My 2020 Vision

When you stop and reflect..only to realize you went through the all the previous decades you’ve been in existence without goals, you decide to make up for lost time by going BIG.  Not that I have ever really gone small at anything ever, but it’s different.  Something about this year reminds me that whatever I think, whatever I envision, and whatever I write down is mine.  I don’t have that “one day” or “maybe next year” or “I wish” or “must be nice” mentality any more.  I know who I am and what I am capable of and create the shit out of some positive energy.  I am not locked and loaded with excuses that “I don’t have time” or I can’t afford it” either.  I know that I have time for the things that I make time for and I am in control of my money and tell it where to go.

Last year was just a tiny taste, a sip of what my life can really be like and I’m back for more.  I have decided that this will be the BEST DECADE EVER!!  I came up with my goals back in December, but since I’m an ever-evolving person..lol..I wanted to give them a few weeks to simmer before I put them out into the world.  I am now ready to share, and I have decided that 20 goals for 2020 is only appropriate.  My list is below and you know the drill..ask me questions and would love to hear your 2020 goals!!

20 SMART GOALS FOR 2020

  1. Get tenants placed in Indy Beauty by 3/1 and cash out refi by 6/20
  2. Use Self Directed IRA to put 25% down on a multi-family by 9/1
  3. Take childless trips to both the beach and the mountains by 11/1 and let the kids plan spring break trip location and agenda
  4. Hike our first mountain
  5. Obtain my real estate license or shadow and do my first wholesale deal by 12/15
  6. Build-up/Maintain 6 months liquid reserves for all rentals owned by 12/1
  7. Set up LLC by 3/1
  8. Acquire next BRRRR deal by 6/1 to be ready to close by 6/21 (or earlier if the deal finds me..lol)
  9. Have private money lending capital self-funded at 10% of goal to be our own bank by 11/1
  10. Max out family HSA contributions by 12/15
  11. Read 25 books this year
  12. Once I hit 10k followers, give away $1,000 to help someone else towards their financial goals
  13. Coach 2-3 people to become debt free and/or get started in real estate by 7/1
  14. Start researching markets for out of state investments to start 2021 off with a bang
  15. Work towards dinner at the table Mon-Thur (on activity free nights) and at least 1 hour screen free family time Fri-Sun
  16. Expand my meditation practice from 15 minutes up to 1 hour
  17. Learn 3 new skills/hobbies, enough to be dangerous..lol
  18. Cashflow new carpet and exterior paint for primary residence
  19. Analyze food budget and meal prep to find areas to improve health and decrease costs
  20. No Spend Year again!!! (clothes, shoes, accessories, purses, makeup, haircuts/dye)

 

 

I Like Big Books and I Cannot Lie

When I think back on the first 35 years of my life, I literally read only a book or two a year, and I can promise you they were trashy books.  There certainly weren’t any self improvement books in the mix, and if I’m being quite honest, I used to think those types of books were cheesy.  Last year, I changed my mindset and made it a top goal to educate myself.  I ended last year having read a total of 43 books!!!   Don’t worry..there were still some trashy books in there, 11 to be exact, but the rest were educational.  Whether it was about finances, real estate, self development, or parenting, each of these books has given me at least one takeaway that has made me grow as a human.  I’m listing each of them below (in no particular order), so just click on a book for the full description in case you are looking for your next read!  

If you are looking for an amazing Audible discount or Kindle Unlimited, or even just other book recommendations, click the link below! Let me know if you have any questions..I’m an open book. 😉

https://amzn.to/2RoSQpM

 

(Full Disclosure: These are affiliate links, so anytime you click on a link of mine and purchase, there are a few pennies that help go towards administrative costs of running my blog)

 

Rental House #2 Details

Our newest tenant moved in on October 1st, so I figured it would be a good time to stop slacking and post the details. This one has a funny story with it. House #1 we bought on location location location, and house #2 is no different, being an adorable 2/1 that’s walking distance to a cute downtown with shops and lots of activities like a farmers market on the weekend. Turns out I totally have a type. 😂

