The Real Estate Mogul

When I Got Out Of The Service At Age 21 I Decided I Was Going To Make My Fortune In Real Estate So I Purchased With My Discharge Pay A Large House With 7 Bedrooms And Two Bathrooms And Made My Fi Rst Rooming House. I Converted The Porch And The Dining Room Into 2 More Bedrooms Making A Total Of 9 Bedrooms Which I Rented Out In Whose Days For $50.00 A Week Each.I Didnt Give Anyone Use Of The Kitchen And I Didnt Allow Anyone To Have Company You Just Went Directly To Your Room And Basically Went To Sleep Andthat Was It. I Allowed No Food In Rooms Or Any Loud Noise After 10 Pm. It Wasa Great Place If You Had A Job And You Were Making Minimum Wage.My Mortgage Payment Was $250.00 A Month My Electric Bill Was $165.00My Gas Bill Averaged 150 A Month Year Around And Because I Had A Well Andseptic Tank Even Getting Them Pumped Out And Serviced A Couple Times Ayear Only Cost Me An Average Of $35.00 A Month. My Insurance Ran Me Only$50.00 A Month About $25.00 A Month For Maintenance So The Expenseswere $ 670.00 Per Month. My Income Was $1330.00 A Month On My First Property Net.There I Was Back In The Late 1950S Making Over $17000 A Year Not Working For Anybody. It Was Very Important To Get A Lot Of Information About Your Tenants Such As Next Of Kin Mother And Fathers Name And Address Social Security -Employers Name Landlord History Last Job Ect. I Alwayshad An Application Ready For Them To Full Out. That Way If They Do Any Damage To Your Property You Can Chase Them Down.