We are supposed to be retired, enjoying our established income, but no... saw a nice deal yesterday and bought it. It will produce around 20 percent after a few renovations. And we already have a solid tenant lined up.

So... blitzing the repairs/renovations to get this income producing property on line.

How many people get a raise after they are retired?

Congrats, gevans.

Real estate is a career with a lifetime of possibilities. When all you're doing is managing the process/investing, there's no reason to stop "working" when you enjoy it and it produces a good return.

It's good for tenant to have a conscientious land lord who takes care of a property and their concerns and keeps rents reasonable.

It's good for the community to have solid homes for people who don't want to buy a house.

It's good for you because it's challenging and rewarding. Some folks play checkers or bingo. You do houses.

A few stories on continuing excellence:

There's a guy from my town (deceased now) named John Q Hammons. He built hotels all over the country, the kind with the wide open atriums in the center. He was still building hotels into his 90s. He's credited with "putting Springfield, MO on the map" in many ways. When he died, he was a multi-millionaire and known philanthropist. My thought is, "Why not?"

Would we tell a star quarterback who has won numerous awards to stop winning games? I sure wish Brady would've cut the Chiefs a little slack last night, but we fought well and it was an amazing game. And I don't normally watch football, so there you go.

Keep doing what you're doing in the most excellent way. I think that's one reason God put us here.

You are lucky! Here in Southern California the average single family home is over $500,000 and there are few good deals out there. Yes I can find a run down property for $275,000 and put another $100,000 into it. But getting a 500K home for $375K after all is said and done is not a sound move for someone who's been buying investment real estate for 40 years. I remember when homes were $70K and the down payment was only $15K. With repairs, and all of the other properties held, time in retirement is valuable.

Congrats!

Each time I asked DH about a new one on market, he says 2 things:

1. I told you I don't want anymore.

2. Do you know how many times you have promised," This is the last one, I swear!"?

Did someone say Patriots? There's only one Patriot according to wikipedia: Patriot (American Revolution) Colonist who rebelled against British control in the American Revolution!!!

Jeffrey of VA put it very well an ADDICTION.

It’s one of the top natural addictions to have: it’s not that you eat to much; or drink to much; or take happy pills of sorts altering ones mind. It’s an addiction with a natural high, plus it gives you a sense of accomplishment on a daily basis. Speaking of a natural high sweet tea with a shot of tea and top it off with sugar…

Gaven of SC, You do realize that people are living longer and supplemental income will be a major factor people will work part time into their 90’s with the potential to live to be 120 years old. Gaven by 120 years old you should own most of your county:

Gaven County, SC, USA!!!

Well, I have to say, many of you here encouraged me to the point I became an addict. So I blame you all. LOL Jeffrey, you are chiefest of sinners in this matter.

At least it is an addiction that makes money instead of spending it. Well, makes MORE than it spends.

This is truly an unusual group of people. I have told no one else, but you guys all just GET IT. My friends and relatives do not. Thanks for your support, mostly with great ideas, encouragements, and constructive criticism.

The sad fact is your friends and relatives do not get it.

AND they may be jealous of you for what you have accomplished.

PLUS they may not want to take a risk. And its not easy being a landlord. There are risks and most people do not know how to handle that risk.

Hi gevans.

It’s OK, this is a safe place. We share your addiction. It’s good to get it out in the open and talk about it. We’re here for you. There is no cure.

BRAD

Congrats! Hard to pass a deal.

My recent attempt at a foreclosure in my HOA fell through for now. It has a reverse mortgage on it and a senior citizen tax deferrement and someone screwed up so it got listed. All I have to do now is wait till the old lady dies. The neighbor calls it the "cat house" says it stinks. Wonderful.

Roy, just for you:

Paid $51k. All repairs will be completed for under $9k, so all in at $60k.

3BR/2BA split level, 1550, built in 1972.

Normally would rent for $900, but this one is renting furnished with utilities for a mere $2,790 per month (contract already signed).

No, I'm not ready to spill the beans as to how, but these are actual numbers.

Thanks for the details. It sounds like you got a real winner there.