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How I Got Started in Rental Property Investing

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The hardest part of rental property investing is probably getting started.  The fear of the unknown can be like an anchor that weighs you down, preventing you from reaching your true potential.  At least, that’s what happened to me.  But luckily, I was able to change my mindset and pack away my fears.  And it was all thanks to a book.

I initially became interested in rental property investing soon after I got married.  This was after about 5 years in Corporate America, and I had already had enough of that.  I thought that real estate investing was going to be my ticket out of the corporate shackles.  I was wrong about that piece, but I soon realized that rental property investing was a great long term investment strategy for saving up for my 3 kids’ college educations.

Anyway, I did all kinds of research, read a few books, typed up a bunch of documents and cheat sheets, and ultimately spent many nights and weekends for 6 months doing all of this homework.  Unfortunately the time and effort did not pay off, as I was never able to overcome my fear of the unknown and actually get off the couch.

Then one day I met a guy at work who owned 3 single family rental properties, and I asked him how he was able to take that leap of faith.  He then handed me a book: Rich Dad Poor Dad by Robert Kiyosaki.  If you have never read the book, I suggest you do so immediately.  The book made me think about life, money, assets, and mistakes in a whole new way; a way that reshaped my mindset and allowed me to forget about my fears.

Soon after I read the book, I whipped out a map and drove though all the towns within a 30 minute drive from my home to identify my “home base of operation.”  I then got myself a rental property agent, started viewing and analyzing listings, and physically inspected a bunch of multifamily properties.  A few months later I bought my first rental property – a triplex – by taking out a home equity line of credit on my personal home to fund the down payment on the mortgage.  And as they say, the rest is history.

So, if you really want to start investing in real estate but you find that you are stuck in a rut, pick up a copy of Rich Dad Poor Dad and give it a read.  It might just be the jumpstart you need to suppress your fears and get your ass off the couch!

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