Countdown To Retirement – Financial Check Up 06/2015

Back in January 2015, I created some financial goals as a countdown to retirement.  The goals were pretty aggressive; it’s time to see if I have lived up to my plan.

It is one thing to create a plan, and another to follow through with the plan.  On January 1, I had 551 days until I leave my full time job.  Today, it is closer to 380, with only 230 work days left, or 54 weeks.  That is only 60% work days, as I have some vacation and holidays coming.  And it doesn’t count sick days.  But who is counting…?

As the days draw closer to the last day of full time work, and the last days of getting a steady paycheck, I check my retirement plans very often.  Way more often than needed.  Does a retirement plan need to be checked every hour?  I sometimes think it needs to be checked even more often, especially when the market is soaring.

Here is how I have progressed.

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May – June 2015 Rental Cash Flow

packs-163497_1280-PDGetting your rental cash flow on time is the name of the game.  Mine is almost like a broken record.  Rent is due, rent gets collected.  If you are a landlord, collecting rents on time is what you want.  For a landlord with only one or two properties, getting rents on time should be routine.  Keeping track of 24 properties is a bit more of a challenge.  I have done this for quite some time, and it all has to do with getting great tenants.

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Signs You Might Be a Bona Fide Real Estate Investor

Dream bigIf you have ever contemplated becoming a Real Estate Investor, there are things that you must understand.  Once you cross the line, your life will never be the same.  You will have crossed to the ‘dark’ side of making money.  A 2% savings return will look paltry.  Of course, just getting back your initial investment might also look like a windfall.

Things you take for granted now, will forever be gone.  But you will persevere, for you know that the fruit will be there to harvest at a later date.  Sooner or later, you will be able to pick the fruits of your labor and enjoy them.  And no one will tell you that you have to wait until  you are 62, or 65, or 67 or 70.

Your view on other properties will change.  How much can you buy it for, how much can you sell it for.  A distressed house on your own block becomes an opportunity, not an eye sore.  A friend with money may become a partner, not someone to envy.  A junk toilet sitting in your backyard becomes a trophy, not a piece of junk (not right away anyway…).

When a new large store is being built, you hope it is a home improvement store, not a clothing store.  You look at all the colors of paint on the color wheels, and know that only one or two would you ever buy.  You realize that many of the paint colors should be illegal to sell.

You are a Real Estate Investor!

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How have your views, on anything, changed once you became more involved and in tune with the activity?  Have you ever thought “I will never think or do something like that”, and then a few years later you want to “think like that”?

 

 

 

Simple Appliance Repairs for Landlords (or Homeowners)

Appliance repairWith any issue, if you can do some simple appliance repairs as a landlord, you can save a ton of money.  In my rentals, I find that some appliances are worth fixing, some are not.  Here are a couple of recent simple appliance repairs that I have completed.

I typically buy fairly cheap appliances.  I always buy new, and make sure that they are 100% clean for all new tenants.  Of course, I also expect the tenants that are moving out to keep them clean.

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