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.
When I first started my business in 2018, the first thing I wanted to do was to find a mentor. A mentor is something who guides you and points you in the right direction so you can achieve your goals.
I went to Grant Cardone’s 10x Conference in Miami in 2019 looking for a mentor and to meet some people in the real estate space to connect with.
I traveled by Brightline train the entire weekend, but I did not find my mentor. I did find a good tax person who today I’m so grateful for because she educates me on many things.
I left the conference still on the search for a mentor to help me get started. Meanwhile, I was still learning and people were saying real estate mentors are not needed and to get started, you just need to take action.
Still not knowing what that meant, I started talking to a friend/coworker and she would tell me about her past experiences with real estate and establishing businesses. As time went on, I started talking to my friend more and more about all things business and passive income related.
Today, I realized that she’s my mentor. She’s the person I go to when I’m stuck. She’s the one I call when I have a new idea. She is my mentor.
I wrote this blog post because I realized that mentors don’t always have to be in the same space as you. If you can find that one person that constantly gives you good feedback on how to improve or give you some direction, you have found your mentor.
I’m so grateful for mine. I call her very often and we talk for hours most days. As I was talking to her today, I told her I’m glad she doesn’t charge for her services. 🤣🤣 That would be one crazy bill. I also learned that she has helped others just like she helps me.
If you found a mentor, I’d love to hear about your experience. How did you found that person and how have helped you? Leave a comment or send me an email.