Buy a House, or Two!

A few years ago, I had never even thought of becoming a landlord. I was under the impression that I’d be 30 years old and have two kids before I bought my first house. The idea of a 30-year mortgage scared me. It seemed like such a commitment! My fiancé, on the other hand, had bigger and better plans. His family had been in the real estate business for years and he couldn’t wait to get started. So we began looking around the city at properties.

Within a few weeks we had found exactly what we were looking for: a fixer-upper on the north side for under $40,000. With little experience and no real estate agent helping us, we put in a purchase offer and negotiated the price with the owner. We researched loans and found the best deal for our money, and ended up buying the house for $3,500 out of our pocket on closing day. First time homebuyers can get loans for 1.5% down, or sometimes even 0%!

You should’ve seen the place: it was a mess! The plaster walls were crumbling, being held together only by wallpaper from the 1800s. The original wood floors had been painted and sections had broken boards and holes. One room had no doorway and the walls were still bare. But it had what real estate people call “good bones.”

It took us a lot of living and learning before we found contractors we trusted and liked. It was also hit and miss with tenants. But each new problem became a challenge we worked through and overcame. And today that old house is fixed up, cared for, rented, and brings us $350 a month.

We now own two houses, and can’t wait to add a third. Syracuse is a rare city in that real estate is affordable AND profitable at the same time. Investors from all over have discovered this secret and are buying up properties left and right. However, these owners and not “hands on” landlords, and they leave the important work to property managers. As a result, properties can become dilapidated and tenants will disrespect it. We need more landlords that care about their properties like we do. Our houses are an investment for us, but one we can see grow and change, and that we can improve with time. It’s not just about the money we can make, it’s about the great sense of accomplishment and pride home-ownership can bring you.

So I urge others to experience what we have:

• Look through properties on www.realtor.com.
• Take some time and save up a few thousand dollars.
• Talk to Home Headquarters or just your local bank about mortgages and loans.
• Drive through neighborhoods in the city to find one you like, or maybe one you’d like to help improve.
• Buy a book about real estate investing or being a landlord (there are thousands to choose from).
• Do a lot of research, because you’ll need the help of a mortgage agent, realtor, lawyer, accountant, contractor, plumber, and electrician.
• Ask a lot of questions. You’ll never know everything there is to know about real estate.

Take advantage of Syracuse. This area really does have it all!

You can see pictures of my properties here.