After You've Made It (by JB [OR]) Jun 15, 2019 10:51 PM|
After You've Made It (by Robert J [CA]) Jun 16, 2019 12:43 AM
After You've Made It (by Jason [MI]) Jun 16, 2019 2:10 AM
After You've Made It (by nhsailmaker [NH]) Jun 16, 2019 8:54 AM
After You've Made It (by Still Learning [NH]) Jun 16, 2019 11:21 AM
After You've Made It (by plenty [MO]) Jun 16, 2019 11:39 AM
After You've Made It (by Ray-N-Pa [PA]) Jun 16, 2019 11:58 AM
After You've Made It (by NE [PA]) Jun 16, 2019 12:10 PM
After You've Made It (by JB [OR]) Jun 16, 2019 12:30 PM
After You've Made It (by Ned [KY]) Jun 16, 2019 1:36 PM
After You've Made It (by Wilma [PA]) Jun 16, 2019 2:51 PM
After You've Made It (by WMH [NC]) Jun 16, 2019 3:55 PM
After You've Made It (by MikeA [TX]) Jun 16, 2019 5:44 PM
After You've Made It (by razorback_tim [AR]) Jun 16, 2019 6:51 PM
After You've Made It (by BRAD 20,000 [IN]) Jun 17, 2019 12:25 AM
After You've Made It (by MMIT [VA]) Jun 17, 2019 8:26 AM
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After You've Made It (by JB [OR]) Posted on: Jun 15, 2019 10:51 PM
So now that all of your hard work, through blood, sweat, tears, and deadbeats you finally feel like you've made it. I believe that many of you have lived like us. You have likely scrimped, saved, and done without for so long that you forgot what it was like to splurge on yourself.
How do you get past that feeling of always doing without so that you can replace that roof that suddenly starts leaking? Or saving for that next property? Then another and another? All the time maybe feeling that you need to start enjoying what you already have...actually start living for today instead of always thinking about tomorrow.
Please share your thoughts! --24.20.xxx.xxx
After You've Made It (by Robert J [CA]) Posted on: Jun 16, 2019 12:43 AM
Because thief by Government is out of control, spending some of the left over scraps on myself and family comes easy. Raised taxes. New landlord feeds. Ballot measures at taxing the rich and asset redistribution for the lazy who never saved a thing. --47.156.xx.xx
After You've Made It (by Jason [MI]) Posted on: Jun 16, 2019 2:10 AM
I was same way.....an my switch changed this year...why? She is 8 an he is 6... Want my kids to enjoy my hardwork instead of another house they get a kids dream backyard.. New pool, deck, an patio...dad will enjoy to.. Kinda funny my handyman asked me same thing.. I have wanted a nice backyard for 3 or 4 years an always bought more homes instead of on me.. Last year i bought 2 homes during kids summer break an i didnt get to do some traveling with them like i wanted...kinda made me sad an this year wont be same... Like a switch turned on for me... Nothing crazy but making my kids happy is worth passing on a home or 2 this summer.. Got 2 week long vacations booked this summer so far. My next home can wait till September.. Now the hard part staying of mls an other sites --107.242.xxx.xx
After You've Made It (by nhsailmaker [NH]) Posted on: Jun 16, 2019 8:54 AM
CREDIT has always been the vehicle that has allowed me to have a quality of life beyond my means. I have always lived well using it properly
I haven't been a true skimper like many here but I still mow an Apartment because I refuse to pay somebody $100+ a week for that 1 hour job
I do have a Handyman but I will still get my hands dirty --24.62.xxx.xxx
After You've Made It (by Still Learning [NH]) Posted on: Jun 16, 2019 11:21 AM
Similar to nhsailmaker. I do as much as I can so we can spend that money on vacations. --24.61.xxx.xx
After You've Made It (by plenty [MO]) Posted on: Jun 16, 2019 11:39 AM
Learn to pay yourself first. Start transferring over $500 or $1000 or ? After all rents are in. It will accumulate. You can always "borrow" it back. Call it an Owners Withdraw on your books. When i big expense comes along just use credit, i use zero percent charge cards, to pay it out of future rents before the due date of interest starts its paid off. It was hard at first to pay myself first but got easier as my business plan changed and started opersting on less. We also celebrate small victories... get a rehab done... out to dinner. Get a unit rented... treat for dinner. Some rewards are simply... we are only going for four hours today and spending the rest of the day gardening. Let the money accumulate... then plan that vacation away. I always find that the week im away i don't have any money going out of my business account... actually a saving! --99.203.xx.xx
After You've Made It (by Ray-N-Pa [PA]) Posted on: Jun 16, 2019 11:58 AM
New truck is in this weeks forecast.
At the same time - I do think, wow....how many bedrooms can I buy instead of this?
Land lording is a life style of thrift......not of being cheap. There is a huge difference.
I view the truck as a tool as a necessary tool. I will be getting an off lease model that will be 2 or 3 years old and will hold on to it for 8-10 years before doing it again.
The big question for you - what is your end game? I could absolutely double or even triple the size of my operations........but why? I am here for the cash flow --24.101.xxx.xx
After You've Made It (by NE [PA]) Posted on: Jun 16, 2019 12:10 PM
I think you reach a point where you realize it doesn't really change anything. At the end of the day, you're still you.
I'm not going to run out and buy a bunch of new doodads. Some people do. --174.201.xx.xx
After You've Made It (by JB [OR]) Posted on: Jun 16, 2019 12:30 PM
I love the input so far. Happy Father's Day!
Jason, that is a great story. You sound like a great dad.
nhsailmaker and Still Learning, I too mow myself...finding their prices ridiculous and provides me time to think.
