Here’s a quick update on Rental Property #5. Closing was originally targeted for January 24, 2014, but due to the severe weather affecting much of the Midwest, things just kept getting pushed back. I had an original inspection over one month ago, but at the time, my inspector wasn’t able to get up on the roof. I’ve been trying to finish off that last piece of inspection since then, but for one reason or another, haven’t been successful in setting up a second appointment. I need this vital piece of information before closing.
Also, the appraiser needs to get back into the property and do a final round of visual inspection before the official appraisal can be finalized. Further, I still need my inspection items taken care of, and haven’t received back any pictures confirming the fixes. Because of all that, I’m thinking closing could happen next week, but it’s probably unlikely.
In other news, I reached out to the Texas seller and have a phone consultation on Monday. If that goes well, I’ll try and book a visit out there in March. My initial guess is that I’ll be making a research trip at the end of March. Anyone who wants to learn more about turnkey investing in Texas, stay tuned! I’ll have an update ready as soon as I get back.
Enough rambling, let’s get to the good stuff!
The Ultimate List of Blogger Net Worth by Rockstar Finance
This was a fun one, and reminded me of the list Forbes comes up with every year for the top 1%. It’s awesome seeing so many other personal finance bloggers on here who are working hard trying to build up their net worth. For anyone else interested, please stop by and join the party! The end game for most is financial independence, which is ultimately determined by cash flow, not net worth. Still, it’s useful to keep tabs and make sure your assets are performing (and increasing in value over time). Early FI is NOT a race, so just do the best that you can do. Following others is just a way to motivate yourself even further, and to keep you from falling off the horse. If someone else can do it, so can YOU!
You Can’t Change People, So Be The Change You Wish To See by Dividend Mantra
I love thought-provoking posts like this, especially ones where people open up and talk about their own personal stories. It isn’t easy to put your life out there for all to see, but it does make things feel more REAL for readers. You can get generic financial advice from anywhere on the web. After awhile, most things you read just start to feel like recycled material. Thanks Jason for keeping things honest and real. You are indeed leading the way for change. The good news is that this early FI/RE community is growing stronger everyday. More and more people are seeing the light and realizing that there’s more to life than just work, work, work…
How to Establish a Circle of Wealth by Brick by Brick Investing
Do you want to be surrounded by wealth? If so, what’s holding you back? If you aren’t making as much progress as you feel you should, chances are, there are some anchors weighing you down. Marvin gives it to you straight in this post, and outlines the pitfalls that you need to avoid to help expedite your path to riches. He also tells you what things you need to be investing in. Generational wealth, wouldn’t that be an awesome thing for you to leave behind?
Strive to Wake Up and Do Nothing (with Your Finances) by Retire Before Dad
I enjoyed this post because although personal finance is fun, the whole point of attaining financial independence is to gain more time to do OTHER THINGS. So, although finance is on my mind 24/7 right now, I don’t always want this to be the case in the future. Retire Before Dad reminds us about the importance of delegating work to others so that we can have more free time for ourselves. The more successful you become, the LESS work you should have to do. If you want to travel the world, you had better have a strong team supporting you and capable of running the day-to-day operations.
There Ain’t No Rest For the Wicked by Done by Forty
This post came up at just the right time. Recently, I had a conversation with an old buddy of mine, and we were talking about life and finances. Apparently, there’s a lot of people we know that aren’t doing so well in the finance department because they keep spending every penny that they earn. They don’t know how to live below their means. Sure, this can be fun at first, like when you first get a new job, or if you’re trying to woo the girl of your dreams. But over time, as Done by Forty points out, this type of reckless spending isn’t sustainable… unless you’re ok with working non-stop, all the time.
What’s been causing my frustration: Rental Propportunity by Passive Income Pursuit
Our good buddy over at Passive Income Pursuit is working hard trying to locate a cash flowing rental property. Easier said than done, right? With interest rates going up and the housing market in full recovery mode, those awesome deals are becoming more and more scarce. The cash flow returns are getting squeezed. So, if you’re considering buying a rental this year, you’ll probably have to do extra work to find something worthwhile. PIP is going about this the right way and taking his time to perform his due diligence. There’s no point in making a rash decision when it comes to real estate because it’s not easy to sell if you buy wrong… This is very different from stocks. Best of luck to PIP, I’m sure he’ll eventually land something great. It just takes persistence and time.
Progress….Friends……Articles……Life! by The Fast Weekly
It’s an exciting time for Bryan! He’s got a new kid on the way, been volunteering a lot, and even has an awesome trip planned for 2015. It’s great to follow up on his progress, and I agree that being able to network and connect with other like-minded individuals (bloggers, readers, etc.) is wonderful. I wish him all the best! The part about interviewing again for a… 7-4:30… probably the only thing I don’t like. 😉
Six Rules On How To Become A Millionaire by getting a rich life
I want to be a millionaire… so freekin’ bad! I haven’t joined J Money’s million dollar club yet, but reaching this number would feel pretty good, I think. Since I plan to retire at 30, it probably won’t be realistic for someone like me. That is, until I finish my travel journeys and decide I want to come back to the states and start my real estate agent career (which could very well happen). Charles has put together a list of some simple, practical things anyone can do to help them build wealth. Over time, you’ll probably also make it into this “exclusive” club as well!
January 2014 net worth update (-1.5%) by Leigh’s Financial Journey
I enjoy following along on Leigh’s financial journey because she is someone who does a phenomenal job of saving, yet doesn’t subscribe to the whole idea of having to be super duper frugal. Sure, an outrageous savings rate helps, but there are many ways to get to early FI, and balance in life is always a good thing. If you’re taking take of business, you deserve to have some fun!
Passive Income – December and 2013 Goals Update by Write Your Own Reality
Write Your Own Reality gives us a year end update on the status of his passive income and 2013 goals. It’s a great idea to have challenging goals to push you throughout the year. It’s even more exciting when you have to wait until the end of the year to see if you met them or not. How did he do? Was he successful in hitting all targets?
The Ultimate Omelette Recipe – with Home Made Coleslaw by theFIREstarter
Man, everytime I visit theFIREstarter’s website, I leave feeling hungry. He does an amazing job of putting together frugal recipes that look absolutely tasty. Eating good doesn’t mean having to break the bank anymore. I’m a big fan of this Bad Ass Cookery Class section.
How to Write a Love Letter by Fit is the New Poor
Valentine’s Day is next week! For anyone who needs help telling that special someone how you feel, Michelle has a great post that outlines how to do it, step-by-step. Avoid making those rookie mistakes.
Love and Money: The Most Romantic Gift by The Broke and Beautiful Life
Another good one for Valentine’s Day. Sometimes it’s not all about the bling. Stephanie reminds us that not all girls are gold diggers (probably contrary to what most guys think), and DO appreciate simplicity and practicality. Maybe a lot of us have been going about this the wrong way… For this year, focus less on spending more, and give something meaningful (practical) instead.