There is a lot of real estate vocabulary that don’t always make sense at first. I know a lot of words didn’t make sense to me until I actually went through the process of acquiring my first rental property.
Of all the real estate investing language, the words that I heard the most is CASH FLOW and to me, that meant it was the most important so I did some research to learn more about it.
Cash Flow is the money left over after all expenses have been paid. Consider it to be your TAKE HOME PAY or NET PAY.
So, how do you determine if your property is CASH FLOWING or not. I’m going to do the math on my own rental property to see if it’s cash flowing or not.
Monthly Rental Income = $750
Mortgage = $0 (yes, I don’t have a mortgage on this property)
Property Taxes = $49.73 (I took my last property tax bill amount and divided that number by 12)
The word “WHY” always comes up when someone starts a new journey and adventure. The “WHY” can be one thing or many things. I asked myself why did I get into real estate investing many times. Other people have asked me why I got into real estate. It’s funny, yet interesting to me how one word helps define your reason for continuing to do something and push forward through trials and tribulations.
Everyone has a story to tell. We all have different experiences in life and we all handle situations and challenges differently. I am no different from anyone else and I don’t see myself as being more special or more privileged than anyone else.
I’m sharing my journey because it helps me learn from my mistakes and I hope someone else will learn from my mistakes and make better decisions. I enjoy sharing what I know and what I’ve learned with others.
If you have recently started a new journey or set a new goal for yourself, I’d love to hear about it. What is your “WHY” and what do you do when you get stuck or feel like giving up.
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.