What I did
This week we celebrated my niece, Hope in winning an art completion! Very proud of her and her talent in drawing! We all met at Bella Green for a celebration dinner on Tuesday.
The rest of the week was pretty normal until we go to the weekend. On Friday we hosted a Family Bible Study with some friends that we’re trying to make a regular thing. Our church allowed us to use a space.
Sheena taught on obedience. The kids did great as well! Here’s a few pics:
Saturday we did ran a bunch of errands like going to the library, the mall and other random things. We also did our civic duty and voted for local elections.
Then we realized that this was the first weekend for the pool to be open, so we spent some time in the neighborhood pool!
Sunday we went to church and did our HEB grocery pick up. Then some of us took a Sunday nap.
I’ve been following these guys on YouTube, Pace Morby and Jamil Damji. They’re in the real estate world. I’ve really enjoyed the work they’ve been putting out and have been learning a lot. Pace just released a book and was doing a book tour, so I jumped at the chance to meet them!
I was also able to chat and snap a pic with Jamil and Pace as well! Such nice people!
It was a great networking opportunity as well. Lots of like-minded people wanting to get into real estate or continue to grow. I love having these types of opportunities.
What did I learn
As I mentioned, I’ve been following Pace and Jamil. Pace is the “creative finance” guy and Jamil is the king of wholesaling. I’ve been a very traditional investor wherein which I purchase long term rentals and let it doing it’s thing. I’m realizing that its great for the long run, but there are so many other ways to grow faster. As I’m diving into creative finance and potentially wholesaling, I hope that I can grow the real estate business faster than I have been.
When I say that I’m a “traditional investor”, I mean that I save up 20% to purchase a property, scratch up additional funds to fix up the house and then I get a long-term tenant in place. For example, if my all in cost for a property is $1,200/month (mortgage, taxes, insurance, cap ex, etc..) and I charge $1,500 for rent, that means the tenant is paying down my mortgage and expenses and I get to pocket $300/month. Its not too bad if you ask me.
But… I’m learning that the $1,500/month I’m charging a long-term tenant can turn into $3,000/month for an Airbnb property. Or instead of scratching up 20% to purchase a property, I can avoid the banks and work directly with the sellers and get into a property for way less (possibly $0 down). Of course, with these methods come with additional work, but I think it’s worth noting that the option is there.
That’s why I love real estate. There are so many different levers that can be pulled. If you want to be more active, you can make a lot more money. If you want to be more passive, you can still build your wealth. Although I’ve been doing this for a while, I’m still learning a lot and hope to implement different methods in the near future.