Am I a Hypocrite? We’re Going Back Into Debt

back into debt

I’m dead serious. This isn’t a guest post where someone comes along and rants about good debt vs. bad debt. This is me, Derek Sall, and all the reasons why I’m about to go back into debt after 3.5 years of complete debt freedom.

Am I a Hypocrite? Why We’re Going Back Into Debt

“Whoa, Derek. You just blew my mind a little. You, Mr. No Debt, are talking to the banks about taking out a loan? What happened?”

I know, I know. Never in a million years did I think I’d write a post that was titled, “We’re Going Back Into Debt”… I vowed to myself that I would never take on debt again. But you know what? This site is called Life And My Finances for a reason. Not every decision can be made based on financial common sense. Surprisingly enough for some of us math nerds, life . . . → Read More: Am I a Hypocrite? We’re Going Back Into Debt

Is Home Ownership As Great As It Seems?

home ownership as great as it seems

You’ve probably seen all of the “get rich by investing in real estate!” posts while scrolling through social media the last few years. You also most likely heard the argument that most millennials can’t buy houses because they splurge on avocado toast (newsflash, that’s not the reason). But in a time where many people can barely afford to put a down payment on a house, let alone pay for all that a house needs, is home ownership as great as it seems?

Is Home Ownership As Great As It Seems?

This post has been written Kimberly Studdard

We’ve long been a society where home ownership is the epitome of “making it” in America. If you own a home, your life is perceived to be stable and your future is bright…but not everyone shares this viewpoint any more.

But why?

Let’s dive into the details. Is home ownership as great as . . . → Read More: Is Home Ownership As Great As It Seems?

Project House Update!! Photos, Expenses, and Projected Rental Income!

project house update - stairwell comparison

Liz and I have had a financial (real estate) plan since before we got married. It went something like this:

I pay off my house She sells her house We get married (and move into my house) Use the equity from her house and cash that we’ve been saving (this didn’t take long since we were both working and our expenses were practically nothing) to buy a cheap $80k rental house with cash Fix it up, rent it out, then save up another $80k (over the course of roughly 2 years) to buy another rental house…fix it up, rent it out Save up aggressively to buy our long-term primary residence – one with acreage, 4 bedrooms, and 2 bathrooms, and a nice barn for my wife’s future horses

So far, we’re doing pretty good! We’re on step 5, fixing up rental property #2 and hopefully finishing everything by the end . . . → Read More: Project House Update!! Photos, Expenses, and Projected Rental Income!

Wealth Comes From Where You Live…Not Your Salary

success comes from where you live

Want to be wealthy? Well before you start dreaming about luxury cars and huge houses, you might first want to take into account where you live. That’s right, wealth comes from where you live…and NOT your salary.

Wealth Comes From Where You Live…Not Your Salary

Have you ever known a doctor that owned a huge house, had a Mercedes convertible in the third stall garage, and cruised around the lake in a sweet boat on the weekends…but was in debt up to his eyeballs and a net worth of zippo??!! Well, they’d probably never tell you about their financial troubles, but there are plenty of docs that have a huge salary and absolutely no savings or investments to speak of.

Why is this?

It’s because a high salary does not equal wealth. Sure, it can help, but just because you make a lot of money at your job doesn’t mean . . . → Read More: Wealth Comes From Where You Live…Not Your Salary

Top Strategies to Get More Profit From Your Rental Property

get more profit from your rental property

Making the most out of a real estate investment requires landlords to reconsider their rental strategies on a regular basis. If you stop learning, your profits will likely suffer over time.

Top Strategies to Get More Profit From Your Rental Property

If you’re interested in getting more profit from your rental property or properties, incorporate these habits into your 2018 real estate management plan.

1) Decrease Turnover and Vacancy

As most landlords will tell you, fewer things are more trying in property management than constant turnover. If you want to save yourself from headaches and frustration—and a loss of profit—do all you can to reduce turnover and prevent vacancies in your rental property.

