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young guy from ohio!
Old 02-01-2013, 08:52 AM   #1
Dryer sheet wannabe
Join Date: Feb 2013
Posts: 16
young guy from ohio!

Hey everyone, my name is Curtis, age 23, and I live in (you guessed it) Ohio. I graduated high school in 2007 and went to a tech school to be a biomedical equipment tech. Graduated from tech school and got my first "big boy" job at age 19. I've been doing that ever since making decent money for a 19 (now 23) year old especially living where I live with the cost of living being low. Working every day 40hrs a week is NOT for me. The money is nice but I value my time more than my work does! So in 2012 I bought three single family three bedroom rental properties. I've had them since May and other than one bad tenant everything has gone relatively smoothly and I must say being a landlord/property manager is definitely for me. I was recently asked to buy a duplex in the same town as my other three homes and though I have the money for it to pay cash, I'm still on the fence about it. That brings me to here, but I'll ask my questions in a more specific forum area.

Any way, I just wanted to say hello and that this is a very good website.

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Old 02-01-2013, 09:55 AM   #2
Thinks s/he gets paid by the post
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Welcome from another Ohioan. I'm just north of Akron.

Married, both 61. DH retired June, 2010. I have a pleasant little part time job.
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Old 02-01-2013, 10:12 AM   #3
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Location: Chicagoland
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Welcome aboard, sounds like you've got a plan, and much earlier than most of your peers I suspect. I've never had income producing RE but it looks like a smart approach to me if you have the skills. And I have BIL who is generously set for life thanks to his RE holdings.

I also lived near Columbus for 10 years, other than the winter weather we always liked Columbus (much better than Cleve or Cinn IMO) and thought it was a 'best kept secret' among Midwestern cities.
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
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Old 02-01-2013, 10:21 AM   #4
Dryer sheet wannabe
Join Date: Feb 2013
Posts: 16
Thanks guys! I feel I'm doing pretty well for myself considering my age, but I'm always looking for something better. I really enjoy this rental business, I'm starting a property management company for myself and plan to increase my units for rent until I don't need to work a 9-5 job anymore. Hopefully I can do that by age 30!

And you're very right on the most of my peers thing. I LOVE talking about personal finance but all my friends hate it, yet another reason why I'm here!
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Old 02-01-2013, 10:23 AM   #5
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WOW!!! I am highly impressed with your gutsy attitude.
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Old 02-01-2013, 10:35 AM   #6
Dryer sheet wannabe
Join Date: Feb 2013
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Well I thank you for that! I posted my question as well as my asset/liability/income information in the young dreamers section.
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Old 02-01-2013, 11:29 AM   #7
Confused about dryer sheets
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Landlord and the money to pay cash for a duplex at 23 years old huh. How did you save that kind of cash. Where do you put it all?

Oh and great work!
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Old 02-01-2013, 11:37 AM   #8
Dryer sheet wannabe
Join Date: Feb 2013
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I really didn't use much of my own cash at all, I owe on all of my properties. The money that they bring in however is significantly higher than what I spend a month on them. That and they are all in a low income neighborhood so they were cheap. So I take the excess rental income and use it to pay back on the houses creating more equity, then when I want to buy another I use some of my own cash and take the equity back out of the ones I own to buy another. It's a slow process at the beginning, but after you have a few of them and if your rental income to rental debt ratio is in your favor enough things can speed up quick! And thank you!
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Old 02-01-2013, 01:50 PM   #9
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Fellow Ohioian here. Live in Lakewood and work in downtown Cleveland. Grew up in Southeast rural Ohio near a small town called Lewisville.
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Old 02-01-2013, 04:28 PM   #10
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Welcome to the forum.
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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Old 02-01-2013, 04:46 PM   #11
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Welcome from another former Ohio'an! Congrats on the good start
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Old 02-01-2013, 06:24 PM   #12
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Location: Madeira Beach Fl
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Welcome. Build a safety net to protect those properties!
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
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Old 02-01-2013, 06:35 PM   #13
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Good job!

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