|
|
STRIKE IT RICH IN REAL ESTATE.
Navigation: Main page
Author: Sherrod, Lena
Section: WORK & wealth
how i did it
| STRIKE IT RICH IN REAL ESTATE |
Jacqueline Jackson, OWNER, LUCRATIVE KNOWLEDGEABLE REAL ESTATE
Four years ago when
Jacqueline Jackson was advised by a friend in real estate to use the
equity in her Chicago home to buy investment property, her first
reaction was, "I can't be a landlord. I can't fix anything." She had
just gone through a divorce and, with a 6-year-old daughter to raise,
was looking to supplement the income from her job as an Education to
Careers (ETC) coordinator in the Chicago public school system. A
graduate of Western Michigan University in Kalamazoo with a master's
degree from Chicago's Loyola University, Jackson, 39, reacted
differently after reading "lots of books" on real estate. She began
buying brand-new condos from a developer who helped pay the closing
costs. And within 18 months she had bought five condos, rented them out
and then sold them--three to her tenants at discounted prices. Her
company, Lucrative Knowledgeable Real Estate, now owns nine apartment
buildings with an estimated value of $3 million and rental income of
about $500,000 annually. And with a $500,000 line of credit from
ShoreBank, Jackson is primed to move to a new level "to buy distressed
properties, make them beautiful and then sell them."
MOVING ON UP:
"After I sold the condos, I decided to invest in multifamily units. I
found an empty building but then learned that most banks don't finance
multifamily units. I was referred to ShoreBank, where the
vice-president overcame his apprehension and extended a loan of
$250,000 to me. Two weeks later every unit was occupied. Rental income
was $5,000 a month and my mortgage was $1,900. So there was profit
right off the top."
DOING THE WORK:
"I function as landlord, but subcontractors do the repairs. I negotiate
the price down on everything. I get a lot of gratification from taking
a piece of property, fixing it up, renting it out. I've found my
passion, and I'm just trying to be the next Donald Trump."
CREDIT IS KEY:
"I always advise my friends and tenants to start with their credit.
Once your credit is okay, you can find a way to make the investment.
Many sellers are willing to pay closing costs, but you must ask. It's
also important to have some savings. You don't have to be rich or
inherit money or have your daddy give it to you. You can actually get
it on your own."
PHOTO (COLOR)
~~~~~~~~ By Lena Sherrod
Some items on this website are used by permission granted
in the Fair Use guidelines of the 1976 U.S. Copyright Act.
info [at] singlearticles.com
Powered by CommonSense
|
|
|
|
