My name is Nancy Brook. As I start this blog, it’s three years from the time I invested in my first rental property. I lived in Billings, Montana, when I first hatched the idea that I wanted to buy an investment property. I decided to buy a four-plex clear across the country in St. Petersburg, Florida.
Why St. Pete? I had traveled there frequently when I worked at a bank as one of our key vendors was located there. I had always loved the sunshine, water and white sand beaches of the Tampa Bay area. And downtown St. Pete just looked like a heck of a lot of fun.
Single at the time, living in Billings, Montana, wasn’t working for my dating life. I figured I could do it all in St. Pete. Find a great investment property, start a new life and meet my dream guy. Plus, I had changed jobs and was now earning commissions. It seemed to make sense from a tax and investment perspective to put my money into real estate.
Wouldn’t you know, life had other plans. I got my first real estate investment deal under contract and then met my man. In Billings, Montana.
I bought that first investment property and found not only my life partner but my investment partner. In the past two years, we have purchased nine properties and are working on number ten. All together, we own 14 properties between us.
How did we get there? Well, that’s exactly what this blog is about. We are no more exceptional than you. Mike is a hard-working entrepreneur who owns a lawn and snow removal business. I worked at a bank and eventually in corporate sales. My only experience with real estate was purchasing the houses that I lived in. Mike did have a few rental houses under his belt before we met.
We decided to take bold steps to learn a market that had a lot of potential. In his book, “Rich Dad, Poor Dad,” Robet Kiwosaki says that a real estate investor should purchase investment property where they live. I disagree! The only reason you should purchase property where you live is if you live in an exceptional investment market!
I see many friends in Billings, Montana, who own rentals and are making lackluster returns. They think they are safer investing where they live, managing the property themselves and often, doing the repairs themselves. There are many markets where buying rentals just does not make sense.
My philosophy is that investing in real estate is not about creating a second job for the investor. It’s about creating a lifestyle of freedom. Freedom doesn’t happen when you are responsible for fixing toilets and collecting rent. Freedom happens when you earn enough money so you can have someone else manage the day-to-day minutia.
Mike and I have made many mistakes along the way to building our real estate portfolio. I hope to share with you some strategies that I’ve learned along the way so you can do things better.
I hope you enjoy Property Adventure and my wish for you is to inspire you to reach beyond your comfort zone and go for the life you’ve imagined in your wildest dreams!