I knew a guy years ago that had previously worked for the government in Black Ops where he lost an arm. Amazingly, he still flew planes and was an instructor. He was also an avid gun enthusiast and even made the cover of some gun periodicals. I didn't press him on how he got his money and how he lost his arm. Part of me wanted to know, but part of me didn't. He didn't volunteer the info, and I didn't ask.
He bought several properties at tax auctions as well as properties owned by couples getting divorced. He would walk in and offer cash to estranged couples and they would quick deed the property over to him - far below market value. It was cash in hand for the couple without the headache of a court ordered sale. He amassed around twenty properties this way over several years that provided him with a steady comfortable income. He worked because he wanted to, rather than because he had to.
He rented those properties out at very fair prices and never raised the rents just because he could. He much preferred having good tenants that would take care of his properties. He hired property management to collect the rents and keep the books. Every year after expenses were paid, he would divide up what was left in the account between the properties and tell the tenants he would pay for some kind of improvement that they wanted. He reasoned that it gave his tenants an incentive to maintain the property by having a personal stake. If the tenants did the work themselves, even better. He would pay the tenants the difference of the budgeted amount. It was a win win for everyone. Some of his tenants he had for well over 10 years. he wasn't trying to get rich. As long as his own house was paid for and it would allow him a little financial freedom, it was all good.
Unfortunately, nothing good lasts forever. His wife decided to divorce him and blew up the whole system. She didn't understand how any of it worked. The court divided up the rentals between them, The ex in about 6 months managed to lose all her tenants by jacking up the rents and basically being a bitch. I lost contact with the guy not long after the divorce, but I have no doubt he recovered by picking up additional properties the same way that he had done in years prior. The ex-wife, not so much. I think she was forced to finally sell the properties.
I knew a guy years ago that had previously worked for the government in Black Ops where he lost an arm. Amazingly, he still flew planes and was an instructor. He was also an avid gun enthusiast and even made the cover of some gun periodicals. I didn't press him on how he got his money and how he lost his arm. Part of me wanted to know, but part of me didn't. He didn't volunteer the info, and I didn't ask.
He bought several properties at tax auctions as well as properties owned by couples getting divorced. He would walk in and offer cash to estranged couples and they would quick deed the property over to him - far below market value. It was cash in hand for the couple without the headache of a court ordered sale. He amassed around twenty properties this way over several years that provided him with a steady comfortable income. He worked because he wanted to, rather than because he had to.
He rented those properties out at very fair prices and never raised the rents just because he could. He much preferred having good tenants that would take care of his properties. He hired property management to collect the rents and keep the books. Every year after expenses were paid, he would divide up what was left in the account between the properties and tell the tenants he would pay for some kind of improvement that they wanted. He reasoned that it gave his tenants an incentive to maintain the property by having a personal stake. If the tenants did the work themselves, even better. He would pay the tenants the difference of the budgeted amount. It was a win win for everyone. Some of his tenants he had for well over 10 years. he wasn't trying to get rich. As long as his own house was paid for and it would allow him a little financial freedom, it was all good.
Unfortunately, nothing good lasts forever. His wife decided to divorce him and blew up the whole system. She didn't understand how any of it worked. The court divided up the rentals between them, The ex in about 6 months managed to lose all her tenants by jacking up the rents and basically being a bitch. I lost contact with the guy not long after the divorce, but I have no doubt he recovered by picking up additional properties the same way that he had done in years prior. The ex-wife, not so much. I think she was forced to finally sell the properties.