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Tuesday, June 26, 2012

The Critical Difference Between Wealth And Financial Independence (Part 1)

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Wealth and financial independence…are they the same thing or not?

You see these two terms frequently used together or interchangeably but I am of the opinion that they are not the same. Although they are related, financial independence has to do with money…having enough of it, making sure it lasts and does not run out, using it wisely and keeping track of it.

When you are financially independent the income you receive from your savings, investments, pensions, retirement funds, etc. is more than your expenses. Basically you don’t have to go out there and work for money. You can work if you want to but you don’t have to…a big difference.

Friday, June 22, 2012

OMG!...Did We Just Find House #10?

This business never stops surprising me. Earlier this year I commented (a lot) on how hard it had been to get a property under contract. There was a lot of competition in my area for the type of house that I was looking for and the banks were not even considering my offers. That has recently changed...

First off was House #9 which we ended up buying in May for a lot less than what we had offered the first time three months earlier. Then there was this property which we had made an offer back in February only to get a ridiculous counteroffer from the bank. 

Of course, we did not accept that counteroffer and moved on and the bank accepted someone else's offer. Then two weeks ago I noticed the house came back on the market so we made a lower offer than the first one. 

Wednesday, June 13, 2012

House #9: Planning, Budget and Demo!

The work on House #9 is on it's way. Basically I have spent the last three weeks planning...yes, a whole three weeks. This is due to a number of reasons. 

First, because rehabbing a house while holding a full time job is no picnic. My work takes the first 40+ hours of my week so I have to do this over lunch/nights/weekends. 

Second, since the house needs a lot of work this means that I am going to need a lot of different trades...this one is not a paint and carpet job. So that is a lot of different people that I have to call and wait on for estimates.

So to give you a quick summary here are the steps I have been taking and the order in which I took them:

Monday, June 11, 2012

Tools for the Cash Strapped Entrepreneur

Since I am a home-based entrepreneur and thrifty by nature I always look for tools that will help me in my business that are free or very low cost. The reality is that in order to start your home based business nowadays you can get a lot done with very little and often for a lot less than what you think. 

To start off, have you ever used more than one computer to do your work, say a computer at home and another at work? 

Or maybe you have a desktop and a laptop... Or you wish you could access a specific document on your smartphone while you are away from your computer. If you need any kind of access to your documents in more than one computer then you must try either Sugar Sync or DropboxAfter trying them both I prefer and highly recommend Sugar Sync

Tuesday, June 5, 2012

House #9 "Before" Pictures...

House #9 is ours and now we have to deal with it. Some pictures for you of our most recent mess :-). This one packs a punch, for a small house (about 1,500sft) it has quite the laundry list of repairs to do!

On my initial estimate I am coming up with a $33,000 repair budget. Some quick math will tell you that is $22 per square foot. For comparisons sake, House #8 was $21/sft. and it was a larger house with a lot of work needed. I will go into budget details in another post.

Look at the pictures and see if you can figure out what repairs you will do vs. the ones that I am actually doing: