All 25 of 25 rents were collected and deposited mostly on-time. I was able to place at least four renters so far this year, with one vacancy coming up for May 1. Rents have been bumped up just a bit for 2015 on the turnovers, so my monthly gross income, before expenses, should be up quite a bit over last year. I was able to raise rents just a bit in 2014 too. And I have bumped up the rent on one renter for April 2015.
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.
I am a financially independent real estate investor, and always in the market for new investments. The secret to finding great deals is to be observant, understand what you are investing in, and understanding the risks. And a bigger key is to be able to actually get into the deal.
If all your capital is used up, you will have to watch others get into deals. So I have a choice coming, additional investment, or ride off into the sunset with what I have – which is more than enough already.
It’s time to start the 2015 New Year’s financial goals. When you own rental property, and have a full time job, it can be difficult to coordinate any time off. When you do have time off, if you want to maximize your hours to dollars ratio, you take a class to improve your skills, get an additional license certification, or do a side hustle gig. Or, you can even do a remodel on a rental property while on a ‘vacation’ from your ‘real’ job.
While everyone needs a time to reflect on their goals, and enjoy some down time, the down time will generally cost you money, not save it. I spend the majority of my down time from my regular job maintaining rentals or taking classes. It gives me a sense of accomplishment, and allows me to buy some great tools. 😉
For now, it is time to plan on the 2015 financial goals.
There are many people that read this blog that are striving for financial independence. Financial Independence is more of a state of mind, than a financial thing. If you are in the USA, you may consider yourself financially independent as soon as you become an adult. Others wait until they are not working, are retired and on Social Security. Lots of people just want to be able to quit the rat race, and enjoy life. Still others are longing to achieve one of the main things that many people cannot, freedom. Continue reading “What is the Meaning of Financial Independence?”
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.
I get asked all the time how to fund real estate investments. There are many ways to fund real estate investments. Most real estate investments are funded the old fashioned way, a mortgage. But there are a lot of other ways too…
I am going to pay off one of my mortgages on my rentals this week in additional preparation for Financial Independence and Early Retirement (FIRE). It is non-owner occupied, so a refinance would only drop the interest a little bit, and cost a few thousand to do it. Here is how I plan to do it, and I think it’s one of the best ways to pay off a mortgage.
Most people want to get to a comfortable retirement plan, and be able to do what they want to do, with no one telling them when to go to work or what to do.
You can retire earlier, and live a better lifestyle with Real Estate, if you are planning ahead.
I have always been enamored by people that are successful. I have been to seminars, meet successful people, and sought out ways to ask questions directly to people that from my vantage were successful. Finding a mentor is key to success at any endeavor in life. Of course, as I found out, you need the correct mentor-ship to follow. With the wrong mentor, things can be a disaster… Continue reading “How to Find a Mentor for Financial Advice (or Not)”