inspiring interviews with today's top landlords this is the rental income podcast and now dan lay i'd like

to welcome to the podcast today peter mccurcher he is a rental property owner in st louis hey peter

welcome to the show why don't we start with you telling us how you got started owning rental

properties? Well, thanks, Dan. Kind of it's a long, funny story of how I got started in 2003.

Me and a buddy were drinking and sitting on a couch at a friend's house and just kind of talking.

And, you know, we just looked around and we're like, man, we should really own this place

and all of our friends should rent from us.

You know, we were getting drunk and, you know, didn't think too much of it.

And then she called me about two days later or so and go, hey, were you serious about

what you said at the buddy's house the other day? And I was like, yeah. She goes, well, just so happens,

my parents own 250 units in Rockford, Illinois. And so I was like, all right, well, we need to go talk to them. And so I think

the next weekend or the weekend after that, we scheduled a trip up there. We live in St. Louis,

and I went to school at Webster. And so we drove up there about six, six and a half hours and

talked to her dad. Her dad's like the biggest laid

back guy made a ton of money. And he was like, all you got to do is paint it and jack up the

rent. And we're like, that's it? And he goes, yeah, he just find a property paint it, jack up

the rent. And then he gave us a few pointers on how to run some formulas.

You know, none of the formulas that I use today, but some good 3,000 foot views on basically how long it would take to pay off a property if there were no other expenses.

So being in college, we, you know, didn't know what we were doing.

We didn't know how to get a real estate agent.

This is before Google was around.

And we basically looked in and found the closest real estate office to the school.

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