young guy from ohio!

[cshaw07]

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.

 

[Sue J]

Welcome from another Ohioan. I'm just north of Akron.

 

[Midpack]

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.

 

[cshaw07]

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!

 

[jclarksnakes]

WOW!!! I am highly impressed with your gutsy attitude.

 

[cshaw07]

Well I thank you for that! I posted my question as well as my asset/liability/income information in the young dreamers section.

 

[MDC86]

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!

 

[cshaw07]

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!

 

[skyvue]

Fellow Ohioian here. Live in Lakewood and work in downtown Cleveland. Grew up in Southeast rural Ohio near a small town called Lewisville.

 

[obgyn65]

Welcome to the forum.

 

[er33]

Welcome from another former Ohio'an! Congrats on the good start

 

[heeyy_joe]

Welcome. Build a safety net to protect those properties!

 

[tinlizzy]

Good job!