All posts tagged: Budgeting

Dora’s Tips to Financial Success: Part 2

Find Part 1 here! I always love hearing about the times of the 10 cent ice creams and the 1 dollar movie theaters and this time was no different when Dora mentioned she had purchased her first house for only $12,000. As shocking as this amount was the story was a familiar one. When the homeowner asked for a $6,000 down payment, her husband said it was too much, but Dora had a different answer.  She said she could offer $5,000 cash on the spot, leaving her husband dumbfounded. This reminded me of my own mom and dad where his famous line is, “I just work and she does all the rest” meaning his grasp on the financial investments that take place in the household are little to none. I gave a knowing chuckle and let her continue… ____ Q: How did you get started on your first property? After living in an apartment for 10 months they decided to buy their first house. After 10 years and having kids they wanted a larger space which …

Tips To Becoming A Landlord: How to get started with loans, interest rates, taxes and budgeting.

I want to thank my mom for sharing her story. She has come so far and built so much for her family growing from both her failures and triumphs. At 57 her and my dad have acquired 6 rental properties and sold a single family residence with the hope of retiring at 60. I am proud to offer up her wisdom and share it with any who will hear. Read on to learn about her tips to becoming a landlord including loans, interest rates, taxes and budgeting. In her own words… _____ “Don’t ever rent, you are throwing money out the window when you do. Buy.” – Louis Terrazas, 1900 – 1988 That was my father’s pearl and without realizing it, my first lesson in becoming a landlord. I saw it years later in our neighbors who were young newlyweds. They lived in their home for only two years and then rented it out. That was 18 years ago and we still have renters next door! We always said – wish we could do that. …