REI Pro Wanna-Be from MN

[Andrew Vogt]

Hello All!

I've been a landlord, "REI" for about 5 years now. I target student rentals in my area. I currently own 2 single family homes and one duplex with 13 renters.

I currently work as an engineer and in my spare time (whether it be on the road when I travel for work or while I'm "working") I'm constantly dreaming of getting into REI full-time.

I've grown up working on houses all my life (dad was a contractor) and that's how I began my career as a landlord-went to school, bout a foreclosure, fixed it up and put me and a couple buddies in it. I decided it was pretty slick and did it another couple times.

My main strategy is buying rental properties with no cash down-find a deteriorated property, put in an offer, arrange an appraisal with an as-built and put some sweat equity into it. It has worked well for my first couple properties, but it takes quite a while to find a property that fits all the criteria. And with the market being as competitive as it is where I'm located, it's becoming quite more difficult now.

I've always been the entrepreneurial type; I've ran a painting franchise (College Pro Painters), my own smaller remodeling business, a lawn mowing franchise, student rentals, etc. etc. I now have a job that fits with the degree I received, but I lack that excitement to go to work everyday. I would really like to end up running several units of rentals (I love constant cash flow, who doesn't?) but would also like getting into other aspects (flipping, mainly) as a way to stay active.

This is my first step in the process to achieve that goal; to tell others about it! BP seems like a great tool and motivator; being able to read about and talk to others that do what I want to do on a daily basis.

Sorry for the long introduction. I look forward to learning and talking with you all!