We’ve all heard that statistic that says “The most common cause of divorce is disagreements over money.” While this may very well be true, it doesn’t have to be true for you.
Mike and I have always been on the same page about money and finances from day 1. A month after we started dating, I gave him the Dave Ramsey financial peace CD set for him to listen to on his way to work. Maybe we are both just weird, but somehow, he did not run away from me.
He started to really get into the whole Dave Ramsey way of life and even read a couple of his books. Whenever we were in the car together we would listen to Dave’s podcasts. It became normal for us to say “What would Dave do?”
Being so open and forthcoming about financial topics early on in our relationship opened the door for conversations about our own personal finances, goals, and ideas.
Team-building. Networking. Meet and Greet. If you’re like me, these phrases make you cringe; wishing you could just curl up under a blanket and forget about the outside world. To be successful in life, you will have to endure these events and activities. You don’t have to like them, but you have to do them.
The Difference Between Introverts and Extroverts
If you read the first three words of this article and felt a sense of energy and excitement, then you are definitely an extrovert. You get your energy by being surrounded by other people. Those kinds of events fuel you up so that you can run all evening long. If you read those first three words and you thought, “Ugh, not again”, then you are probably an introvert. Introverts get their energy by being alone and away from the buzz of the outside world. Being in a room filled with the drone of multiple conversations and trying to conjure up small-talk with a stranger is not an introvert’s idea of a good time.
The word “introvert” has been getting mentioned a lot more lately than it has been in the past. I had actually never really heard of it until a couple of years ago when I read Susan Cain’s book, Quiet: The Power of Introverts in a World That Can’t Stop Talking.
For a lot of people, including me, hearing the definition of introvert is somewhat a sense of relief; relief to know that you’re not in the boat alone; relief that there are millions of other people out there who feel the exact same way you do. Being an introvert is not a bad thing.
It has officially been 1 year since we rented out our first rental house! I can’t decide if we’ve just been lucky by not having any issues *knock on wood* or if my diligent screening process has really paid off.
For the entire year, these tenants were never late with the rent check and only called me once. Zero 2am toilet calls. I’m not just going to assume this is how it will be forever because something is bound to go wrong in a house that’s 60+ years old.
5 months ago, we increased our rental portfolio buy purchasing a duplex. One unit was vacant and we inherited the tenant in the other unit. The rent was definitely below market value but I didn’t want to upset the tenant and risk her leaving by raising it. She keeps the place in pristine condition and pays like clockwork. I think it’s fine that I’m forgoing a bit of extra money to not have to risk finding another high quality tenant.
Okay, now what you’ve been waiting for: The numbers!
“For every person climbing the ladder of success, there are ten waiting for the elevator.”
“Success can only occur when opportunity and preparation meet.”
“Some want it to happen, some wish it would happen, others make it happen.”
1. Wake Up Early & Implement a Morning Routine
“Early to bed and early to rise, makes a man healthy, wealthy and wise.”
The majority of successful people I’ve read about get up very early. For a lot of people, this is the only time of the day they get to themselves. Your morning sets the tone for the remainder of the day. If you’re stressed and running late then chances are, this is how the rest of your day will go. However, if you wake up early, you have a leisurely morning where you get to conquer the morning, the morning doesn’t conquer you.
Reading various memoirs and biographies of successful people, I’ve learned most of them wake up about 3 hours before they start their days “work”. In addition to waking up early they also get caught up on news, eat a healthy breakfast, exercise, meditate or pray, and write in a journal.
I’ve been practicing this same routine for the past 3 years and I can attest to the fact that it really does work. 5-8am is my favorite part of the day and I’m happy to say that I’ve never had to hit the snooze button.
You seem to always hear about a landlord talking about their “nightmare tenant”.
I have an acquaintance who is a landlord and is constantly telling me the latest tenant horror story.
Tenant in jail for cutting a woman’s head with a machete, drugs being made in the house, dealing with evictions; it seems to be never-ending. All of these stories are followed up with, “see what you have to look forward to?”
We have officially been landlords for about one year now and do not yet have our horror story and I hope that we will never have one. So far we’ve gone through the tenant selection process with 2 units and have 1 unit that was an inherited tenant.
I think a major part of us having good luck so far was the selection process I went through to find the tenants. I didn’t just welcome in the first person to inquire about the property.
1. Diversify your advertising sources
In order for more people to see that you have a property for rent, you need to use a variety of advertising sources. I’ve had the most luck with Craigslist and yard signs.
I’ve also used Facebook groups and Zillow. Facebook definitely had a lottt more views and inquiries but nothing that really led to anything promising.
The more serious people seemed to be on Craigslist and calling my phone from the yard sign.
I considered using a newspaper if the vacancy lasted to long but it was more like a last resort type thing since it seemed pretty expensive.
The yard sign is great because a lot of times older people won’t have access to the internet and the only way they find out about it is seeing it from the road.
So, how exactly did I buy a rental property when I was just 22 years old?
“Success occurs when opportunity and preparation meet.”
“Whatever the mind can conceive and believe, the mind can achieve.”
Acquiring the Property
Rental property was almost all that was on my mind for nearly a year. I really got inspired and kicked it into high gear after reading Robert Kiyosaki’s book, Rich Dad Poor Dad. Any spare moment I had was spent researching, reading books, listening to podcasts, and setting up meetings with mentors. In conjunction with all this research, I was also saving very aggressively. This was the preparation stage.
Now I just had to wait for the right opportunity. That opportunity came in November, 2016. I found a foreclosed house about 2 miles from where I live. I called my realtor so he could show me the inside. The next day I made an offer. This started the long, complicated process of buying a foreclosed home. The listing agent was semi-retired and seemed to think he could communicate whenever he felt like it. The bank that owned the property was halfway across the country and also unresponsive. After everything from not getting signatures in time to the water line breaking, the closing finally happened about 3 months after my initial offer.