First off..let’s talk money, because I know y’all are nosey like me..lol. Since we are paying the mortgage on house #1 out of our own money. (we no longer have daycare, so replaced that payment with the mortgage payment) This allowed us to use the rent funds from house #1 to fund the down payment of house #2. Our tenant for house #1 had paid the whole year up front, which was around $10,000, so talk about creative ways to leverage other people’s money. I decided to put that money to work, instead of letting it just sit in our account being lazy. 🤷‍♀️

We found house #2 and put an offer back in June that was like $12k under asking, but a fair offer based on comps in the area. They didn’t accept it, and they ended up having someone else back out due to finances falling through. I found out because I was creeping online looking for the next deal and saw it pop back up on MLS. Funny part, they ended up dropping the price to the same amount we originally offered. So we decreased our offer by a few grand, and the seller accepted it. Should have just accepted our first one. 💁‍♀️

So total purchase price was $86k and we put 15% down, so around $13k to closing and our monthly mortgage payment is $595. We are renting it out for $875, so around $225 cash flow after mortgage and property management. For the property manager, we will pay around $50 a month, and one month rent for the initial showings and tenant screening. We didn’t have much of anything to do or money to spend to get rent ready, besides a whole lot of magic erasering and replacing the nasty toilet. 🤢

The tenant did ask if she could install a garage door opener (with her own money) and we told her no that we would not only cover it, but we would send our guy to do the install. She works crazy shifts and said she would feel safer being able to pull right in late at night. I honestly didn’t even notice it didn’t already have an opener and felt bad. Before she moved in, I did get a bid for converting the one car garage to a bedroom and think I will save up the cash flow to pay for that renovation after this tenant. We may even get crazy and attempt this project on our own. 😉

A few things I learned through this one.

1. Life was really busy when we got this one, so I enjoyed not having a lot of random little details like trim painting or landscaping or really anything to do, but I also feel like I’m ready to roll up the sleeves on the next one. 💪🏼

2. I am excited about the potential to increase the value and rent through adding a bedroom. It would only take about 2 1/2 years to recoup the project expense through increased rent, and that doesn’t even cover the added value that we could then use to BRRRR, just with a few of the r’s switched around in there. 😜

3. I’m so glad to have started the tenant move in baskets. It went over well and sets a good first impression for under $20.

4. I am feeling a little uncertain about the property management portion, and think we have learned a lot since we first started. I know we can handle on our own and my husband thinks opposite. So I’m working on my persuasive speech for self management on the next one (I can’t wait to report back on who wins this one).

5. I am ready for the next deal..since you know my type..who’s got it??

Chase your dreams for FREE

As the lyrics to one of my favorite songs go:

Are you a dreamer also and just don’t know how to take action? Keep reading…

I sometimes find myself surprised at what I stumble upon at the local library. We’ve gotten kids books, music, audio books, downloadable books,DVD’s, and even watched a magic show or two. I’ve seen puzzles and games there, and they even have computers with games for kids or internet access for people who need it.

They do a lot of free events also, like the summer reading program or the Random Acts of Kindness December where kids can earn free books. We do these things every year and my kids love the library and to read. Seriously can’t think of anything better than my kids getting smarter while feeling entertained for free. 🤷‍♀️

While my kids have gone once a month and filled a bag of a bazillion books for years, I haven’t really taken full advantage for myself. I occasionally grab a trashy audiobook for my commute, or the book we’re reading in the book club I’m in, but just recently I realized something epic.

I’m NOT too old to learn new things. Im NOT too old to follow my dreams. I’m definitely NOT smart enough to know everything there is to know out there either. So why not take advantage of the free resources I have available?

As you have likely noticed, I AM a dreamer and I always dream big. I’m on a journey to improve the financials of my family and really into the F.I.R.E. movement (Financial Independence Retire Early). I have also been interested in real estate investing for years. The library was that next step for me that took me from dreaming to doing. I have already read 6 books this year, and have gained the confidence and knowledge I was lacking to just go for it already.

What have you been dreaming about and what are you waiting for? I bet there’s a book that can turn you into a doer at your local library. 📚 Still scared that you won’t be able to turn your dreams into a reality? I bet there’s a book for that also, and seriously..don’t be scared..it’s free, so you have nothing to lose and only knowledge to gain. 🤓