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Official news: Kim and I have moved from Portland to Corvallis, Oregon. We closed our home at the end of August—a 1964 sun ranch with a complete basement remodel—and we have been moving and unpacking for the past six weeks. I thought I had time to release the bloody details of our purchase, but apparently this did not happen. We are too busy!
The short version is this: after Starting price of 128,000 USD On the house of our dreams (still lost to the cash offer), we almost joined another similar house bidding war. But we did not.When others are bidding A place on the street From $589,000 to $707,000, we sneaked into our favorite house for $680,000-only $5,000 above the asking price. We are lucky.
Although I am worried that we may experience buyer’s regret, I am happy to report that this has never happened. We love our home, we love Corvallis. How can we not?
Corvallis is the best bicycle city in Oregon. (Yes, even better than Portland.) Our home is not a walker’s paradise, but it Yes Within the confines of two grocery stores and several restaurants. Corvallis hardly has any traffic jams. The town is surrounded by forested foothills full of hiking trails. Every day, there are squirrels, deer and wild turkeys in our yard. There are two dog parks without leashes nearby. Our neighbors are very friendly.
I can continue, but I won’t. You got the picture.
We have high expectations for Corvallis, but so far, the city has surpassed them. I’m not kidding.This is Exactly During our three-month search for a new place to live, Kim and I have been looking for something.is ours Star hollow.
And our home, although it is a huge space for two people, it also exceeded our expectations. Sometimes it feels as if it is tailored for the two of us and our lifestyle. I know it’s still early days, but in six weeks we are very happy.
A small real estate empire
Kim and I also like that we have started to build friendship in the city.I spent some time with Jeff Happy philosopherFor example, Kim walks his dog with a neighbor every week. Last weekend, we had a happy time with the real estate agent and his wife.
Michael and Rae lived in Corvallis for about ten or twelve years. During that time, they stumbled upon the idea of ”financial freedom” but never discovered the booming FIRE movement. (FIRE is “Financial independence And early retirement”.) Like many others who eventually found FIRE, these two people invented their own version in a vacuum.
Michael and Rae have been slowly building a small real estate empire, which currently includes six residences. They will buy a place, live in it, make improvements at the same time, and then rent it out when they are ready to buy another property. The goal they are approaching is to allow the cash flow of rent to cover their monthly expenses.
Last week, on cocktails and appetizers magenta, Kim and I asked Michael and Rae about their experiences.
“Now that we have settled down in Corvallis, we started to discuss our own ideas of buying rental properties,” I said.
“I just turned 49,” King said. “My years as a dental hygienist began to suffer. My back hurts. My shoulder hurts. My wrist hurts. I want to find a way to make money without suicide.”
Michael nodded. “We are happy to share what we know,” he said. “But you need to understand that this is not a magical road to wealth. This is work. It may not be the same as what you are doing now, but it is work. It takes time to build an income stream.”
“I understand,” King said. “I got it. It sounds like you have figured it out. Didn’t you tell us that you only rent it to college students? And they come back year after year?”
“We don’t rent if only For college students,” Lei said, “but mainly students. Now, one of our six houses is rented to an “ordinary” family. But you are right. We are fortunate that the churn rate of tenants is very low. “
“We try to maintain long-term relationships with tenants,” Michael said. “We don’t want to be their friends, but we do want good communication. We want them to come back every school year. Usually this means we don’t increase their rents. Or, when we do, the increase is small. “
“It’s very smart,” King said. “It makes your tenants more loyal and prevents staff turnover. Turnover can be difficult.”
“Yes,” Michael agreed. “We would rather let our tenants stay in place at a rent slightly lower than the market price instead of dealing with turnover every year. When someone moves out, we can move things to match the market. In addition, build a strong relationship with our tenants It seems to help keep them motivated to care about this place. with When their siblings came to Corvallis to go to school, we began to see it help. They contacted us because their brothers and sisters get along well with us. “
“I like your moral approach,” I said. “Listening to you talking about this makes me want to learn more about real estate investment.”
“you
“You know,” I said, “Many of my colleagues are engaged in real estate investment. I have talked to them, even though I have never pursued it for myself. Have you read any real estate blogs?”
“Not really,” Michael said. “I am familiar with Paula Pant Can afford anything, although. I like her stuff. “
“Paula and I are good friends,” I said. “Since 2012, we have been very close. We often call or text to learn about life. In fact, we just wandered in Fincon in Austin last week. She asked me to help promote her real estate course.”
“You should do this,” Michael said. “I haven’t watched the course, but her website has reliable information.”
I thought for a while.
“You know me should Do,” I said. “Of course, I should help Paula promote this course, but more importantly, I should learn this course for myself.I should accept it A generation Can learn real estate investment. “
“Yes, you should,” Michael said. “It’s not that I want you to buy more properties with ulterior motives.” We all laughed.
“Do you know of any help?” I said. “Whenever a rental property goes on the market, you send a video to analyze its potential. I like those, even if I don’t fully understand what you’re talking about. I especially like the spreadsheets you use to process numbers.”
“It’s not surprising,” King said.
“Would you like to record a YouTube video to explain your rental property e-form?” I asked. “I can play with that spreadsheet by myself while studying Paula’s course.”
“You bet!” Michael said. “I’ll record a video for you next week.” And that’s exactly what he did.This is Michael’s explanation The electronic form he used to screen potential rental properties.
Your first rental property
I recently read Todd Tresidder’s How much money do I need to retire? I might write a complete book review at some point.However, the key to understanding for now is that Todd believes that using Four percent rule As a measure of financial freedom.He made a compelling argument that it is much safer to define financial independence as Vicki Robin did Your money or your life: The point at which your passive income exceeds your expenses.
Although my recent move to Corvallis allowed me to achieve financial independence again under the definition of the 4% rule, I no Financial independence based on cash flow. My expenses exceed my passive income. I want to change this. I think renting out properties may be part of the strategy to do so.
This morning, I registered Your first rental property, Paula Pant’s real estate course. It’s fun to read the sales copy on the landing page. I usually hate sales pages, but it’s like Paula took me into consideration when writing this page. It sounds like this course suits my needs very well.
I think it is helpful for me to personally know Paula. Over the years, I have talked with her a lot about her various adventures in real estate. I watched her slowly build her rental portfolio. In addition, I know she is smart and trustworthy. If I were to pay for real estate courses, it would be Paula.
I also like and trust Chad Carson. Coach Carson’s Real Estate Course It will also be a good choice, and I may look at them myself in the future.
This is the thing.I get a a lot of Promote requests for books, courses, and activities in “Get Rich Slowly”. I almost always refuse. I never wanted this to be a platform to promote products. I hope GRS will become an education platform.
In other words, I do like to share books and activities that I believe you will find valuable.That’s why I am passionate about Ramit Sethi’s I teach you to get rich. This is why I personally participated This year’s EconoMe Conference, And why I urge others to join us in Cincinnati next month. Some of these things are great and should be shared.
Obviously, I can’t guarantee the quality Your first rental property, But I just bought it with my own money. (“Do you want to buy this course?” Paula’s assistant emailed me. “Yes,” I said. “I want to participate.”) I want to ask Kim if she would like to complete this course together . I think it will be fun to be a couple!
Who knows? Maybe in a few years, we will get some of our own rental properties…
Your first rental property, As with many online courses, the availability window is limited. (I think Paula only offers it once a year.) Sales of this queue will end on October 14. Get rich slowly and earn commissions from every sale through our website.
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