When I got out of the service at age 21 , I decided I was going to make my fortune in Real Estate , so I purchased with my discharge pay a large house with 7 bedrooms and two bathrooms and made my fi rst rooming house. I converted the porch and the Dining room into 2 more bedrooms, making a total of 9 bedrooms which I rented out in whose days for $50.00 a week each.
I didnt give anyone use of the kitchen and I didnt allow anyone to have company, you just went directly to your room and basically went to sleep and
that was it. I allowed no food in rooms or any loud noise after 10 PM. It was
a great place if you had a job and you were making minimum wage.
My mortgage payment was $250.00 a month , my electric bill was $165.00,
My gas bill averaged 150 a month year around and because I had a well and
septic tank , even getting them pumped out and serviced a couple times a
year, only cost me an average of $35.00 a month. My Insurance ran me only
$50.00 a month, about $25.00 a month for maintenance, so the expenses
were $ 670.00 per month. My Income was $1330.00 a month on my first property net.
There I was back in the late 1950s making over $17, 000 a year , not working for anybody. It was very important to get a lot of information about your tenants such as next of kin, Mother and fathers name and address, social security #, Employers Name, Landlord history, last job ect. I always
had an application ready for them to full out. That way if they do any damage to your property you can chase them down.
Over de auteur
My friends and clients up in New York tagged me with the name the “Master of Mirrors” because only I can put a deal together when the odds on making the deal are totally against me.
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