How to Buy a Rental House – Wash, Rinse Repeat

My hand was shaking when I signed the loan documents. We had such a good plan, but I was still terrified.
We laugh now thinking about this dumpy little 2 bedroom house with a flat roof and window AC units. We paid $45,000 on this thing and spent 2 months fixing it up. When we didn’t know how to do something we looked it up on YouTube. We learned how to drywall, texture, refinish hardwoods, replace windows, and install plumbing for a washer.

The mortgage, taxes and insurance payment totaled $350 and the home rented to a nice student family for $850 a month. We saved every penny of that $500 spread each month thinking we would need it to pay the deductible when the house burned down. It never did.

The Stealthy Rich are ordinary folks that make seemingly simple but extraordinary decisions to optimize their income and expenses. Join the movement and stop letting the ordinary keep you from living an extraordinary life.