949-392-1999
By James Ledbetter
I convey this story not to impress anyone but simply to convey that time sure does race by when you’re a real estate investor!
My First Rental Property
It’s 1995 and I’m 26 years old and about to purchase a $57,000 house three doors down from my dad’s house where I lived in as a teenager. I suppose I was motivated by the need to ‘act like a grown up’, so I went for it, and learned how to apply for a mortgage, and close on a house. This 850 sq ft house, built around 1930, in downtown Round Rock, Texas, was my first home. I remember thinking, hmm… not a bad bachelor’s pad. I suppose that’s when my humble real estate journey actually began. Above is a recent pic of my first real estate purchase
Now, here it is — 2022 (27 years later!) and I still own the same property. I’ll save the funny/crazy stories that come to mind, for another time. After calling it my abode (for about 3 years), I decided to move up the road about 10 minutes away, to the town of Georgetown, Texas.
One big question that bubbled up in my head was, ‘Could I possibly buy another house without selling my first property and, perhaps, keep the house as my #1 rental?’ I mention my thought process to make it abundantly clear that I – didn’t have a clue – and was both ignorant and green. BUT, regardless of that fact, I wasn’t afraid to ask myself the question, and start taking the steps to figure out the answer. I basically had the attitude to just ‘GO-FOR-IT!’ until convinced it wasn’t possible. Low and behold, I still somehow got it done and now I owned 2 houses… Wow! I thought!
BUT then it dawned on me, I now have 2 mortgages and had better figure out how to find a tenant… soon! And, somehow, I morphed into a landlord.
Here’s the ‘For Rent’ sign I’ve kept all these years. I made it myself and stuck it in the front yard, and prayed that someone would call my cell. Too many tenants over the years to recall the exact number, BUT here’s the point, I held on to the house, AND for the past 10 years, I’ve had it rented as a commercial property (my tenant is a financial planner who uses the home as a business).
To conclude, my real estate ‘adventure’ started very humbly. No, I wasn’t wealthy, and YES, I was very much a novice, and YES, there were many many challenges along the way!
BUT, the most important part is that I WENT FOR IT, don’t regret it and haven’t looked back since! So, the take-away I leave you with is this: Don’t be afraid to just GO FOR IT! Don’t be discouraged and keep pressing on!
Oh, and by the way, today, I own 11 other rental properties and am loving the financial freedom they provide! If you need a little advice or encouragement, please feel free to contact me (my phone number’s on the rental sign)!
