I am a landlord in Minnesota. I have 24 renters, located in Eagan and West St Paul. This is my introduction to landlording and journey….
I started as a landlord in 2000, with the acquisition of two duplexes. One unit had tenants in it; the other three units needed a complete rehab. I mortgaged my own home to purchase both of them.
Since I was an IT consultant, getting laid off (or not having the contract renewed) was always a possibility, but not very likely as long as you were a solid performer. After 2+ years at the client, the year 2000 bug hit them. My contract, and most of my peers, was terminated. I was taking out a 200K+ loan, and no income in sight. But I was confident that I would land another contract and keep making progress. In the meantime, I looked for several other side hustles too.
So, off I went. Not knowing what to expect. I have learned a lot since then, and am now ready to share the experiences. I have rented to pre-murderers, felons, and other sub-par renters. I have also rented to airline pilots, pharmacists (legal ones), school teachers, and a whole host of other occupations.
What do I do for fun? I work full time as a data architect at a major bank. I have 24 rentals of my own, and manage another one for a friend. I have a Real Estate license, something I recently re-picked up. I had one in 1983 for a while, and let it lapse. I also run a small mowing and plowing business, which I subcontract out the mowing, and physically do the plowing myself. Six driveways and three commercial lots keep me busy after every snow storm.
My main experience to graduating to a PhD in Landlording are my rentals in a large condominium complex. I am President of the Condo association, which is comprised of 120 units, 98% rental. I manage the property from a tenant screening and grounds maintenance perspective.
So, I screen a LOT of tenants, over 200 per year. I know what it takes to succeed as multifamily housing landlord. Be a solid multifamily housing landlord, and you can succeed as a landlord anywhere!
Sounds like you are tremendously busy with the day job, landlord experiences, and entrepreneurial endeavors. Looking forward to hearing more about all of these!
Thanks! I am pretty close to FI, maybe already there. I will continue to log my journey here.
Almost rent collection time too!