since I started investing in RE. As you can see to the left, I currently have 4 houses, 3 are rented out and I am in the process of flipping the 4th. Overall I would say it was a very successful year. I am planning on getting at least a couple more houses this year if the right deals come along.
As for some of the big lessons, a big win was getting the rent up front from the college kids by offering a small discount. I also learned the importance of good relationships and building a team. If I hadn’t done that, I wouldn’t have even had the opportunity to get the college house or get a next day loan from my banker. I also wouldn’t have gotten the hook up on my taxes from the county appraiser. I learned the importance of being a good landlord when it comes to tenant retention and satisfaction. I also was able to work out with a consistently late tenant a twice monthly payment structure, and he hasn’t been late since then. The construction knowledge I have learned has been invaluable and will help when we decide to get our own house and settle down.
I see real estate as being my path to freedom. Even if I am barely making enough to get by, the freedom from not having a traditional 9-5 job is invaluable to me. Here’s to a successful 2012! 🙂