Let's buy a house

It's time to secure our financial future through real estate.

Photo by Amanda Smith on Unsplash

I took my second major step toward homeownership last Tuesday.

I attended a property management training class in which, for eight straight hours, I was without a doubt the dumbest person in the room.

But I was cool with it. In fact, I appreciated it.

The uncomfortable feelings I initially faced but fearlessly fought off, from 9 a.m. until 5 p.m., confirmed to me that I was in the right place.

By the time the group of 20 took turns introducing ourselves, snaking clockwise as we sat side-by-side in a U-shaped set of tables facing the projection screen at the front of the room, my uneasiness subsided. I knew then I was exactly where I needed to be.

A father-daughter duo sat on the opposite side, kicking off intros. Their presence immediately made me picture the future, when my daughter Parker and I will attend similar events together. The daughter of the duo said she was there to learn how to assist her father with his property and eventually expand and buy more herself.

A set of sisters went next. They came seeking information to better manage a property they inherited from their mother. Next was a woman attending alone who didn’t appear much older than me. But she was a boss. A general contractor, a real estate agent and the owner of multiple properties, she told us.

Then came Rob.

A spry early senior with a trimmed but full gray beard, Rob grew up in nearby Robbins, Illinois. He spoke with a soft but confident tone. Earlier in the day, Rob told us he too is a general contractor. Later, during introductions, he shared more of his story.

Rob purchased his first property at 19 years old. He turns 66 on June 2.

“This is all I’ve done my whole life,” Rob told me after the training session.

Another attendee asked Rob how many properties he owns today. Rob respectfully responded “a few,” with a wry smile that screamed to the room, “I’m successful, OK.”

I was more curious about Rob’s path. Rob said the idea to buy his first rental property came at 17 during a discussion with an elder. The man’s advice to Rob was to buy a duplex, live in one unit and rent out the other.

Hearing his story, and considering how he started as a property owner and manager as a teenager, my hunch was that Rob didn’t go to college. He confirmed my assumption after our session and shortly before providing a good reminder of the importance of constantly learning.

“You could be doing things, but you could be doing things wrong,” Rob said when asked why he attended the training given his decades of experience. “And so instead of just doing things haphazardly, I was looking for structure.”

Rob represents a possible route society won’t teach Parker.

I want Parker to explore real estate and other ventures in addition to the traditional college route. But I don’t want her to think an expensive college degree is the only way to build a successful and joyous life.

Education comes in many forms.

I’m certified!

Because my goal is to become a landlord this year, and because I don’t know anything about managing tenants, I enrolled in last week’s training.

I paid $120 on March 6 for admission for myself and my lady Triest, who has several years of property management training. Her experience and expertise in the industry is a big reason I feel comfortable taking on Chicago real estate. The fee covered the cost of the training session and included breakfast, lunch and parking.

The class was offered by the Community Investment Corporation, a Chicago-based nonprofit lender. Its mission is to provide affordable housing and neighborhood vitalization through innovative financing, programs and policies.

The organization’s property management training program is an all-inclusive course designed to equip property owners and managers with the knowledge and skills required to efficiently operate and manage their rental properties.

For eight hours, I was inundated with information.

Topics included the construction process, housing challenges for survivors of domestic abuse, the Chicago Residential Landlord Tenant Ordinance, property taxes, fair housing and the lending process.

A woman two seats to my left was referred to the class by NACA, the organization I’m giving a shot as the lender for my planned multifamily purchase.

I chatted with the woman briefly about the process, but I took her presence as more proof that I was in the right place. I’m hopeful that having my certificate of completion in hand, along with the rest of the required paperwork, will help my NACA experience go smoothly.

Last week’s training, however, showed I’ve got a lot to learn about life as a landlord.

I’m nervous. But I’m not afraid.

You should never be afraid to chase your dreams.

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