Turnover costs you more in the long run than you might think. You’ll lose rental income as long as the property remains unrented, which depending on cleaning and repair needs, could be longer than two months. . . . → Read More: Top Strategies to Get More Profit From Your Rental Property

4 Ways to Buy Your Next House Without a Mortgage

Are you a no-debt person like me? Have you dominated your finances over the years and even found a way to pay off your house?! That’s awesome! But here’s the thing…Let’s say you’ve paid off your house, you don’t want to go back in debt….but you want to move. How on earth can you buy your next house without a mortgage?

I mean, sure you have equity in your home and you might have a nice pile of cash in your savings to put with it, but how can you sell your house and get the equity out of it to pay for the next house? Is it even possible?

How to Buy Your Next House Without a Mortgage

This is the question Liz and I are asking ourselves lately. We have our primary house near the city as well as our two rentals – all of which we own . . . → Read More: 4 Ways to Buy Your Next House Without a Mortgage

The Rental House Progress – Two Months In!!

rental house progress

Have we really owned this house for two months already?? Sheesh… It feels like 2 weeks. There is still so much to do, I bet we’ll still be at this 3 months from now. BUT, it will all be worth it once we sit back and collect our $1,300 rent check each month! 🙂

For those of you that are just recently joining us, you can quickly catch up on our rental house progress with these posts:

How We Just Scored a $100,000 House for $75,000 Our New Rental House Project – Video Walk Through! Our Rental House Progress – 3 Weeks In The Rental House Progress – Two Months In

This is definitely a bigger project than we initially thought it would be (in our minds, we were going to tear down the paneling and patch the plaster – a 1-2 week job….and now all we see are 2×4’s…), . . . → Read More: The Rental House Progress – Two Months In!!

7 Reasons I Bought a Crappy House Instead of My Dream Car

reasons I bought a crappy house

Remember that $75,000 car I was absolutely obsessed with a couple months ago? It was a black and white Ferrari 360 – one of the most beautiful cars I have ever seen. Man it would be awesome to drive that thing to work every day! Plus, we actually had the money in the bank to do it, so we went to the dealership and bought it, right? I mean look at this thing!

Wrong….

Instead, Liz and I bought a 100 year old, 3 bedroom 1 bath, fixer-upper house with the exact same price tag… $75,000…

7 Reasons I Bought a Crappy House Instead of My Dream Car

So what are the reasons I bought a crappy house instead of an amazing $75,000 car that goes 0-60 mph in 3.8 seconds? Well first of all, the car would probably kill us (I have no business driving something that . . . → Read More: 7 Reasons I Bought a Crappy House Instead of My Dream Car

How Much House Can I Afford??

how much house can I afford

Are you in the market for buying a house? Or maybe you’re looking to move and you’re wondering, “Now really, how much house can I afford?“. The answer isn’t always easy because it’s a little different for everyone. But with the tips below, you’ll be able to get a quick idea of:

If you should even be buying a house in the first place How much house you can actually afford How Much House Can I Afford??

Alright, I’m going to make this really easy because honestly, this isn’t nearly as complicated as everyone makes it out to be.

You Shouldn’t Buy a House If…

I know you’re asking “How much house can I afford?”, but sometimes people ask this when in reality they should be asking, “Should I even buy a house?” I find that more often than not, the answer to this question is, “No”.

Do NOT buy . . . → Read More: How Much House Can I Afford??

Top Reasons to Pay Off a Mortgage Early – by the Mortgage Mutilator

top reasons to pay off a mortgage early

I met Alex about a year ago when he reached out to me for the first time. He had recently started a website (like I always encourage ALL of you to do) and wanted to reach out to, and help, as many people as possible. I agreed to let him write an article for me, and quite honestly, it was fantastic. Since then, he’s reached out again. And this time he had even more material – the top reasons to pay off a mortgage early! Check out Alex’s awesome post below and the special offer at the end. Enjoy!

Top Reasons to Pay Off a Mortgage Early

When we paid off our $400,000+ loan in only 6.5 years we saved a boat load of money. Money that we’re now getting to keep for ourselves instead of paying it to the bank as interest.

A handy rule of thumb is . . . → Read More: Top Reasons to Pay Off a Mortgage Early – by the Mortgage Mutilator