My 4th Rental Property

My 4th Rental Property

My 3rd property had been successfully renovated and rented.  I had payed cash, using my father’s line of credit, and once all the repairs were completed, I was able to acquire a mortgage for the property.  This allowed me to pay off my father’s line of credit. In the spring of 2013, I felt it was time to use this strategy again.  I stuck to my script and began looking at 3 bed / 1 bath properties.  With minimal searching, I was able to purchase a property for $43,500.  Unlike…

Real Estate Income Report – March 2017

Real Estate Income Report – March 2017

My real estate portfolio currently consists of 6 rental units.  The monthly reports highlight the income and expenses associated with each property as well as the total monthly profits or losses. March 2017 House 1: $950 House 2: $825 House 3: $850 House 4: $850 House 5: $850 House 6: $650 Total Income: $4,975 – Ahh, if only that was all profit.  Now for the expenses. Mortgages / Loans: $2,913 This number should remain the same throughout the year. Repairs: $0 Utilities: $0 Insurance: $0 Taxes: $2,441.08 Monthly Cash-flow: $-379.08 (this is…

Make a good choice; Daily!

Make a good choice; Daily!

Every Tuesday at 6pm, I meet with other members of the FandM Track Club for our weekly speed workout.  There are usually between 20 and 40 runners of various paces and ages.  In the past, I have aligned myself with some of the fastest members of the group.  Many are former college runners who usually grind me into the crevices in the track. This year, I often start the workout with this group, only to quickly be placed into purgatory, left to circle the track alone, without the benefit of…

I’m a money Alchemist!

I’m a money Alchemist!

Unicorns, the Lock Ness Monster, Dragons, all are mythical creatures.  They exist in fantasy and the imagination of many, yet at one time their legend was so strong that many would have insisted they were real.  A different kind of fantasy was practiced throughout history, as alchemists attempted to combine various materials and substances in order to create gold.  Unfortunately for the alchemists, none were successful.  Then as today, if you wanted more gold, you needed to go and find it hidden within the earth.  No combination of materials, heat…

Looking back can sometimes show us the way forward

Looking back can sometimes show us the way forward

I enjoy reading about others who have achieved financial freedom, it motivates and inspires me to do the same, sometime however, it makes me impatient.  These people are where I want to be, doing things I want to be doing, and yet here I am with student loans totaling $45,668 and a mortgage balance of $113,620. I want to pay off these debts, invest in my tax advantaged accounts, and continue to grow my real estate business.  As you can see, I have several different goals, all competing for my…

$90,000 – Choose your car wisely

$90,000 – Choose your car wisely

All figures in this article are my best estimates based on vehicle miles driven, miles per gallon, and current gas prices ($2.49).  These numbers only include my professional working career which began in August of 2004, and my wife’s career which began in the summer of 2006. I’m the proud owner of approximately 13,005 gallons of gasoline. I don’t own a gas station, nor did I install tanks and a pump in my back yard, as some type of bulk purchase savings plan.  In fact, I only still possess around…

What have you been up to?

What have you been up to?

Today, I’d like to a chance to provide some updates on past projects or themes that we’ve discussed on this blog. Related: Student loans, why I could have paid them off but didn’t. Debt Demolition:  We currently have two loans, a student loan, and a mortgage.  Currently, we are focused on paying down our mortgage in order to obtain a home equity line of credit.  This will allow me greater flexibility in pursuing my real estate investing.  During January and February of 2017, we have only made the minimum payments…

Real Estate Income Report – February 2017

Real Estate Income Report – February 2017

My real estate portfolio currently consists of 6 rental units.  The monthly reports highlight the income and expenses associated with each property as well as the total monthly profits or losses. February 2017 House 1: $950 House 2: $825 House 3: $850 (+$25 late fee) House 4: $850 House 5: $850 House 6: $650 Total Income: $5,000 – Ahh, if only that was all profit.  Now for the expenses. Mortgages / Loans: $2,913 This number should remain the same throughout the year. Repairs: $0 Utilities: $0 Insurance: $196 One property had…

Would you throw cash in the trash? You probably are!

Would you throw cash in the trash?  You probably are!

Have you ever been a scavenger? Kids do it naturally all the time, just this week, as I took my classes outside to enjoy the record warmth, I was presented with all manner of junk.  I received a lacrosse ball (approximately 5 times, as this ball was continually re-found, after I placed it near the door), a crushed soda can, some type of plastic plug, and a golf ball.  Kids naturally find things, their imagination naturally assigns value to these objects. I’m not a big scavenger at the age of…

To save $1,800 – How hard would you work?

To save $1,800 – How hard would you work?

Once, I bought a house. This house came with a tree. Ordinarily, I like trees, but this tree and I do not get along.  Its a wild mulberry tree, which means it grows extremely fast, several feet in one year, quickly negating any trimming.  This tree, grows in a fence row, in the alley beside my property.  The alley is only a walkway, about 3 fee wide, its no place for a tree. Two or three years ago, this tree had branches rubbing against my house and roof.  Not good….