The Landlord Chronicles: Investing in Low and Middle Income Rentals
Real estate investing was never part of the plan. Barbara Barnes Getty graduated cum laude with a BA degree in English and French from Purdue University, and stayed home to raise three children with her husband. Their world was shattered one night in 1992 when Todd, their 17-year-old son, was killed in a car accident. His sisters, Anne and Allison, were 16 and 14 at the time. To make matters worse, her 21-year marriage ended eight months later. Getty purchased a small home in need of cosmetic repairs, and moved there with her girls. A few months later, she bought a duplex fixer-upper, hoping she had the personality to be a landlord. Based on the success of that purchase, which sold 15 months later for twice its original purchase price of $19, 000, she reinvested in two more duplexes and turned them into rentals as well. Today, she owns and operates 29 units in downtown Indianapolis, including duplexes and single-family homes. Her tenants are a mix of low and middle income individuals/families, many of whom are struggling to make ends meet. She shares a kinship with her tenants that began with her upbringing in Gary, Indiana. The second of four children, her family's life unraveled as her father struggled with alcoholism and mental health issues. When Getty was 25, cirrhosis took her father's life. He was 51. Getty's compelling personal story has prepared her for a career she loves. She understands hardship, and enjoys helping people that need a break in this life. Armed with a strong sense of humor and a positive attitude, she is running a successful business. Getty also does consulting and has a property management company. She co-authored with Stuart Leland Rider on her first book; this is her second outing.