 Meeting goal (by Kurt [MI]) Oct 18, 2017 7:46 AM
 Meeting goal (by S i d [MO]) Oct 18, 2017 7:59 AM
Meeting goal (by Robert,OntarioCanada [ON]) Oct 18, 2017 8:46 AM
Meeting goal (by Doogie [KS]) Oct 18, 2017 8:48 AM
Meeting goal (by AllyM [NJ]) Oct 18, 2017 8:51 AM
Meeting goal (by WMH [NC]) Oct 18, 2017 9:31 AM
Meeting goal (by Kurt [MI]) Oct 18, 2017 9:32 AM
Meeting goal (by Kurt [MI]) Oct 18, 2017 9:49 AM
Meeting goal (by Laura [MD]) Oct 18, 2017 10:33 AM
Meeting goal (by razorback_tim [AR]) Oct 18, 2017 11:13 AM
Meeting goal (by NE [PA]) Oct 18, 2017 2:16 PM
Meeting goal (by RathdrumGal [ID]) Oct 18, 2017 2:31 PM
Meeting goal (by Robert J [CA]) Oct 18, 2017 10:27 PM
Meeting goal (by Kurt [MI]) Oct 19, 2017 4:30 AM
Meeting goal (by Chris [CT]) Oct 19, 2017 3:30 PM
Meeting goal (by NE [PA]) Oct 19, 2017 3:55 PM
Meeting goal (by Chris [CT]) Oct 20, 2017 11:17 AM
Meeting goal (by Kurt [MI]) Oct 20, 2017 4:51 PM
Meeting goal (by elliot [RI]) Oct 20, 2017 5:20 PM
Meeting goal (by NE [PA]) Oct 20, 2017 5:24 PM
Meeting goal (by Kurt [MI]) Oct 20, 2017 6:05 PM
Meeting goal (by Kurt [MI]) Posted on: Oct 18, 2017 7:46 AM
Message:
I have a question that obviously cannot be answered for me, but was wondering if others had some ideas as I am not sure of what to do.
We will be meeting a BIG goal (for us) soon, paying off our 6-unit apartment building, by year end.
I think it would be good to start setting aside some money after this achievement to reward ourselves.
Other than trips (or perhaps locations you'd recommend) in what ways do you celebrate when you reach your goals?
--68.61.xx.xxx |
Meeting goal (by S i d [MO]) Posted on: Oct 18, 2017 7:59 AM
Message:
Bought a new dishwasher last night for us and installed it. Not a cheapie one either. A nice, quiet, slick looking one. Replaced the 16-year-old 65 decibel "roaring dragon" we had that was on it's last leg and not draining the water fully between loads any more. So it was kind of a reward/necessity.
Wife is happy. S i d is happy!
For every $20,000 we pay off on our personal residence, we have a "prize." Nothing crazy...usually something costing $500 or less. 1st one was a new enclosed trampoline. 2nd one was tickets to Silver Dollar City (i.e. Ozark's version of a theme park). Last prize (next year)...DISNEY WORLD / Flordia / Space Center / Space-X rocket launch!
I find experiences overall to be the best, so really looking forward to that big trip. Told wife we're going to do it in style...no taking an Uber to the airport...nope...we're hiring a LIMO, going thru the drive thru en route for breakfast, and having mimosas! --173.19.xx.xxx |
Meeting goal (by Robert,OntarioCanada [ON]) Posted on: Oct 18, 2017 8:46 AM
Message:
Once paid off then look at reducing operating costs by separating out utilities along with there can be savings on building supplies. The higher the net operating income the more the rental complex is worth. --70.27.xxx.xxx |
Meeting goal (by Doogie [KS]) Posted on: Oct 18, 2017 8:48 AM
Message:
Experiences are definitely better than tangible items. When replacing something, I buy the better version sometimes in cases like this. I really plan better vacations though. I fell in love with the Caribbean a few years ago and always looking for the next spot to check out down there. --98.175.xxx.xxx |
Meeting goal (by AllyM [NJ]) Posted on: Oct 18, 2017 8:51 AM
Message:
I celebrate by not going on trips or buying stuff that does not increase in value. It's important to save. I would suggest you contact TIAA CREF and get a retirement account based on stocks while you know who is making people ten percent on their 401K every three months. 30K for me every three months, whoopee, and I helped. --73.33.xxx.xxx |
Meeting goal (by WMH [NC]) Posted on: Oct 18, 2017 9:31 AM
Message:
Experiences are important. We've traveled in Europe a lot. Ireland was an amazing experience. So was Italy (Rome, the Amalfi Coast...) France, of course. London. Germany (the Black Forest, the Romantic Road...) Sweden & Denmark. NORWAY was a blast. Switzerland was a favorite place.
