Hello and taking over Fathers Rentals

[Luke Benson]

Hi everyone! I am just getting started in the rental world. My father passed away this summer, and left 2 rentals for my mom. Both are owned outright with zero debt. 1) 1800sq ft split level in St. Cloud MN same renter since oct 2011. 2) 2800sq ft modified 2 story in Big Lake, MN with 6 heated garage stalls on 2 acres. I am just getting up to speed on the laws and have been reading a few books, let me know if you have book suggestions! My brother and I will be entrusted with maintaining the estate left behind and will have cash available by the end of the year to invest into a couple more properties. I'm very excited to grow our portfolio and my knowledge! -Luke Benson

[Michael Lee]

Hello and welcome to BP!  I am sorry to hear about your father.  If there is good demand for those two hoses and they are in pretty good condition I would try to maintain a positive cash flow on them if they fit your goals.  You might be able to sell them right now and buy "new" houses or small apartment complexes if that meets your goals. One think I think it is important to you is to avoid all of the Internet crooks that want to sell you something with a emotional sales pitch on something you do not need.  I have been on this site for about 18 months 8 to 10 hours a day, 7 days a week while I am medically recovering from a brain annurism and a stroke I had at age 54.  I was lucky to be married to a woman who has been saving money for over 25 years and a home that is almost paid off in full.

I would definitely recommend reading books by Robert Kiyosaki, Andrew Carnegie, Cardone, and Lance Edwards just to name a few.  Learn as much as you can before your investing.  Also remember that real estate investment goes in cycles and it is a seller's market in most places right now.  I have read more than once that mistakes and fear are pretty normal.  Some failures are bound to Japan and just keep on going.  Do not try to do everything yourself and never trust what others have to say like Lawyers and real estate Agents.  Just know they get paid based on your decision and you should not trust anybody that does.  Just start out doing things that are simple and have been done before.  Just do what is average in that neighberhood.

Just know that your schools were paid to brainwash you and not give you any financial education. Make sure the people that you work with and talk to are experienced in what they are talking about. I have never been to Minnesota so I cannot give you any geographical advice. Before you start making offers get your financing figured out. Trust your gut and do what it likes. Try to keep your projects within an hour drive. Get/Find local and experienced professionals that will help get things done for you. You might ought to start some kind of corporation or a LLC for your business and bookkeep it separately from your personal items.

Good luck to you!