New poster from southern Ohio (long time lurker) - focusing on rental properties

[Luke M.]

Hey, Joshua and others finally convinced me to say hi and introduce myself through our conversations on Google+ (btw check it out, there's a separate BP "group" I guess you'd say).

I'm in my 30s, BS and MBA degrees, worked for the man for a while and all the while wanted to get out on my own. I've researched real estate for at least the past 10 years, had co workers who rented properties and was always interested in what they did, and even rented part of my house out once I graduated and bought my own house. (Unfortunately, I had to sell it and break even recently, but there were other reasons than investing that led me to do it. I have to say, depreciation is a wonderful thing, but I think I'll still have a loss this year due to the buy and sell price.)

I remember when I was first talking with my current business partner about investing in real estate, I was reading BP every night. Once we got started, I happened to be reading it when my first "big" problem with a tenant happened. I received a call about midnight and thankfully I was close by, so I drove over and shut off the water... we got the water heater (why do people call it a "hot water" heater?) line fixed the next day, but I'm glad they were good tenants because water is a killer in a double wide.

Anyways, I live on a farm, and I do farm work when I'm not working on rental properties. (Soybeans this year.) I live in southern Ohio and invest in rental properties in more rural counties using the 2% rule I learned here (or at least I try to). My partner and I started late in 2011 and wanted to get 10 properties by the end of 2012. Well, we did, although we are still fixing a few of them up, sold one at a loss (live and learn), and sold one on a land contract.

We are not slumlords, and I despise people who are. Eventually I'll post a few of my photos. I'd live in any of my rentals if they were on 100 acres and not within city income taxes lol... but seriously, I'd live in any of them.

Looking forward to learning more here and helping out where I can! If you want more info, reply or send me a message! (But not one that I can't refuse.) LOL did I mention sarcasm is one of my traits?