Every real estate investor has their own risk tolerance, and as such, plans for emergencies differently. I like to think I’ve got a pretty good emergency plan, but honestly, it’s never been truly put to the test. When I started buying investment real estate ~6 years ago, I tried to adapt a conservative mindset and Read more about 4 x Fourplexes – Emergency Funds and Recession Planning[…]
Yesterday I got thinking… Now that my wife and I are stuck at home, I wonder if my car insurance company will lower my rate? (Based on the logic that we can’t drive our cars right now, and if quarantine continues into the year, we will be putting way less miles on our cars than Read more about Stay at home = lower car insurance?[…]
This is a simulation game to test whether you can predict the timing of the stock market… Try it: Market Timing Game All you do is click the [Start/Pause] button, and the graph will start moving. Then, use the [SELL] and [BUY] buttons to move your money in and out of the stock market. Goal is obviously Read more about Let’s play a game… Can you predict the stock market?[…]
Here’s a list of 101 things you can do when you wake up at 5am. I’ve tried to categorize them, so you can choose based on whatever mood you’re feeling that morning. Try some out, and let me know what you like or don’t like! Personally, I’ve tried almost all of these things over the Read more about 101 Things to do at 5am![…]
About 5 years ago, my wife and I started a tradition of celebrating the 1st of every month. It sounds silly, but we love it. We do this because: 1) It began when we bought our first rental property together. Rent checks come in on the 1st of each month, and even though most (sometimes Read more about It’s the 1st of the Month – Time to Celebrate![…]
The presenter asked, “By show of hands, who out there has a 5 year plan?” About 200 of us were all packed inside a mid-sized training room at my company headquarters. I raised my hand. Looking around it surprised me that most of the audience had their hand up also. Apparently everyone these days Read more about Your 200 Year Plan: Your Legacy[…]
What is Financial FOMO? You’ve probably heard of regular FOMO, which is the fear of missing out. It’s when you worry or have anxiety about missing out on fun and memorable experiences in life. What about Financial FOMO? Financial FOMO is a little more specific. It’s when you worry about missing out on financial success Read more about Financial FOMO: What, Why and How To Avoid It.[…]
The Pessimists are always right! (in the short term) – Guest post written by Joel’s Dad! – Do you ever get tempted to divide everyone up into optimists and pessimists? Optimists are always looking on the bright side; “glass half full”, ready to accept even the smallest chance of success against the odds. Read more about The Pessimists are Always Right (In the Short Term)[…]
Steve: Hey Joel, can I borrow $50,000? Joel: Ah… that’s a lot of money… What are you gonna do with it? Steve: Well, I have an opportunity to buy a rundown house. My plan is to fix it up, put a renter inside, and then sell it to another investor as a “turnkey” rental Read more about Accidental Hard Money Lending[…]
FIRE is not a single point in time. It’s a lifestyle. If you follow a basic set of money rules it will lead to a financially successful life. The same thing can be said about TIME. To me, 5am is not a single point in time, or a number on a clock face. It’s a Read more about Classic “Money Rules” Applied to TIME[…]
Earlier this year I cancelled my Amazon PRIME membership. It’s not because I’m disgruntled or didn’t enjoy their service. I’m actually a huge fan of Amazon. My reasons for cancelling were: I realized the “benefits” of PRIME membership can easily be found elsewhere – free shipping, fast shipping, convenience, streaming, etc. is not unique Read more about Dumping Amazon PRIME[…]
Property Managers are the backbone of your buy & hold rental business. While you’re sitting back and counting your money, they are watching over your affairs and handling all the dirty tasks that you don’t want to do. Finding a good property manager however, can be a hard task. There are hundreds of management Read more about Hiring a Property Manager? – Ask These Questions…[…]
Beyond the literal definition of Financial Independence, there’s a deep and personal meaning this term holds. Every time I ask someone “What does FIRE (Financial Independence Retire Early) mean to you?” I hear a unique and individual answer. It’s interesting hearing everyone else’s response. Most people describe freedom, flexibility and custom lifestyles, but no Read more about What does Financial Independence mean to you?[…]
OK, so you’ve read about these so called ‘syndications’ and think you may want to give it a try… You’ve got a spare $50k in your checking account and feel bad that it’s just sitting there not earning any interest. Your friend one day says “hey, I know a guy that’s buying a mobile Read more about Syndications for Beginners: How to Vet Sponsors & Deals[…]
Houston, we have a FIRE problem… Check out the results below of a recent survey: Are you as shocked as I am!!? 43% of people said they would rather be financially independent and miserable vs. broke and happy. Ouch! Why would anyone want to be miserable vs. happy? Since when does a big bank Read more about Financially Independent and Miserable 🙁[…]
Newbie: “Real estate investing sounds so cool! How many rental properties do you own?” Me: I own 22 toilets. Newbie: “Huh? I was asking about your rental houses.” Me: I know. Let me tell you. Somewhere in Texas, there are 22 toilets that I own. Right now, and throughout the day, people are shitting in Read more about How Many Toilets Do You Own?[…]
