never saw myself doing anything related to what my dad does. He has been one of the top stock market analysts in this part of the US for over 25 years. As a kid, I would ask questions. He would talk way over my head and then get frustrated when I didn’t understand.
So, you can imagine my surprise the day I found myself sitting with him (many years later), telling him about the housing market in my area and asking about his six month predictions for the NASDAC index. I moved to Middle Georgia in the late 90’s as an aircraft mechanic. After working on me a while he said, “Well, if nothing else, at least buy a house down there. Even if you don’t stay, you can sell it for more later and make some money. At least you won’t be giving your money away in rent.”
It sounded good, so I did it. At least you won’t be giving your money away in rent.” It sounded good, so I did it. Back then, I wasn’t one to think things through too well. “Just do it” was my motto. I walked into the bank and got pre-qualified. I don’t even remember how my real estate agent found me, but I was signing one the dotted line to a nice brick house before I had time to let it all sink in. I was a home owner at 23. Over the next ten years, I acquired a total of two rentals and ten acres in addition to the mobile home on five acres I moved to in the process. The properties were staying occupied and I was making money with every transaction I made. There was only one problem. I didn’t know what I was doing. I had become a landlord and had no education to speak of. I hadn’t really even talked to anyone about what I was doing, I just did it. I knew I was spreading myself too thin, but I never took action to protect myself until fate stepped in. In 2010, in an act of frustration, I gave up my properties and credit lines in a bankruptcy; thinking I would be happier without the headache. Bad move. As it turned out, I had been dipping into the rent money more than I thought and now
it wasn’t there to use. I had to tighten the belt quick. Overtime at my J-O-B became a must, the satellite dish got canceled, and the cell phones got cut back to bare minimums. We were in the negative every month for a long time.
Right before Christmas of 2011, My wife dragged me to Books-a-million to pick up some Christmas presents for the extended family. I wondered off and found myself in the “self-help” section of the store. I noticed this book called “Rich Dad, Poor Dad” by Robert Kiyosaki. I remembered the title being mentioned on a radio talk show on my way to work months before so I bought the book. Not to sound like an advertisement, but that one book put me back on track.
I read that book cover to cover and then most of it again. The main point that drove home was that a good team and continuing education trumps all other strategies. Not the college education you may be thinking about; I’m talking about learning from those who have already made it big in the world you’re trying to get into;a mentor.
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