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Best photo: ESTATE My First Investment DuplexBecause I have a form of dyslexia, I cannot do a lot of things that people take for granted. For example, I cannot follow directions to put together a four-year-old child’s toy. I cannot read maps. Certain mathematical things I cannot do. Even though I have rehabbed at least 500 houses, I know absolutely nothing about construction or repairs. When contractors talk about roof trusses, drywall, and wires, it is like they are speaking Chinese or Greek. That language simply makes no sense in my brain. Getting Started When I bought my first duplex, I could not find it because I cannot use maps. People still do not understand that. For a day and a half, I drove around Hermitage, Tennessee, looking for my duplex. They all looked the same. I called the broker and said, “I can’t find the property I just closed on. Where is it?” I was so embarrassed. He actually met me and drove me to it. Fortunately, however, I did find my first duplex, rented it out, and that worked. Then I bought my 12 duplexes. After a year and a half, I quit my job and retired; for one year, I did not do anything because I had about $4,000 or $5,000 oftax-free money coming in every month. Then I thought, “Gee, if it works with 12 duplexes, it’s got to work with 24 or 25, and if it works with 25, it should work with 50, and if works with 50, it has got to work with 100, 200, and 300 properties.” (I do have help, one person who helps me manage all of my properties, along with a part-time secretary.) Instead of learning 1 way to make money in real estate, you will learn about 10 ways. You may not use them all, but pick up a few of them and get started.Updates: Buying and HoldingMost people associate real estate investing with buying and holdingBeing a Real Estate AgentLease OptioningOne of the best ways to control or rent property isthrough leaseFresh news: © Copyright 2009 - Real Estate |
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