SUMMARY: It’s been 16 months We’ve opened 8 new credit cards Received $6,565 in signup bonuses and rewards travel We paid $457 in membership fees so far A whopping $149,000 in total available credit lines Starting credit score = 764 Current credit score = 810 I’ve been taking notes every time I applied for a Read more about Credit Card Hacking – Personal Summary, Timeline & Notes[…]
There are downsides to owning out of state rental properties. Some of them can be combated with careful planning and extra ongoing efforts, while others are simply unavoidable. None of my rental properties are even remotely close to where I live. (In fact, the closest property I own is 1,463 miles away – just a Read more about The Downsides to Owning Out of State Rental Properties (And How to Deal With Them)[…]
“Dude, how much did it cost you to take a year off work?” This is the question I asked my cousin many years ago. My cousin is now 35, lives in New Zealand, and has taken 2 separate 12 month career breaks to travel the world, spend time with family, and just enjoy Read more about How Much Does 1 Year Off Work Cost?[…]
Food is a necessity in life. Water is a necessity. Shelter is a necessity. These are the basic things we need to survive. But after these must-haves are covered, what is the next priority on the list? For my wife and I, it’s alcohol. At least that’s what our annual spending reports tell us. Read more about Alcohol and Finances[…]
It’s now been a full 12 months since purchasing the last fourplex property, and I’ve learned a TON of stuff during this time. The buildings have mostly stabilized, and my personal involvement has shrunken down to just a few hours of work per month. In this post I talk about property management, and share Read more about 4 x Fourplex Saga – (Part 3) – Property Management & Accounting[…]
In late 2018, I changed my primary investment strategy to real estate syndications. I’ve invested $100k so far across 2 different apartment complex deals, and plan to fund another 2-3 syndication projects in 2019 also. What the heck is a real estate syndication anyway??? To help answer this question I’ve asked Michael Bishop from Read more about Syndications for Beginners: What is a Real Estate Syndication?[…]
Have you ever met Richard Branson, the founder and CEO of Virgin? I’ve met him. Well, I feel like I have. Richard is one of my imaginary mentors, and we meet up every few weeks – in my mind. Now before you stop reading and conclude that I’m nuts, please give me a few Read more about Circle of Invisible Mentors[…]
Sometimes I feel like the world‘s worst real estate investor. Even with all the books, podcasts, and knowledge I’ve consumed over the years, I still regularly screw up, waste time, lose money, and make rookie mistakes. I’m not alone… Perfect Investors: – don’t lose money, – don’t make mistakes – don’t need help Read more about Making Mistakes in Real Estate – We All Do It[…]
Here’s a common question I get asked when people learn about my 5AM activities. What the heck do you do at 5AM every morning? The short answer is: Whatever I want! And the longer, more annoying answer is: It depends on the day. My morning routine and 5am activities change depending on what Read more about 5AM Activities – What Do You Do at 5AM Every Day?[…]
I don’t mean to brag… but back in the day I used to be pretty awesome at starting fights about money. My expert skills earned me 7 messy break-ups, 3 National Asshole Awards, and countless nights sleeping on the couch! Unfortunately, I’ve lost my touch over the years, and my wife and I barely Read more about How to Start Big Fights with Your Partner About Money[…]
There’s a Prostitute in My Rental Property! You’ve probably heard the saying… “Pimpin’ aint easy”… And after my recent experience I can verify that this is 100% true. Especially when you don’t even know you’ve been pimpin’ to begin with! I’ve been a real estate investor (please note this is just a Read more about There’s a Prostitute in My Rental Property![…]
Earlier this year I found myself in a rut. A real estate investing rut. I had my head down focusing on buy/hold rental properties for so many years, I never really took a step back to consider my overall strategy and general position as an investor. In addition to this rut, a couple new factors Read more about Changing Real Estate Investing Strategies[…]
My wife is the nicest, kindest, and most caring person in the world. She deserves everything under the sun. And there’s nothing I wouldn’t do to increase her happiness. So when we first met 9 years ago, my mission in life was clear: “What my wife wants, my wife gets. Even if it kills Read more about My Wife Deserves a $2M McMansion[…]
Big news!! This week I had the incredible pleasure of being a guest on the Chain of Wealth podcast! The awesome podcast hosts, Denis and Katie, have recorded over 100 episodes talking with members of the personal finance and FIRE community. Have a listen to the episode by clicking below, or download it on Read more about Chain of Wealth Podcast![…]
I just returned home from FinCon 2018 held in Orlando, Florida. This was my first time attending the conference, and it won’t be my last. The conference itself was educational, professional, and I came home with a lot of practical action items to help with my blogging. What happened outside conference hours, however, is Read more about FinCon 2018 – Recap & Highlights from a First-Timer[…]
When you hear “Pay Yourself First” what do you think of? It sounds like something a rich and greedy person would say… Let’s break it down: Pay = something money related. Yourself First = something selfish. The complete opposite of what our parents taught us. OK now let’s see what happens if Read more about Is it Selfish to Pay Yourself First?[…]
Investing in a House Flip For a long time my investment strategy has been “buy and hold” rentals. Specifically, small multi-family properties. This has been a slow and conservative way to building wealth through real estate. I’ve read about people that “flip” houses for quick profits, and it never really interested me in Read more about Funding a House Flip – Numbers, Notes, and Q&A![…]
If you were going to start a 500 day challenge, this coming Sunday would be the perfect day to start. Because: Exactly 500 days from Sunday it will be January 1st, 2020. Even the tiniest positive change added into your daily routine, done consistently for 500 days in a row, could have you Read more about 500 days left… until Year 2020!![…]
“What do you think sets apart successful people from those who give up, fail, or never even get started?” This is the final question at the end of every episode of my favorite podcast, BiggerPockets. It has been asked nearly 300 times to successful investors, business experts, and entrepreneurs who are guests on the show. Read more about Financial Independence via JUST DO IT![…]
It’s July 1st and time for your QBR! What’s a QBR? The last company I worked for had a grueling ritual at the beginning of each new sales quarter. Each sales rep had to prepare a detailed powerpoint presentation and deliver it to a room full of peers, managers, and executives from Read more about It’s Time for Your QBR: Quarterly Business Review[…]
How well do you handle stress? When you’re laying in bed awake at night, are you dreaming about the fun things in life? Or are you stressing about the potential problems you come across each day? I used to think stress came and went as a result of the environment I was Read more about Ready… Set… STRESS![…]
I’m about to embark on a 4 week road trip with my wife and dog. And this beautiful, 2010 Prius, nicknamed “The White Shite”, will be our faithful chariot. Most of our friends laughed when they heard we were planning to travel in the Prius. Some kindly offered for us to take Read more about Everything Fits in a Prius[…]
Ever heard of the Sunk Cost Fallacy? I was at the grocery store the other day. There was only 1 checkout lane open and a long line of customers in front of me. Waiting around, I struck up a conversation with the guy in front of me. Really nice guy. He was headed Read more about The Sunk Cost Fallacy – STOP Digging![…]
Congratulations! Your investment property has risen in value! Before we go out celebrating, let’s talk quickly about return on equity. Having more equity doesn’t necessarily mean that you have more money working for you. In fact, as your property value increases, your return on equity decreases. Wait a sec… What the Read more about When More Equity = Less Return[…]
“Work expands so as to fill the time available for its completion” A dude named Cyril Parkinson wrote this phrase in the opening sentence of an essay published in 1955. (Original article here) From what I gather, Parkinson was basically making fun of the government for wasting time and money. Read more about Retire Early with Parkinson’s Law[…]
4 x Fourplexes… Part 2: Investment Timeline and Numbers Finding The Fourplexes: Probably the coolest part of this story is that these Fourplexes were found and purchased off-market. Meaning, nothing was listed for sale publicly on the MLS, and I was the only investor who knew about it. No competition, no worries. One Read more about 4 x Fourplexes (Part 2): Investment Timeline and Numbers[…]
How I Bought 4 x Fourplex Investment Properties in 12 Months – (Part 1) In the last 12 months my brother and I purchased 4 x fourplex rental properties in a small town in Texas. These were all off market properties (not listed publicly for sale on the MLS), all purchased from the same Read more about How I Bought 4 x Fourplexes in 12 Months – (Part 1)[…]
Ever heard of a NINK? Probably not… because I just made it up. But you’ve heard of DINKs, right? Yeah, well, I’m throwing out a new acronym for those young couples out there that don’t have kids and don’t have to work anymore. NINKS = No Income, No Kids No Income? By Read more about From DINKS –> NINKS: No Income, No Kids[…]
15 Years Ago… I was 18 years old and barely out of high school when I bought my first investment property. Actually, I should really say “stumbled upon” my first investment property. It was a family deal, driven mostly by my parents. Now before you go thinking that I was born with a silver Read more about My First Investment Property, Age 18[…]
Time To Declutter My Life! It’s time to get rid of some of the crap in my house. I was looking around the other day and noticed the amount of clutter has built up to an uncomfortable level. I’m not sure how I let it get this bad in first place. I mean, do Read more about Why do I have 7 Surfboards?… Operation Declutter![…]
It all started with Mom… I think about my savings rate in a different way than most people. It’s because of my Mom. When I was a young kid, my Mom paid me and my siblings to do chores around the house. Pretty standard chores like doing the family laundry, vacuuming/mopping, dishes, yard Read more about Tracking My Savings Rate as a Young Kid[…]