After graduating high school at 17, and a year of pumping gas, Eric spent 4 years in the USAF at Barksdale AFB, where he was a crew chief on a B-52. His advice “Do not let anyone try to send you to fetch 50′ of flight line…”
He graduated with a degree in Computer Science, with minor in math and has an MBA in Marketing. He recently received his real estate license for the second time, the first one being earned in 1983. He says “I went to the school of hard knocks where I majored in repeating everyone else’s mistakes.”
He is 55 year old, soon to be former, computer professional. He started several years ago to replace his “work income”, with other alternate streams. He is well on his way to retirement at age 56, and is currently making more money at extracurricular activities, than he is working at his full time job. Whether that is Financially Independent, or just old fashioned entrepreneurial spirit, is in the eyes of the beholder.
In ~2005/6, he went to a cattle call wealth building seminar, with Donald Trump, George Foreman, Michael Coles and a few others. It was an eye-opening experience. He investigated many opportunities after that, including franchises such as a Laundromat, check cashing business, tanning business, hair salon, handyman services, trading stocks and real estate. He started several businesses over the years; some he stuck with, some were not as profitable or logistically would not merge seamlessly in with his current situation. But trying leads to success.
Sometimes fate and life’s situations create a path that is inevitable, and real estate is where he settled. He started as a landlord and owning investment property in 2000.
Eric currently owns 24 rentals in seven buildings in the Eagan and West St. Paul area in Minnesota. He does all of his own maintenance. He manages property for other investors, so he currently has 25 renters to track. In addition to the renters, which many people would already consider to be a full-time job, he also still has a full-time job, a data architect at a major bank. He is an HOA president, property manager for the HOA which includes the responsibility of tenant screening. In his spare time, he also runs a small mowing business and plows snow with his Ford F350 Diesel.
Other than that, he just loafs around the house and blogs…
Eric says the secret to minimizing the work in his rentals is attracting and recognizing great tenants. Read his blog to find out more at http://www.NoNonsenseLandLord.com/. Be sure to read the posts, he has a lot of tips about managing property and financial independence.