Ray and NE, I am also in need of a new truck. I think if the "new doodads" make our life easier or more enjoyable, why not?
And Plenty, that was what I needed to see. I am going to begin a "Blow it on us" Fund. I will decide on a percentage to take from net rents and put into a monthly pool and each year figure out what we will blow that money on; new truck, vacations, new toys.
Keep your thoughts coming. It is just what I needed to help me switch to the next gear... --24.20.xxx.xxx
After You've Made It (by Ned [KY]) Posted on: Jun 16, 2019 1:36 PM
I can tell from my (other) business that paying yourself (first) and (regular) is one of the few ways I know of to make it all worth it. --70.92.xx.xx
After You've Made It (by Wilma [PA]) Posted on: Jun 16, 2019 2:51 PM
We've been blessed enough to have entered the "made it" years. We can now go on a week's vacation that is NOT camping. Hubby could buy that parts car to restore his on-the-rare-side 60's era convertible. We can go out to eat a little more often, and nicer places, too. Better yet, we can give generously, both to charities and to service people in the form of great tips.
But we still keep up the habits of knowing where it all goes, and still entertain ourselves by finding bargains at yard sales. We have never, in 34 years, bought a new gas grill - we've either gotten them free at the curb - only needed ignitors - or been given them by friends who are moving.
So we enjoy the place we're in, but keep up some habits to help stay there! --151.197.xxx.xx
After You've Made It (by WMH [NC]) Posted on: Jun 16, 2019 3:55 PM
We have loosened up the purse strings a bit. DH bought a new bicycle for the first time in 20 years. It's a special-order hand-made thing. I bought new furniture, a giant ugly but comfortable set - couch, love seat, chair - all power recliners LOL!
Also I got a new car and he got a new company van.
Not exactly the stuff that dreams are made of...but it suits us. --50.82.xxx.xx
After You've Made It (by MikeA [TX]) Posted on: Jun 16, 2019 5:44 PM
For me the switch began to happen when kids graduated college and moved out on their own. The extra income that was going to college started to snowball, bought a few more houses and then more $ per month accumulated but our spending didn't change. Got to the point where I was asking myself how much is enough. Two years after youngest moved out on his own my mindset changed from growing to sustaining (still struggling a bit with this when I see great deals). Not that we were tight with the money before, we just didn't splurge often. That has changed completely now. I have a 401K that I'm not touching and will continue to let grow as a safety net and/or nice inheritance for the kids. Other than that, my goal now is to spend all the dollars that come in each year. We take vacations often, traveling overseas, bought an RV, gave to some worthy causes, and are in the process of remodeling our house for the first time in 30 years. It still feels a little off because of the save-save-save mindset for so many years but I'm managing to get over it. --50.26.xx.xxx
After You've Made It (by razorback_tim [AR]) Posted on: Jun 16, 2019 6:51 PM
I don't know that I've "made it" yet - I've still got some goals to reach. That being said, the last few years we've been spending more on vacation while our 11 yo daughter still wants to spend time with us and our 9 yo disabled son is still small enough to manhandle. Went on a cruise over spring break - first for all of us. Just got back from a 19 day trip that included Grand Teton NP, Yellowstone NP, Mt Rushmore, and The Badlands NP. A great family trip. Headed up to Lake Michigan (Michigan side) for the week of the 4th. Later Mom and I are going to Lake Tahoe while kids go to camp. These are my "doodads" for the time being. Going forward, the next loan I pay off is on a 3-unit - total P & I about $1200. Once it is paid off that $1200 is going to go into it's own account each month for my "doodad" fund going forward. Would like a new truck but it's not very high priority at this point in time. --70.178.x.xx
After You've Made It (by BRAD 20,000 [IN]) Posted on: Jun 17, 2019 12:25 AM
I STARTED with the goal of FREEDOM!!! and looked for a business that could provide it.
For me, real estate is the means to an end - the thing that gets me to my goal - so there has not been a point where I felt I "made it" and could splurge on ourselves. We use the real estate to give us what we want so no special "splurge" moment.
I'll add that most LLs are not profitable so they cannot see a time to get what they want. They need to DREAM and set their sights higher, then patch the holes in their buckets to keep more of the money sifting thru their fingers.
I also think most LLs are so focused on toilet and trash they gradually get sucking into the mire and forget to have fun.
Paid cash for 3 kids thru Purdue U (it's NOT 4 years anymore!).
In March we paid off our house.
In April Wifey and I went on a first class trip thru the Holy Land, walked where Jesus walked, drank from the well He drank from (Living waters story), re-baptised in the Jordan river.
A trip of a lifetime. Not cheap but we just decided it was time to go and paid cash for the trip.
Got home and Wifey bought new furniture, bunks beds for visiting grandies...all cash.
I look at Rolls Royces online every night to remind me to pursue excellence, to be the best, and to DREAM larger.
After You've Made It (by MMIT [VA]) Posted on: Jun 17, 2019 8:26 AM
I worked a corporate job for 20 years and owned a small manufacturing business for another 17 years. We could have retired at that point, but, we did not have a large enough nest egg to comfortably cover our retirement. That is when I started the RE business.
I will keep buying rentals as long as this business is fun. When LL becomes a job, I will quit buying and turn everything over to a property manager. We close on property #22 tomorrow.
I do not have an emergency fund. We can replace a roof, furnace, etc from next month's cash flow. When the account gets enough cash in it, we buy another house.
Our splurge was a vacation house that is 1 hour from our home. It was a foreclosure that was neglected, but, has potential. This is a house we can work on together on the weekends.
Good luck. --70.188.xx.xx
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