I was recently interviewed for a podcast on Millionaires Unveiled. I like these types of interviews, as I meet different people from all over. Rest assured, the interviewer was doing well himself.
Rest assured, if you want to be a millionaire, you can be one. It takes ambition, determination, a bit of risk and a desire to succeed. It may not happen on your first attempt, but will happen eventually.
When you are a landlord, you will hear lots of sob stories. You will eventually need to prescreen a tenant, unless you show your rental to everyone who inquires, which I used to do. Most of the people are genuine, they need a place to stay and are great people and may be a great tenant (or not…). The problem is, their story looks the same on paper as a landlord nightmare applicant.
A garage door needs a garage door spring, either a torsion or an extension spring, to help you lift the weight of the garage door. Even the most heavy-duty garage door opener cannot match the lightest garage door and power the door up to the top to allow you to get out of the garage.
When a garage door spring breaks, you are stuck either in, or out of, your garage. You can pull the manual door release, but you are still obligated to lift a garage door that could be as much as 300+ pounds. It is no small task, and a renter doesn’t want to do it. Nor should they have to. And they may need to get their car out of the garage to go to work, to get you your rent.
I recently had to replace a garage door spring in two different units recently, here is what I was able to do.
I did not start off as a rich kid, far from it. You could say I started in poverty. As a kid growing up, my mother and father were divorced when I was seven. That was in 1967 or so, and women in the US were just starting to begin working careers. Few women at that time worked outside the home. Divorcees could be discriminated against, and credit could be denied to divorcees. It was not an easy life for a single mom.
So how did I wind up being financially independent?
I had the pleasure of being interviewed for a financial independence interview for blog called Even Steven Money. As I have done a few of them in the past, for other blogs, I find that they are always a great inflection of my own goals.
The questions make you think and put down some thoughts on paper. The interviews become part of your permanent “internet record” that you (and others..) can look back on and reflect.
In this interview, I go through some of my background, financial independence goals, motivations, and some random thoughts. As I wrote the answers to the interview, it did remind me of some of my past. I have some a long way from my start, just a kid that always thought I would wind up in jail at some point. (For the record, I have never been in a jail cell except for on a jail tour. Getting bailed out before you get put into a cell doesn’t count.)
My final apartment turnover for March is complete. I am all set until the end of April now. I had the new tenant sign a lease and pay the rent for the remaining March rent, and all of April, on 3/24. I prorated the rent for March, and she also paid all of April.
These tenants have a solid credit score, and solid income, so they should be a great tenants. It is only one person for now, and another that moves in in August. Both have been screened and accepted.
That is the way to do it, declare and screen everyone who will be moving into the apartment right up front. No one wants to be told their significant other can’t move in a month down the road.
I have had to fill several vacancies already this year. If you have ever had the opportunity to experience filling rental vacancies, you know it can be challenging. Especially in the Winter.
When you have 25 tenants that you manage, like i do, you will have tenants move out. And some move out in the Winter. When the tenants move out, you need to get a new tenant as soon as possible. Vacancy is your number one avoidable expense as a landlord.
There are a lot of landlord discounts out there. I often talk with homeowners who are doing remodeling on their home. They might be buying Sheetrock, paint, appliances or any other remodeling project. Some of them spend several thousands of dollars on the project and are do it yourself people. They are generally too frugal (i.e. cheap) to hire a contractor at $100 an hour to do the work, so they do it themselves.
When I ask if they are getting their discounts, they give me a deer in the headlight look. They know enough to save money on most everything, but not on a remodeling project.