Landlords: Being Your Own Boss

Landlords: Being your own boss. Buying, cleaning up, renting out, and selling quality older homes for a profit may be just the "home business" you've been looking for.

| September/October 1977

Landlords: Being your own boss by buying, cleaning up, renting out, and selling older homes for a profit.

Landlords: Being Your Own Boss

Out-and-out land speculation is one thing . . . but buying, cleaning up, renting out, and selling quality older homes for a profit is another. Quite possibly, it's just the "home business" you've been looking for!

If you're like most people, you probably feel that a landlord is just another one of those negative city things to be avoided at all costs. And-chances are-the thought of actually becoming a landlord yourself is the furthest thing from your mind.

Well, think again. Managing your own rental units can be an excellent way to [1] live rent-free, [2] be your own boss, and [3] build a healthy chunk of capital with which to finance other ventures (a move to the country, perhaps).

"That's great," you're probably saying, "if you've got the money to buy rental property in the first place." But wait! That's the beauty of the apartment-rental business: You don't have to be wealthy (or even moderately well off) to "break in". In fact, you can even start from scratch!

Case in Point: The Passmores

Take Cathy and Larry Passmore, for example. Six years ago, the couple left college with no money, no jobs, and no place to live. In order to keep food on the table, they took a job managing an apartment complex in Corvallis, Oregon (the small college town in which they had been living). Eventually, the Passmores did find outside jobs: Larry in landscape maintenance, Cathy as a waitress. At that point, the couple's earnings as apartment managers paid the rent, and most of their "regular job" earnings went into savings.

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