Protecting Yourself When Buying Rental Property

Protecting Yourself When Buying Rental Property

When I bought my first house back in 2003, I had plans to live there for a couple of years, fix it up, and then turn it into a rental property.  The idea sounded simple enough, but I ran into a lot of headaches along the way. I knew location was important, but I didn’t know where I should be looking.  I also didn’t know how to properly determine cash flow and ROI (return on investment).  And I didn’t take into consideration that an older house would likely need more work done to it.  To top it all off, I thought I was a better handyman than I actually am! 🙂 I got really lucky though. It took a lot more time and effort

What Do You Want to Be When You Grow Up?

What Do You Want to Be When You Grow Up?

I recently asked my 6-year old daughter “what do you want to be when you grow up?”  She answered back that said she wants to buy duplexes. That’s my girl! Now, before you start chastising me for trying to force my daughter to be something she doesn’t want to when she grows up, let me explain. When I grow up… When I was young, I had my sights set on being an artist for Disney.  I had a pretty good knack for drawing and that just seemed like a really cool place to work for a living. When I got to college, I continued heading down the path somewhat.  I was a Studio Art major for the first couple of years of school, but then one day, while

It’s Not How Much You Make, It’s How Much You Keep

It’s Not How Much You Make, It’s How Much You Keep

As I was going through college, I had my mind set on getting rich.  I envisioned a good job that paid a ton of dough.  After all, the more money you make, the richer you are, right?  Fresh out of college though, I wasn’t building savings, I was chasing the money to have and to spend in the present day. And I did alright.  While I was still in school, I was working at Walmart.  I started out with it being a quick part-time job to working my way up to an assistant store manager.  It paid pretty good for a college kid – in fact, it paid pretty good for a career in general.  I was ahead of most of the

Is It Possible to Reach Financial Independence with Kids?

Is It Possible to Reach Financial Independence with Kids?

When I set out on this journey toward financial independence, I knew I had some work to do.  I started out with around $30k of credit card debt and didn’t know anything worthwhile on how to make it happen. I even bought into one of those late night real estate scams on how to get rich.  I wasted some of my hard-earned money late in my college years thinking that was the way to go… it wasn’t. Eventually, I got on track.  I read as many books as I could get my hands on.  I researched what I didn’t understand.  I even flew halfway across the country to attend a valuable real estate seminar.  It took a while, but I eventually got it.  It all made sense. Since then, we’re well on

Do I Cut Back on My Roth to Reach FI Sooner?

Do I Cut Back on my Roth to Reach FI Sooner?

As some of you know, I’ve been a little bummed lately with my countdown to financial independence (FI) and early retirement being a ways out.  Although I have a plan to retire before my 50th birthday, I just feel like this is too far out. Every day that I spend at work is one less day that I get to spend with my daughter.  Granted, this is the summer when she’s not in school, but it’s tough regardless (which I’m sure it is for most parents). Life is short and I want to spend more time with my family and chasing my interests and dreams instead of spending 45 hours a week in an office chair. Well, I now thought of a possibility to close