Thinking

about different ways to make money has always been a hobby of mine.
In the past I tried a few small businesses. One, which I shared with a partner,
was a bar toy. The person playing would try to flip quarters into a little hole in
the toy and win a prize. My partner lost about $2,000 and I broke even. Yet this
venture was a big step for me. Forced to talk to lots of people, I faced rejection
and learned to deal with it.
Books about real estate and finance were always interesting to me, too. I
started reading them in 1988, when I joined the Navy. Although I found real
estate to be a fascinating subject, I never considered buying any. Nonetheless,
when I heard about Rich Dad Poor Dad I bought a copy. After I read it I went
back for three more books in the series. When I was laid up last year recovering
from knee surgery and saw Robert’s infomercial on television, I ordered the
Choose to Be Rich series.
Rich Dad Poor Dad was the most beneficial book I had ever read because of
Robert’s philosophy. First, he stressed that opportunities are out there. Then he
pointed out that one isn’t necessarily better than another. But what really spoke
to me was his outlook on the value of real estate. Living off the income that real
estate generated, instead of using it to supplement existing income, was a
possibility I hadn’t considered.
Thinking in terms of how large real-estate-invested dollars could grow gave
me a different outlook and certainly got me started.
And I have no intention of stopping.

Here’s How I Did It

Shortly after reading Rich Dad Poor Dad, a set of timely circumstances led me
to buy my first rental property in a St. Cloud suburb. My sister, the mother of a
three-year-old, longed to move out of her cramped apartment. Living in a town
of 60,000 plus 14,000 college kids who attend St. Cloud State, I knew that
rentals were abundant. However, this was the first time I realized that those
spaces were potentially valuable to me.
After three months of speaking to real estate agents and asking them if they
handled rental properties, I found a triplex that worked for my sister and myself.
The asking price was $99,000; I offered $94,000 with $5,000 coming back to me
at closing.
Because my sister qualified for a first-time homeowner loan, and because she
planned to live in one of the units, we were able to get 100 percent financing, at
7 percent for thirty years, for the $99,000 mortgage. This was important, since