Jennifer Reinhardt discusses the value of necessity in the latest Inman Lessons Learned article:
I became an accidental real estate investor in 2010 during the recession. I needed to move and my house was not able to be sold because the value was worth less than I paid for it.
At [the] time, I was going through a divorce. I lost all of my money in the divorce and had to start over. My daughter needed extra medical care, and now I had my son too, who was 3.
I rented out my house for the price of the mortgage and bought a house in Denver to be closer to my support system to help me raise the kids. I put $4,000 down to buy the new Denver house, and that’s how I got my first rental.
I had to keep two houses because the first one was underwater. Not sexy. The good news was, over the years, both houses I owned went up in value, and the rent went up on my [rental].
I started to have passive income, another name for mailbox money. As I continued my profession in real estate, I gained a greater knowledge of investing and how to make money passively without having to trade my time.
I help clients buy rentals, mainly small apartment buildings. I continue to buy real estate and invest for myself as well. I now own four properties.
The income from my rentals allows me to have time and money for my family. Controlling my own time allowed me to focus on alternative medicine for my daughter, and with the help of international medicine, we were able to cure my daughter’s lung infections. My daughter is now 18 and has normal lung function, which is a miracle for cystic fibrosis.
For my career today, I get to do my own real estate classes and teach women investors how to get on their own feet and out of survival mode. Having passive income is having options and freedom.