Investing for Cash Flow - Renovo Financial

The beauty of real estate investing is that real estate doesn’t have to be your passion, or even your profession, in order to be successful. Take Charlie Harrison – Charlie is the Jazz Band Director at UCLA. When you ask Charlie to define himself there are many phrases he uses – father, husband, composer, performer, teacher…it takes a while to get to ‘investor’. So why now – and why real estate? “For my wife and I, we were looking at our goals – at college for our boys coming up – at our desires for travel – and our day jobs don’t quite cover everything we want to do.”

 

Charlie isn’t new to the idea of rental real estate – he just never thought it would be for him. “Chicago was my home for 33 years, and my parents always owned a property or two. Some of my most vivid memories were of the duplex building that we grew up in. We lived on the first floor and rented out the second floor. It just took me until I was later in life to understand how that income helped my parents.”

 

When Charlie decided to start investing in real estate he ultimately settled on apartments and income properties instead of being a flipper. “The apartment buildings I invest in all need renovation – but once they’re done they continually provide income – instead of a flip project that once it’s over is over.” For Charlie, working with Renovo takes the stress out of it by being able to turn his short-term renovation loans in to long term-financing. Today Charlie has seven income properties comprising of 30 units … culminating in the ultimate goal: “As of the end of 2016, my real estate income will have surpassed the income from my day job, and that will provide us the freedom to live life very differently.”