Landlording for maximum profitability and Financial Independence
Are you aware of the expenses associated with allowing a smoking in a rental property? If not, you need to understand that a smoker will cost you at least 10% of your profits due to increased turnover costs and additional vacancy. That is an unscientific number, and I may venture to guess it may be much higher.
Smoking in a rental property will cost you plenty in term of lost profitability.
Continue reading “Smoking in a Rental Property”
It’s time for another report on the rental property cash flow. The month of September was extremely busy. I had a brief trip to Florida, where I looked at several areas to potentially invest in. While no properties actually excited me that much, it was a great trip. I did realize another thing. While Florida might be a great place to spend during the Minnesota winters, it is a bit humid during the summers. Even in the morning.
So here is how the cash flow evolved for the moth.
Continue reading “September – October 2014 Rental Cash Flow”
I was featured in an article involving interviews of 26 landlord and property investors. All the landlords were asked questions and for them to give some landlord advice. I was honored to be in that elite group with some other very great property investors.
They asked me, along with 26 other landlords, what is my number one tip for newbie property investors. The answers were broken down into four categories. Each investor was asked for advice, and each investors advice put into the following categories.
Buy Smart
Plan Well
Tenant Management
Team Building
If you have been reading this blog for any length of time, you know I added advice about Tenant Management.
Read all the advice, including my own here
If you have been a landlord for any length of time at all, the topic of tenant evictions is on your mind on a continual basis. If you have been doing the right things with your tenant screening, tenant evictions are on your mind a lot less. If you need the rent to pay the mortgage on the rental or you will lose it, you are praying every week it doesn’t ever come to that.
No matter how well you screen tenants, no matter how great your tenants are, you will at some point be in the position where you may have to evict. Divorces happen, deaths happen, people get laid off and people have friends that cause a ruckus so large you have to do something.
Read the rest of the story here
Many of us had the desire to make money traveling the globe. Most of us had had menial jobs in the past. Working for minimum wage, or doing a hard job for not much money. This post is about saving money, which in effect is actually earning it. Here is a recent example of how you can pick a cheaper way of traveling and you can actually get ‘paid’ for your time traveling.
Continue reading “How to Make Money Traveling”
The question to rent or buy a home is always a great one. There are many calculators on the web that compute all sorts of things, including depreciation, appreciation, tax deductions, etc. But none of these calculators factor in the flexibility of renting and the financial advantages you can have if you rent.
If you rent and take advantage of its perks, you can be farther along the path of financial freedom by renting instead of buying.
Maximizing the rental situation you can save a lot of money. You do not accumulate junk. You move to where the money is. You invest in the investment that makes sense at the time, not a home.
When you buy, you get tax write-offs, you get property appreciation, a stable environment, a piece of ground to call your own.
Each individuals situation is different, and one can always look to hind sight. One thing for sure, is you need more money to buy that rent. You are less mobile when you buy. You need a steady income to buy.
Continue reading “Should You Rent or Buy a Home?”
