I’ve always dreamed of being a big-time money-bags kind of guy. You know, a landlord or high-rolling investor or something?
Unfortunately, I’ve never been all that good with money. I’m not much of an investor. I’ve got a 401K and an IRA, but beyond that, I’ve never seen myself as someone who would “make my money work for me,” as the saying goes.
That is, until my buddy inherited a house from his grandma through probate.
It was a nice house, but an ugly house–small rambler on the south side of a city. It was pretty dated–old carpet, old cupboards and terrible trim. But it was well-cared for.
The thing was, my buddy already had a nice house in the suburbs where he lived with his wife and kids. The last thing he wanted was another house, even if it was nearly free.
What little mortgage there was left on the house was paid off through his grandmother’s estate, but he was told that he’d have to pay taxes on the property if he kept it. And if he sold it, he thought he’d have to hire a real estate agent and pay a commission.
His grandma’s house was becoming a gift no one wanted–kind of like a pair of socks for Christmas.
Then I saw an ad for a company. It said, “We buy houses ‘as is.’” We buy houses “as is”, I thought, really?
That’s when it happened: I decided that I would buy my buddy’s house and rent it. Why not? I had money saved and knew I’d qualify for a loan. He didn’t want it and would give me a deal on it. And renting it out would provide some extra income.
I pitched the idea to my buddy and, just like that, my dream of being a money-bags kind of guy took off. He agreed. We made the deal. And I was a landlord.
Why stop there?
This might sound morbid, but I peruse the obituaries looking for homes to buy. And if the people aren’t interested, I tell them about the company that buys houses “as is”.