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I guess you’re probably thinking that I’m a total genius for being able to make $1,500 on a duplex. Well, I’m not. I’m a regular guy that used to get by working as a debt collector, landlording in my spare time. I started buying rentals because some idiot told me I could quit my job that way and live the dream. Pretty soon I had lots of properties and no money! Apparently they forgot to mention that you only make money on rentals if you buy huge apartment complexes.
My dad suggested that I might make more cash flow by renting out by the room. I had just bought a new duplex, so I figured why not? I priced three bedrooms at $300 each. I stuck an ad in the paper, and in a week the house was totally full. Whoa! When I bought the house I expected to make about $1,200 total on that property. Here I was making $1,800.
Over time, I created a system for management and renovations. I developed a system for testing rent prices, and realized my rents were way too low. Now I get $355 per month per room. I added some rooms, and that property now grosses $3,550 per month! One lucky idea at the right time, and I took a $1,200 property and made it into a $3,550 property.
My SRO house was so successful that I bought another duplex and turned it into another SRO house. And I kept going just like that. Now I only work 6 hours per week. I’ve completely automated my business!
When I first started investing in SRO houses, I made a LOT of mistakes. I probably could have saved myself at least $100,000 and tons of headaches if I had a book like The SRO System when I started. To my knowledge, The SRO System is the ONLY book that tackles the topic of SRO investing.
The SRO System will show you how I operate my business. But more than that, it will show you how I think so that you can make the the most profitable business decisions every time.
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