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Avoiding Debt to Retire Early?

Avoiding DebtI was recently featured in an article on an Expert Roundup.  The topic was “What steps should people take if they want to live a debt-free lifestyle?”

 

 

There are a lot of steps people can take.  Unfortunately, very few people have the willingness, or the desire to actually do it.  Debt can be good, however no debt is even better.  Living my retired life, without any car payments, mortgages (except two on 10 properties), means I sleep nearly worry free.

Here is a take on what I contributed to the group.  There are a lot of other great answers there too.

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1031 Exchange Landlord Considerations

1031 Exchange

I finally sold a property. That does not mean it took a long time to sell, but I actually sold a property and used a 1031 Exchange to defer capital gains taxes.  I wanted to move out of the St Paul area with my rental, and move into a growth area.  The new mayor in St Paul will do nothing but increase taxes, and make life more difficult to do business.  So, I sold my St Paul property.

Here is what happened to the property, and how I bought a new property with a Considerations of a 1031 Exchange.

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Traveling Landlord: How to Automate Your Rentals & Live Anywhere

Traveling LandlordThis is a post near and dear to my heart.  Being a traveling landlord myself,  it all makes sense.

It was produced by G. Brian Davis of SparkRental.com. 

I have been doing a lot of travelling myself doing a 1031 Exchange, and several trips (1,600 miles each way) to get it ready for a vacation rental.  Maybe a post on that adventure later…

Here is how to be a Traveling Landlord

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Millionaires Unveiled Podcast

I was recently interviewed for a podcast on Millionaires Unveiled.  I like these types of interviews, as I meet different people from all over.  Rest assured, the interviewer was doing well himself.

Rest assured, if you want to be a millionaire, you can be one.  It takes ambition, determination, a bit of risk and a desire to succeed.  It may not happen on your first attempt, but will happen eventually.

Here is the link to the podcast.

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Prescreen a Tenant

When you are a landlord, you will hear lots of sob stories.  You will eventually need to prescreen a tenant, unless you show your rental to everyone who inquires, which I used to do.  Most of the people are genuine, they need a place to stay and are great people and may be a great tenant (or not…). The problem is, their story looks the same on paper as a landlord nightmare applicant.

Here is what you need to do to easily prescreen a tenant, save time, and keep your profits up as a landlord.
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How to do a Bathroom Remodel Cheap

Bathroom RemodelOne of the things that make a rental unit ‘spark’, is a bathroom remodel.  A renter does not want to get a place that is grungy with a bunch of previous tenants ‘marks’ in them.  They want a sparkly bathroom, one that looks and smells clean.  One that when they have guests over, the guests are not grossed out.  Here is a recent bathroom remodel that I did, with tenants in place.

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How to Handle Utilities as a Landlord

Handle Utilities as a LandlordIf you were like me as a landlord starting out, you are buying older properties.  Probably multifamily rentals, if you can afford it.  Often older properties are not set up for multiple families, even though they are being used for that purpose.  There are single meters in a multifamily property.  Even large properties have single water meters.  You probably wonder how to handle utilities as a landlord.

Here is how to handle utilities as a landlord for your properties, multifamily or single family.

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Returning a Renter’s Security Deposit

Saving-MoneyIf you are a landlord, you are certainly taking a renter’s security deposit at some point.  You may call it a damage deposit, security deposit, or just plain extra rent.  In most cases, you will have to return all or some of it back to the renter at some point.  And you have to return it correctly.

If you are going to be sued as a landlord, this is the number one reason why you will be sued, and you will likely lose.

States have various laws on how the deposit is supposed to be kept and how it must be returned.  Here is how I do it in Minnesota.

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Can I make Money as a Landlord?

401K or Real EstateThere are countless investors that want the fast returns.  Just buy a rental property, sit back, and make money as a landlord.  They think that just being a landlord will make them the riches they need to be financially independent.  The tenant pays your mortgage, and you relax on the beach.  You hire a property manager, set up automatic payments for rent to be deposited, and your mortgage gets drafted every month.  All while you play.

Here is how to make that fantasy happen in reality

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