We began our search for AFFORDABLE rental property about four years ago, after operating our business on the west coast for seven years trying to cover the expenses on our rental properties. Like many of our fellow investors operating in high priced markets, these properties were considered liabilities rather than assets since they all cost us money to own. The income did not cover the expenses.
As the cost of RENTAL property increased and our market continued to show outrageous appreciation, we discovered our rental income stayed the same. After realizing our market place was prohibiting us from reaching our goals of financial independence, we began to research other markets.
We discovered what seemed to be a national median for rent prices. We found many appreciating markets with a disproportionate increase in rental rates. As we analyzed these new markets, we began to see that our initial dreams of financial freedom were more easily attained if we were willing to leverage ourselves in a market that offered us more affordable property, which in turn offered us a better return on our investment.
After acquiring a few properties in North Carolina, we realized our goals were within reach. For example, on the west coast, we owned a 3 bedroom 2 bath home in a working class neighborhood of Portland, Oregon. That house was valued at approximately $180,000 dollars, and we were able to rent it for $997 dollars per month. In North Carolina we purchased a similar rental house for about $60,000 and it is currently rented for $750 per month. While the income difference is $250 dollars the purchase price is nearly 1/3. This illustration simply shows that the same $180,000 dollar investment that was used to purchase one single family residence in Oregon could be leveraged in an affordable market to buy 3 similar properties with a potential income of approximately $2200 versus the $997 dollars in the Portland market. Since discovering these new hubs for rental properties, we are finally seeing the light at the end of the tunnel as we continue to work towards our goals of FINANCIAL FREEDOM, and our own desire to RETIRE ON RENTALS!
Since we first came to Charlotte over 4 years ago, we have seen not only affordable properties, but also appreciating. We developed a system of Turn Key Investments Property that allows us to help fellow investors who are working towards their financial independence. We purchase properties and offer them all on our website for sale for 60 days. The properties that don’t sell in 60 days are kept for our own rental portfolio. As you look over the following information, please know that we are available and eager to answer any questions you may have. We look forward to sharing our experiences with you, and hope that we can offer some assistance in helping you create an opportunity that will allow you to Retire on Rentals.
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