All Forum Posts by: Chance Cooper

So November of last year I purchased a brand new Dodge Ram Hemi right off the lot, a month later I was told I was deploying to Afghanistan…I made a huge mistake and got completely outside my comfort zone. Had a few buddies at work that put the jumper cables on me and I went and bought it. After my recent deployment I had plenty of time to think about where I want to be in the next ten years and owning multiple properties is where I want to be.

I figure with a truck payment of $590 a month, that money could be used towards building my rental empire not to mention all the gas a Hemi sucks up…There will be plenty of days ahead where I can buy nice cars, I have to get the passive income created first. I am completely comfortable driving a used cheaper paid for vehicle for now...I seen where Mark Ferguson purchased a Lamborghini but did it after he had a very well developed empire. Thats what I want, and one day I will get there but not now...

Hopefully Carmax helps me break even on the truck. I don't mind taking a hit as long as its not to much of a hit. I really would just much rather put that $580 towards another home…Cant wait till tomorrow!

CASH FLOW! I am trying to build passive income so when I get older every thirty days I got money coming in from numerous places.

Thanks a million guys/gals!

Just checked mine, I am at 747 right now.

@Jesse Waters thanks a lot! Glad to be home! Airborne, Hooahhh!

Hello guys/gals

I just got back home from Afghanistan and I already know that next year I will be headed to another duty station. Its common for us Military folks…The home that I live in now I can already see that it is not ready to rent. I want to make each of my homes a standard for all my homes so that it is pretty easy when it comes to whipping one into shape to be rented.

I have read blogs where some people use the exact same paint for each home, some use a ton of door stops, mini blinds, no mini blinds etc. Can you guys give me any tips you pretty much use on all your rentals when you are getting them ready to rent (standard systems). The things that I already know I need to do is:

-Take down this pool that my wife put up while I was gone….(SMH)

-I want to get rid of a lot of the bushes out back because renters are not going to trim them like they should be trimmed…

-Apply much needed paint i.e.. front porch, back porch, garage and other areas that looks dull.

-Pressure wash home to give a clean look

-I was even thinking about taking down the privacy fence??? Would you???

Any information you guys have or systems that have helped you would be great. I have at least a year so I have plenty of time. I would like to do a little here and there so its ready by next year. Thanks.

Chance

I purchased a home when I first got out of the Military, lived in it for a couple years then decided to come back in the Military. I tried going in business for myself but it never worked out. Well when I came back into the Military I put that house up for rent. I started other businesses while I was out of the Military but my phone never rang as fast as it did when I Iisted my house for rent. Within a week of listing it I had a tenant bring me first months rent, security deposit, and signed a lease agreement for 12 months and had a ton of other calls... The total I received was $1700, oh and I also received about $300 in application fees. 

It didn't take me but about a second to realize this was a very lucrative business. Those tenants never called me, or bothered me. IF they needed something I made sure I took care of it because it is my house, and I want my houses taken care of plus they paid on time and were very good tenants. Once I seen how easy being a land lord was I started running numbers in my head of the potential money I could make owning multiple properties.

Then this year when I deployed to Afghanistan I started googling different blogs about land lording and stumbled upon "Biggerpockets." Once I started reading all the other threads about owning multiple rental properties, it was like the heavens opened up for me. It was like this dream/vision that I had, that I sometimes thought was a long shot was confirmed to be a great idea because a lot of other people was doing it and they were very successful. So thats my story in a nutshell. I plan on owning 10 homes one day, right now I currently own 2. 8 More to go...

@Maurice Brantley how does the letters work? Do you pick houses your interested in and send the owners a direct letter?

Thanks for all the replies guys, it paints a very good picture for me.

If you own more than one rental property could you elaborate on how much time you actually manage your properties outside of your primary job? My ultimate goal is to one day acquire 10 rental homes, currently I own one rental and I live in my primary owned residence. I am very curious as to how busy I would be owning multiple houses. The one rental that I have now I have no issues and never hear or have any problems from my tenants. When I do my walk throughs every 90 days everything is great.

It can't be this easy owning multiple homes. Please tell me your experiences if you own multiple homes.