As many of you know, I buy houses. I am buying them to rent, sell and live in. Regardless of the specific reason, I'm doing it as an investment. I have bought a handful of houses with the average price around $11,000....including closing costs. I just picked up another house for right under $12,000 and will be renovating it into a rental property. I'll be posting videos to both of my YouTube channels, The Homestead Craftsman and Homemade Home. I'll post big landmark updates on The Homestead Craftsman and more detailed "follow along" style videos on Homemade Home. Here's the first look at the house.
Day one of work is daunting, you really feel the full weight of how much work there is to be done. On top of that, you keep finding more things to add to the list. The following video goes over my thoughts and tasks of that day.
I'm excited about this project, it is small, easy to work on and in a location that will make it an excellent rental. In only a few years, this house will have paid me more in rent than it cost me to purchase and do the renovation. Doing the renovation will buy me 10-15 years before anything major will have to be done to this house. While a house like this isn't a gold mine, it's an inexpensive way to build passive income. A small batch of houses like this with good tenants represents more monthly income than many people make at their full time jobs. If you are like me, you don't have a lot of money, so it can be slow to get started but with each success, the next house comes easier and the renovation isn't as much of a strain. I encourage you all that have the "want to" to look into investing in real estate more. I started out with no job, no house and no clue how to get started. Over a 5 year period I went from nothing to owning multiple rental properties and my own home. My wife and I are completely debt free, including NO MORTGAGE on our personal home since it was purchased with cash and renovated as I could afford it. While 5 years may seem like an eternity to some, consider paying a mortgage for 30 years and how obstructive it would be to forward movement in the area of real estate investing. The average mortgage is around $1,000 a month. Not having to pay this and redirecting those funds toward buying an income generating asset like rental property is a no brainier....if you are willing to do what it takes. I find the key is to not let your standards and expectations get out of hand. Don't worry about what others are doing, consider what you need and want. Getting caught up in thinking you "NEED" everything everyone else has just lines the pockets of businesses that are doing what they should be doing, selling their products. Instead, focus on what your future could be if you managed your standards and expectations. Focus on what your life could be if you were debt free and didn't have monthly bills for things you don't need baring down on you at all times. Imagine the comfort of knowing that your home is yours. Manage your standards and expectations! You'll find that life is still very enjoyable.....in many cases, more enjoyable.
Thank you all for having a look at the post. In order to get this all done, I can't film the videos like I'm in Hollywood or write this text like an award winning author. These posts will have to be a little raw, but what they will be is truthful and representative of the process that I'm going through and the mindset to see them through.