Becoming A Landlord, Blogging And Passive Income

By
Industry Observer

In my 20's, I had a plan to own rental properties and make that my primary source of income by renting them out. I figured it would be easy, look for some run-down properties for sale, buy homes at auction, and just rent them out.

 

I bought the Carlton Sheets DVDs and did some other research. I was ready to start investing in real estate and enjoying my passive income.

 

Life Gets In The Way

 

Well, life gets in the way a lot. 

 

 I got married at the early age of 23, had my daughter at 25 and ended up racking up lots of debt. The debt wasn't part of my original plan and put a severe damper on my dream of owning rental property.

 

Years later, medical bills hit and just made things worse. We ended up declaring bankruptcy and then finally divorcing. I was down and depressed, I'm also a natural negative thinker, and thoughts just where horrible.

 

About six months afterward, I decided to make a change and better my life. I researched and went to counseling and learned how to stop my negative thoughts. As I learned, I also had this feeling of wanting to help others.  

 

After doing research, about seven months later, I decided to create a mental health blog. I enjoy helping people who are struggling with depression and anxiety, and love learning about them and seeing them grow mentally. 

 

Passive Income

 

Well, three years later now, and I'm still helping others. I've also got my finances in check and put money aside for my dream of owning rental property.

 

My site has grown with a lot of work, it's not passive income but has helped me achieve my goal of owning property and becoming a landlord.

 

Dreams are now a reality!  

 

I bought my first rental property, and I'm so excited for this next chapter in my life. 

 

The property is a small one-bedroom home to start with. The property didn't cost too much, and I thought what better way to start than with something little that I could afford and learn more about.

 

The home needed some work, luckily I'm pretty handy and did the renovations myself. I updated the bathroom by replacing the toilet, vanity, and mirror. The tub was in good condition and just needed some good old fashioned elbow grease to clean it up.

 

The kitchen has white painted cabinets, which I liked, so I just touched them up with some paint. Installed a new sink and bought a small refrigerator.  

 

The rest of the home was in excellent condition on the inside, nothing a good coat of paint couldn't fix.  

 

Outside the home, I bought a few small shrubs and created a small bed with mulch, giving the place some curb appeal.

 

I plan to own ten properties to rent out in the next 15 years.

 

It'll take some time to purchase more rental properties, rent them out, and eventually turn them into passive income, but it'll be so worth the time, effort, and investment.

 

The Renter

 

How exciting! My first rental property now has my first renter! A single guy, my friend, actually who needed a place to rent. I agreed with him, if he cut the grass and took care of the landscaping, I would hold off on raising the rent each year.

 

It's been about a month since my renter has lived there, and things are going smoothly. I've already started thinking about my next investment and will look into possibly hiring a property manager for future purchases.

 

I'll give an update soon about the property and look forward to buying another.

Comments (8)

Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Great post Michael Laauwe . I'm really glad you got things together and are moving towards your dream. I never thought of owning rentals as passive... in fact it gave me a lot of headaches and a heart attack. My advice is start looking for a property manager soon so your life isn't consumed by being a landlord.

Keep on posting, I look forward to reading more.

Dec 18, 2019 01:36 PM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Welcome to the ActiveRain community. Congratulations on your first post.

Dec 18, 2019 03:47 PM
Liz and Bill Spear
RE/MAX Alliance 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Alliance Cincinnati & Dayton suburbs

Good luck with your establishing your real estate empire over the next decade! 

Dec 18, 2019 04:18 PM
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Michael ~ Welcome into the 'Rain and this is a great first blog post!  Best wishes for more posts like this one and expanding your rental properties.

Dec 19, 2019 08:52 AM
Mimi Foster
Falcon Property Solutions - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Welcome to ActiveRain and congratulations on your first blog post. I love your honesty and transparency. My grandfather was a Realtor and his philosophy was to start purchasing rental property in your 20s, and when you get to be 50 you start selling them one by one each year. That way they're usually paid off and that's your retirement.  Best of luck to you.

Dec 19, 2019 08:36 PM
Matthew Klinowski, PA
Downing-Frye - Naples, FL
Golf Community Real Estate Specialist

Good evening Michael, welcome to ActiveRain. Congrats on your first post. 

Dec 25, 2019 06:57 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Michael Laauwe welcome to ActiveRain, and congratulations on successfully posting your first blog on this site.

Dec 26, 2019 12:50 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Welcome to Active Rain, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.
All the best of success to you.
Bob

Feb 16, 2020 05:52 PM