There is one book that almost all real estate investors have read and that’s “Rich Dad Poor Dad” by Robert Kiyosaki. That book alone has given so many people the drive to think about money differently and strive to gain emancipation from their 9-5 jobs.
I, myself have read the book several times. Believe it or not, I have had the book in my possession since 2000. Had I read it sooner, I probably would be a millionaire by now, but I’m not going to dwell on that.
Instead, I want to turn my focus to the game that kind of goes with the book. It’s called Cash Flow. It’s literally Monopoly and the game is Life in one.
I started playing it online at richdad.com in 2018 and I could not figure out how the game worked at all and I was always the last one out of the rat race.
However, in 2019, it finally clicked and I knew exactly what I was doing wrong. I wasn’t educating myself enough to be a well rounded investor and therefore would often make bad deals and lose money or I was buying stocks high so when it was time to sell, I was losing money or I wasn’t taking risks and missing out on deals because I didn’t want to be in more debt.
Today, I play the game as a reminder to keep pushing. So when I’m bored or I’m feeling stuck on something, that is my go to game.
If you are reading this, I encourage you to play the game. You can play alone or with other players. I suggest playing solo first so you can take your time and read the cards.
If you do decide to play, I’d love to hear about your experience. Leave me a comment and let me know your thoughts.
I’m pretty sure there may still be some MS Tax Lien Auctions still going, but for me it’s a wrap for 2021. Although, I had planned on winning 6 bids, I won 3.
I almost feel like I have to watch the auction live because I would have missed out on winning the three bids, I did place if I wasn’t watching some of it.
Overall, I think I did pretty well and I’m looking forward receiving some mailbox money after the first of 2022. Why after the first of 2022?
Well, because we are almost into the holiday season and some people are going to be too busy shopping for presents, taking trips, etc, not thinking about those property taxes until tax season which is what I’ve come to love about bidding on tax liens in August.
I honestly don’t know how other long distance real estate investors handle work orders from their tenants.
I wrote a blog previously about how valuable having a property manager has been to my team.
Today, I received a text from my Property Manager. I’m thinking a bunch of things like is the tenant okay, was there storm damage from Hurricane Ida, etc.
Low and behold, it was about the stove. The stove wasn’t connected properly and a part burned out. Go figure!
No one was injured. The property is still standing. The stove has been repaired and I reimbursed her the amount that she paid for the part. Luckily, I purchased warranties on all the appliances I purchased or that may have hurt my feelings and my pockets. 😂
My advice to anyone who is considering buying long distance real estate rentals or just investing in rentals in your neighborhood, try looking into getting a property manager. The service they provide to you is worth the money.
From September 2018-March 2019, I was an Airbnb Host. I rented out a room in my home that I lived in.
Did I like it? YES and NO
I didn’t like it because I was booked 3 out of 4 weeks every month and it was exhausting. It was exhausting because I failed to create a system that would allow me to take breaks in between guests. Doing laundry almost daily was no fun for me and having guests book who weren’t tech savvy was a struggle for real. I get it! Everyone isn’t up to date on smart locks, thermostats and Google Assistants.
On the positive side, I enjoyed it because I met people from all walks of life including a Doctor, a PGA Golf Director, an Insurance Adjusters and other nice people.
Would I do it again? YES!
If the opportunity should arrive again, I would do things differently. Here is what I would do.
I would want to have a small apartment or tiny home for the guests away from my personal domain.
I would create a dedicated schedule that worked for me.
I would hire a Co-host to assist with check-ins and cleaning.
Being an Airbnb host was just one of the many things, I plan to try on my real estate journey. Some things I’m sure I will be great at and others not so great and that’s okay with me.