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!!

Our Project House Progress – 3 Weeks In!!

Oh my word, has it really only been three weeks since the house closing? Liz and I have absolutely been busting it over there – I’ve been working early mornings, she’s been working late nights, and we’ve both been putting in our fair share of hours on the weekends…

So what the heck have we been working on? What progress have we made so far?

Well, if you follow me on Facebook, you pretty much know EXACTLY what we’re doing and where we’re at with the progress. I’ve been uploading videos, pictures, and sending posts about what we’re working on each day. If you just said to yourself, “UGH! I’ve been missing out! I want to see what’s going on!!”, then you’d better start following us on Facebook! Simply like and follow my page here.

For the rest of you that prefer to follow via post updates like this…then here . . . → Read More: Our Project House Progress – 3 Weeks In!!

Our New Rental House Project! Video Walk Through!

rental house project

Hi all!

In case you missed it, Liz and I purchased a new rental house project on Thursday!

It’s definitely going to take some work:

wood paneling, shag carpet, and dog, cat, and smoke smell!

Check out the video below where I walk you through the house to get a complete view of the “before” footage!

How We Just Scored a $100,000 House for Just $75,000

deal on real estate - house image

Are you looking for deals on real estate, but can’t seem to find them? Sure, the market’s hot right now, but that doesn’t mean that there’s no deals to be had – you’ve just got to dig wider, deeper, and probably get a bit creative with your digging style! If you’re constantly on the lookout for a deal on real estate, then you might want to incorporate this new strategy we discovered with our last rental purchase.

How We Found a Crazy Deal on Real Estate

We put our John Hancock on the documents just yesterday. We’re officially the new owners of a 3 bedroom, 1 bath house and we only paid $75,000 for it!

“How the heck did you land such an amazing deal?” you might ask.

I’m ready to teach you, my friend. Hopefully you can use this same method and buy a screaming deal of your own . . . → Read More: How We Just Scored a $100,000 House for Just $75,000

We Just Missed a $40,000 Opportunity…and We’re NOT Letting It Happen Again

Find a deal on a house

The idea was planted in our heads over two years ago. Robert, the grandson and caretaker of the woman next door, asked us if we’d ever be interested in buying the house once his grandmother passed away.

“Of course!” I would always say. And we left it at that.

Well about three months ago, the grandmother passed on and it was my intention to speak with Robert again to affirm that I was interested in the house. But…

When he was home, I wasn’t… When he was doing yard-work outside, I was at work.

We just never seemed to connect naturally like I had hoped…

And then, he was suddenly out of the house and his mother (the actual beneficiary of the estate) was there cleaning up and moving stuff out! I decided enough was enough so I knocked on the door and introduced myself.

To make a long story . . . → Read More: We Just Missed a $40,000 Opportunity…and We’re NOT Letting It Happen Again

Rental Properties – Are They a Curse or a Blessing?

are rental properties a smart investment

“You’re going to buy a rental property??” …my broke friend exclaimed. “I had a buddy that tried that… The tenants didn’t pay the rent, they trashed the home completely, and he lost tens of thousands of dollars. You won’t see me buying a rental property any time soon.”

More often than not, this was what I heard from people when I let them in on my investment plans a few years back. It wasn’t very encouraging to say the least…and it honestly took some of the air out of my sail for a while…

Are Rental Properties a Smart Investment?

Ignoring all of the “wise advice” from my friends and neighbors, I went ahead and bought a rental place anyway.

So what’s the verdict? Has land-lording been a complete nightmare? Has my rental house been burned to the ground? Or are all of my friends just complete idiots that knew . . . → Read More: Rental Properties – Are They a Curse or a Blessing?

We Bought a Rental House With Cash – One Year in Review

On November 30th, 2015, we closed on our very first rental property – a 3 bedroom, one bath home in a nearby neighborhood. The pipes we corroded, the kitchen was a disaster, and the hardwood floors all needed refinishing (which I have of course never done in my life).

It was a big project, but we were starry eyed with the investment possibilities. After all, we had the cash for a complete purchase and figured that 100% of the rent checks would go directly in our pockets.

Were we a little naive?

Of course.

But we all get a little naive with excitement, don’t we?

Related: Our Offer Was Accepted. Let the Rental Games Begin!

We Bought a Rental House With Cash

You may be thinking, “How in the world did you buy this rental house with cash??”

Long story short:

I hate debt. It makes me nervous, angry, . . . → Read More: We Bought a Rental House With Cash – One Year in Review

The Rental Property Wealth Calculator: Your Path to Millionaire Status

Rental Property Wealth Calculator

Do you have a passion for real estate? Have you ever wondered how fast your rental empire could grow? And how quickly you’d become wealthy?

I’ve spent quite a few nights trying to figure out over the years:

When we’ll have enough money to buy the next rental How much we’ll earn from year to year And how much our net worth will grow as I acquire more and more rentals

Pretty much I always ended up with a notebook page filled with scribbles and cross-outs, and a very vague sense of how everything would play out with the rentals 10+ years from today.

Finally, I decided that I’ve had enough with my rough estimations! It was time to figure out all of the details exactly. So you probably know what that means! It was time to build another Excel-based calculator! 🙂

(Interested in all the free tools I’ve . . . → Read More: The Rental Property Wealth Calculator: Your Path to Millionaire Status

Rental House or the Stock Market – Who Won So Far in 2016?

rental house or the stock market

Liz and I bought a rental house on November 30th, 2015. We fixed it up, had an open house, and landed some awesome renters that moved in on April 15th, 2016. We are now officially landlords (which still seems weird to say).

Related: How to Attract the Best Tenants for a Rental Property

So what’s the point? Why did Liz and I decide to dump $90,000 into a rental property instead of the stock market?

It’s pretty simple actually. We don’t trust the stock market at all.

The market goes up, tumbles down, it comes back again and thrives, and then all the sudden it’s down in the dirt again. Quite frankly, the market seems about as safe as jumping out of a plane with a 50 year old parachute; we might be completely safe and have the time of our lives…or we might die with nothing.

Yes, we still . . . → Read More: Rental House or the Stock Market – Who Won So Far in 2016?

Rental Income: A Headache or a Dream Come True?

retiring extremely early

“Going to be a slumlord, huh? Have fun with that!” “My brother tried that for 10 years and lost money every year.” “My uncle owned a multiplex once. All the units got trashed and he constantly had to evict people for not paying.”

For whatever reason, when I started getting excited about buying a rental property (for that oh-so-nice rental income), the above reactions are what I got from my family, friends, and co-workers. Maybe they were just trying to be helpful – trying to protect me from a future disaster – but I think there was more to it than that.

I wanted to do something great – earn a passive income, create options for my future life, and grow my net worth to huge sums! Many people have these dreams. Few people take the first step to achieving them. The “advise” I received was basically their excuse . . . → Read More: Rental Income: A Headache or a Dream Come True?