Restoman's Introduction

[C. Burris]

Oh, what to cover. I'm 27 and live in Shreveport, Louisiana. I have owned my own house for 2.5 years. I have a very good job in sales and I am financially secure. The housing market in Shreveport is good and I became interested in becoming a landlord. I spoke to a few older friends that own 30-300 properties. I always assumed that they owned the middle class homes. I was dead wrong! When we started to discuss the homes they owned, I was taken back with how small they started and continue to invest. I was planning on being modest and keeping my investments below the $75K number. Realize this is Shreveport, my house was purchased for 127K (3br,1.5bath, 2 car garage) so $75 seemed bottom of the barrel. To my surprise he suggested $15-25K. Wow, that changed the game. Margins on the 20k home is the same for a 100k home here and you have much less invested.
As of now, I am in the planning stages. LLC paperwork and all other gov't paperwork being set up. I will file and begin investing Nov-Dec. I know it's always something, but I'm getting married soon and I want her name on the paperwork along with the fact I will then know exactly how much cash I will have to work with.