The Landlord Chronicles
Investing in Low and Middle Income Rentals
by
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The proverbial writing was on the wall. Some tenancies just don’t work out. Gary had gotten behind in his rent payment for the third time, and I wasn’t willing to let him slide any more. It was time for us to go our separate ways, but I wanted to make it painless for both of us if I could. He agreed to my two-part bribe.
“Gary, if you’re out by Sunday night and leave the place clean and empty, I won’t file eviction on Monday.”
I drove around back of the duplex and let myself in through the kitchen. Upon entering, I discovered he’d only followed through on half the bribe. Gary was gone. Gary’s clothes and personal items were gone. Evidently, he’d had a little trouble with the “clean and empty” part. I’d been in this kitchen six weeks earlier and it was in decent condition. But now…
I was greeted by a busy little swarm of deliriously happy fruit flies. Fifty or sixty of them hovered above the stove. Numerous sheets of flattened-out, food-encrusted aluminum foil were stacked neatly on the stovetop. The pile was about two feet high. Another team of fruit flies circled eight or nine open garbage bags that reeked of rancid meat and rotten fruit. Lovely combo.
I summoned the nerve to open the refrigerator door, startling another huge colony of fruit flies inside. (How’d they get in there?) Black and green fuzz adorned a half-eaten chicken. I noticed a plastic gallon of milk stamped with a date that expired six months ago. The plastic milk jug was swollen, prompting me to think it could blow at any moment. Some downright scary-looking foods in various stages of decay peeked through several wads of crimped aluminum foil scattered throughout the shelves. I shut the door, stepped over the open garbage bags, and left the kitchen. After a quick trip to my car, I returned to the scene of the grime, armed with 55-gallon trash bags and rubber gloves.
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About the Book
The rise in foreclosures has increased the demand for rental properties across the nation, and that trend will continue for some time. But aside from that new group of renters (people who have lost their homes) there is another demographic that remains constant. 40% of Americans earn under $35,000/year. Most of these people will be lifelong renters, who search for a decent rental accompanied by an attentive landlord. This segment of the rental market represents tremendous opportunity for smart investors, regardless of fluctuation in the economy.
The Landlord Chronicles is based on Barb Getty’s personal journey. She began her real estate investing career over 15 years ago, at the lowest point in her life, with little money and no background in rehabbing, management or real estate.
Written in a lighthearted, conversational style, this guide walks the reader through every phase of the process: finding target neighborhoods, locating the “diamond in the rough,” financing, rehabbing, attracting and keeping tenants, managing and maintaining the rental, evicting non-payers, accounting and record-keeping, selling/exit strategies, etc. Getty details specific products, tools, tips and techniques to simplify and expedite the process, and shows how start-up costs can be kept to a minimum.
There are hilarious personal stories sprinkled throughout the book, highlighting some of the rookie mistakes she made early on. Although seasoned investors will add to their knowledge base by reading The Landlord Chronicles, the beginner investor will find the book invaluable. It provides the reader with everything he/she needs, including various business forms and resources.
Getty’s career has provided autonomy, freedom and flexibility . . . precious commodities. But in addition, whether you do it part- or full-time, investing in low and middle income rentals can provide steady income and build wealth for the future. Enjoy the book!
About the Author
Real estate investing was never part of the plan. Barbara Barnes Getty graduated cum laude with a BA degree in English and French from Purdue University, and stayed home to raise three children with her husband. Their world was shattered one night in 1992 when Todd, their 17-year-old son, was killed in a car accident. His sisters, Anne and Allison, were 16 and 14 at the time. To make matters worse, her 21-year marriage ended eight months later.
Getty purchased a small home in need of cosmetic repairs, and moved there with her girls. A few months later, she bought a duplex fixer-upper, hoping she had the personality to be a landlord. Based on the success of that purchase, which sold 15 months later for twice its original purchase price of $19,000, she reinvested in two more duplexes and turned them into rentals as well.
Today, she owns and operates 29 units in downtown Indianapolis, including duplexes and single-family homes. Her tenants are a mix of low and middle income individuals/families, many of whom are struggling to make ends meet.
She shares a kinship with her tenants that began with her upbringing in Gary, Indiana. The second of four children, her family’s life unraveled as her father struggled with alcoholism and mental health issues. When Getty was 25, cirrhosis took her father’s life. He was 51.
Getty’s compelling personal story has prepared her for a career she loves. She understands hardship, and enjoys helping people that need a break in this life. Armed with a strong sense of humor and a positive attitude, she is running a successful business. Getty also does consulting and has a property management company. She co-authored with Stuart Leland Rider on her first book; this is her second outing.