Many people consider renting homes to boost their cash flow and save for retirement. Scott and I have discussed owning rental properties about once a year for the past several years. We always said we’d rather invest in stocks, bonds, and real estate investment trusts (REITS) because we were busy running our own business and later running our business with newborn twins.
The twins are old enough now that I, Katie, have more time to work on a project. I currently run an online business with a friend. We manage the National Registry for Adoption. This business primarily is a match.com for people with extra embryos from IVF, who want to donate their embryos to waiting families, who for whatever reason cannot have their own genetic children.
The business is helping couples struggling with infertility and babies are being born. The only issue is that the market for embryo donation and embryo adoption is a small market compared to many products, and we don’t charge very much for our services. So while we make a little, it is not enough to fund the things I’d like it to fund.
I would love to create some cash flow to help pay for taxes, travel, and investments for our future. I know several friends who have rental homes and am going to use them as a sounding board to get started. I’m also going to consult with our financial planner to discuss how much I remove from our current investments without adding too much risk to our family financial situation.
I’ll be documenting our journey to go from zero rental properties to as many as I can manage. If you have ever wanted to own rental homes but don’t know where to get started, please read and join along with me. I don’t know very much about rental homes or owning rental properties at all, so you can see my ups and downs and what resources I use along the way!
So what to call my property rental company? I’ve got to get thinking!