Should you hire a rental property management company to manage your rental house? No, in most cases you did not need to. When I started buying houses in my early 20s, I was adamant that my real estate business did not interfere with my day job or my social life. It sounds like a property…
You’re a new landlord, or thinking about becoming one. How do you maintain a rental property? Look, I am not handy. Even if I was handy, fixing things was not part of my business model. I was comfortable paying someone to do it right so I could worry about other things. But there were times…
You’ve decided you want to be a landlord. Great! Now, how do you decide what rent to charge? Determine market value The easiest way to determine what rent to charge is to observe the market. Look at sites like zillow. Also, compare your house to other comparable houses on sites like Facebook, or calling landlords…
Please teach your kid personal finance. The school system barely does. I have not dissected anything since high school. I have not used calculus. Trigonometry and Geometry have added no value to anything in my life. But I have borrowed money, saved money, made money, spent money, and invested money. We all do these things…
Deciding when to evict a tenant is tough. Let’s get a disclaimer out of the way. I am not an attorney. Nothing said in this post should be interpreted as legal advice. Speak to an attorney. Do not take anything said in this post as legal guidance, at all. To any renters/tenants that stumbled across…
A few week’s back I mentioned that I was just about to announce my retirement. I have since given my notice at work. After 22 years in Financial Services, one year as a mortgage broker, and one year as a technical writer the end is in sight. This upcoming Friday is my last day. I’ve…
What mortgage term should I have for my rental house? Seek out a mortgage length that you can afford the monthly payment when the house is vacant, but not so long that it takes a half of a lifetime to pay off. If you can’t do that, than you are buying too expensive of a…
How much do you need to retire early is just a math problem. It’s a matter of understanding how much do/will you spend? How much income do you need to cover those expenses. You do not need a Financial Advisor or Financial Planner to solve this math problem. You just need to understand the basics…
Tenants tend to think every landlord is a bad landlord. Landlords deserve and earned this stereotype over the years. I wanted to be a better landlord. That was part of the plan. I see renting to people as a partnership. The tenant is agreeing to pay me money in exchange for a comfortable home for…
Five years ago when my wife was pregnant with our first kid I thought long and hard about how to be a good dad. I thought about my dad’s style. That gave me framework for what not to do. Then I started thinking about what matters and what I would have wanted. Actually I thought…
We are almost ready to retire early. We have Financial Independence. My wife is a stay at home mom with our three kids. We have assets. We just haven’t figure out what to do next. The friends that are aware that we will retire soon ask me what they think to be a hard question….
I am a firm believer in spending the right amount of money. I focus on price per use to determine the right amount of money to spend on something. My style on the journey to Financial Independence Retire Early is not to be frugal or minimalist. Instead my style is to identify what something is…
How do you find tenants? I’ve been asked this question so many times. But mostly from the angle of people being afraid to get into land-lording because of fear of finding a good tenant. I never thought this was a challenge. My perspective was different. There is this misconception that renters are a lessor class…
Do you wonder how to retire early? Twenty years ago i asked the COO of the large company that I worked at what book I should read. He said “7 Habits of Highly Effective People“. He even gave me a copy. Several days later I went to read it. I opened it to the table…
There are many paths to FIRE. I was just reading a blog called A Purple Life. In mostly her words with slight editing by me: “She developed a plan to retire in 10 years at 35. With the help of decreased spending, increased wages, and geoarbitrage she reached her goal in half the time and retired…
Satisfice is such a great word. I had never heard of satisfice until I was studying for the Chartered Financial Analyst (aka CFA). Satisfice is about “good enough” and not needing more. Satisfice is a great word in finance, and even better word for the real life. Are you a maximizer vs satisficer? If you…
