I just noticed I had the required speed for this forum so I thought I'd give a quick intro! For those who don't know me, I'm Kyle from Kansas. I have read many books on personal finance and business, but none compare to MJ's book. I am really into personal development and even attended one of Steve Pavlina's workshops in Vegas. I also went to B&P this year which was an AMAZING experience and plan to attend every year.
My version of the fastlane is going to sound pretty lame to a lot of you, but I'm well on my way to achieving it. Basically I am trying to get to 50k a year through rental real estate. I really only need 30k or so, but 50k would be a nice goal to shoot for. I am up to almost 19k yearly net income (after taxes, insurance, maintenance, etc). I am playing the "safe" route in that each house I obtain adds to my income and is predictable, but relatively slow and steady compared to trying to start a business and not knowing if it'll make any money or not.
After I achieve this goal, I plan on looking into other fastlane endeavors, or perhaps just keep with the RE through MJ's concept of intentional iteration. 30k is all I "need" to be free from the 9-5 and I am almost there!
So my intro isn't completely void of advice, here's a quick tip on why you should always "get it in writing". Last Monday I was supposed to sign a contract to buy a mobile home park at 2pm. There had been some zoning issues regarding being able to move homes in and out (which would be a big deal because if you couldn't add homes, it would be a dying park), but we talked with the head of zoning last week and she said it was ok. LUCKILY, I called around noon on Monday and asked to get everything we talked about in writing. She said she couldn't do that because there were still some issues with the zoning. Needless to say, I postponed signing the contract, and the deal may even fall through. I was 2 hours away from signing! Scary to think about. But always always always get it in writing.
Edit:8/24 - Just received a call this morning from the zoning director and she said that they ultimately decided that you cannot add anymore homes to the park because it is non-conforming use and they want to get it to conform! Always DYODD people and I am grateful my mentor was looking out for me and making sure I got it in writing. Just last week we discussed with the zoning director how it was ok to move homes in...blows my mind...
My version of the fastlane is going to sound pretty lame to a lot of you, but I'm well on my way to achieving it. Basically I am trying to get to 50k a year through rental real estate. I really only need 30k or so, but 50k would be a nice goal to shoot for. I am up to almost 19k yearly net income (after taxes, insurance, maintenance, etc). I am playing the "safe" route in that each house I obtain adds to my income and is predictable, but relatively slow and steady compared to trying to start a business and not knowing if it'll make any money or not.
After I achieve this goal, I plan on looking into other fastlane endeavors, or perhaps just keep with the RE through MJ's concept of intentional iteration. 30k is all I "need" to be free from the 9-5 and I am almost there!
So my intro isn't completely void of advice, here's a quick tip on why you should always "get it in writing". Last Monday I was supposed to sign a contract to buy a mobile home park at 2pm. There had been some zoning issues regarding being able to move homes in and out (which would be a big deal because if you couldn't add homes, it would be a dying park), but we talked with the head of zoning last week and she said it was ok. LUCKILY, I called around noon on Monday and asked to get everything we talked about in writing. She said she couldn't do that because there were still some issues with the zoning. Needless to say, I postponed signing the contract, and the deal may even fall through. I was 2 hours away from signing! Scary to think about. But always always always get it in writing.
Edit:8/24 - Just received a call this morning from the zoning director and she said that they ultimately decided that you cannot add anymore homes to the park because it is non-conforming use and they want to get it to conform! Always DYODD people and I am grateful my mentor was looking out for me and making sure I got it in writing. Just last week we discussed with the zoning director how it was ok to move homes in...blows my mind...
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