- Joined
- Jan 23, 2016
- Messages
- 200
I've been a lurker here for a long time, and a 'wantchapreneur' for much longer.
Until just over a year ago I had a F*ck it moment. I broke up with my long term girlfriend, and her and all of the dogs moved out so it was just me in a 4 br 2 1/2 bath house that I bought just as the housing market was starting to come back at the deal of a price of 130k. My credit was average and my salary was average.
Instead of selling it I decided, you know what, F*ck it I'm going to throw all my shit in the basement and put it in AirBnB and if someone books I'll just crash in the basement (it's just me) and deal with it.
Since then I've had an occupancy rate of around 80-90% -- seriously almost every single day someone has rented it out upstairs. Now obviously I needed to do something rather than sleeping in an unfinished basement the whole time. So I took out a loan from my 401k and put a bathroom / bedroom in my basement so I at least could take a shower without going to work and taking one there at the office. Instead of moving out, I life hacked my house.
Now I can stay in the basement and rent the top 2 floors. This provided some decent income while working my job. One day in the past 4 months I took a brief vacation to Panama City beach. I booked a place on VRBO and while there though, wow how cool would it be to have a rental here that you can charge a premium for right next to the beach?
Not even a couple of months later, after refinancing my house to come up with the 20% down payment, I'm the proud owner a rental that has a track record of $2200/week rentals during the spring / summer months in Panama City Beach Florida.
Just tonight I was sitting outside of my back porch, literally 1 of 2 nights my place in GA that hasn't been rented this month thinking about work tomorrow morning. I was thinking about what would happen *if* -- just like I have in the past.
What would happen if I got fired? What would happen if so and so said this, or if so and so did this, or what *if* what *if* --- now in the past being a slowlaner, we have these worries.
The difference this time is .... ok so what if I got fired?
Who cares?
Why?
I make as much if not more in rental income than my job itself.
I get fired? I don't give a shit. They lay me off because the business tanks? Whatever.
I could quit tomorrow if I really wanted to and still live just as well as I did before the rentals.
I have to tell you, not worrying about things at work or caring if they fire you is F*cking priceless.
Until just over a year ago I had a F*ck it moment. I broke up with my long term girlfriend, and her and all of the dogs moved out so it was just me in a 4 br 2 1/2 bath house that I bought just as the housing market was starting to come back at the deal of a price of 130k. My credit was average and my salary was average.
Instead of selling it I decided, you know what, F*ck it I'm going to throw all my shit in the basement and put it in AirBnB and if someone books I'll just crash in the basement (it's just me) and deal with it.
Since then I've had an occupancy rate of around 80-90% -- seriously almost every single day someone has rented it out upstairs. Now obviously I needed to do something rather than sleeping in an unfinished basement the whole time. So I took out a loan from my 401k and put a bathroom / bedroom in my basement so I at least could take a shower without going to work and taking one there at the office. Instead of moving out, I life hacked my house.
Now I can stay in the basement and rent the top 2 floors. This provided some decent income while working my job. One day in the past 4 months I took a brief vacation to Panama City beach. I booked a place on VRBO and while there though, wow how cool would it be to have a rental here that you can charge a premium for right next to the beach?
Not even a couple of months later, after refinancing my house to come up with the 20% down payment, I'm the proud owner a rental that has a track record of $2200/week rentals during the spring / summer months in Panama City Beach Florida.
Just tonight I was sitting outside of my back porch, literally 1 of 2 nights my place in GA that hasn't been rented this month thinking about work tomorrow morning. I was thinking about what would happen *if* -- just like I have in the past.
What would happen if I got fired? What would happen if so and so said this, or if so and so did this, or what *if* what *if* --- now in the past being a slowlaner, we have these worries.
The difference this time is .... ok so what if I got fired?
Who cares?
Why?
I make as much if not more in rental income than my job itself.
I get fired? I don't give a shit. They lay me off because the business tanks? Whatever.
I could quit tomorrow if I really wanted to and still live just as well as I did before the rentals.
I have to tell you, not worrying about things at work or caring if they fire you is F*cking priceless.
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