Nowadays I want to do some US river cruises: Mississippi, etc.
You can't take it with you and assuming you ARE saving for retirement, you should experience life. --173.22.xx.xx |
Meeting goal (by Kurt [MI]) Posted on: Oct 18, 2017 9:32 AM
Message:
Perhaps I should mention that I have been saving/investing 30% of my net income (this doesn't include the max/match of my retirement plan at work) and have reinvested all real estate cash flow which also isn't included in that 30% mentioned earlier.
So, looking to spend a little as a one time reward due to this milestone. --68.61.xx.xxx |
Meeting goal (by Kurt [MI]) Posted on: Oct 18, 2017 9:49 AM
Message:
As far as "saving for retirement" I also very much consider this paid off building as part of my "retirement plan". It's cash flow is roughly 40-50% of our current annual living expenses.
Just to clear the picture also, my wife and I are in our early 30s.
We will pay off our other investment property a SFH renting to college students,(we only have the 2 properties, currently) in the next 3 years. --68.61.xx.xxx |
Meeting goal (by Laura [MD]) Posted on: Oct 18, 2017 10:33 AM
Message:
I too vote for an experience over a thing. --108.28.xxx.xxx |
Meeting goal (by razorback_tim [AR]) Posted on: Oct 18, 2017 11:13 AM
Message:
I vote for an experience for sure. Take a couple of months worth of cash flow from the property and take a nice trip or something.
An exception would be if you have made extreme sacrifices on other material things, such as vehicles, etc., then treat yourself. --216.163.x.xx |
Meeting goal (by NE [PA]) Posted on: Oct 18, 2017 2:16 PM
Message:
My wife and I have written down "want list" items and put an even number in my hat and have one of the kids pull one out.
3 from her. 3 from me. Even Steven.
We try to do something small like that after each flip sells. --50.32.xxx.x |
Meeting goal (by RathdrumGal [ID]) Posted on: Oct 18, 2017 2:31 PM
Message:
Welcome to the world of paid off real estate! Remember, you will need to budget for property taxes and income taxes. It is called 'owner's draw" in Quickbooks. We transfer 75% of our monthly operating income out of our LLC into our money market account, and then pay ourselves 75% of that. The remaining 25% in the MM account is our "withholding" to pay our quarterly estimated taxes; the remaining 25% in the LLC account accumulates for property taxes. Our LLC also has a savings account with reserves for large capital expenditures. We under pay ourselves during the year, we should have a nice end of year bonus. --98.146.xxx.xx |
Meeting goal (by Robert J [CA]) Posted on: Oct 18, 2017 10:27 PM
Message:
I too paid off a building early by paying extra each month. A 30 year mortgage got paid off in under 10 years. But I kept on putting the mortgage amount monthly payments into a brokerage investment account. This way I make sure my rents are up to date because I still have costs to deal with even though it's a phantom mortgage.
Then one day I wanted to buy another property. I looked at this investment account and it had plenty of money to make a cash offer on the place. I purchased the property and each month surplus rent received, I use the money for my family's fun. If they do the research and find something they "need" that will "help" them on "Sale" or at a bid discount -- I'm game to buy it for them.
This is how after I met my goal I can use the proceeds to invest again and then use the extra income to help family, charity, church, school, etc. --47.156.xx.xx |
Meeting goal (by Kurt [MI]) Posted on: Oct 19, 2017 4:30 AM
Message:
Robert J,
I like that idea! --68.61.xx.xxx |
Meeting goal (by Chris [CT]) Posted on: Oct 19, 2017 3:30 PM
Message:
Sure I'm driving it, its a 2017 Silverado 1500 LTZ fully loaded. It was my gift to myself for finishing my 15 unit project.
Next toys I want are a Sabre 38 and a good AMG Mercedes...SLS...SLS!
You can buy as many toys as you want, as Robert Kiyosaki says get your investments to buy them for you. --24.45.xxx.xx |
Meeting goal (by NE [PA]) Posted on: Oct 19, 2017 3:55 PM
Message:
Chris CT, I enjoy reading your posts. Wish you posted more. I think what we see of your insight is the tip of the iceberg. Always good. --50.32.xxx.x |
Meeting goal (by Chris [CT]) Posted on: Oct 20, 2017 11:17 AM
Message:
Thanks! I'm to busy working to post much more!
If your ever in my area look me up, I'll buy you a beer! --24.45.xxx.xx |
Meeting goal (by Kurt [MI]) Posted on: Oct 20, 2017 4:51 PM
Message:
Well after today, looks like my reward may be a new sewer pipe for the property!
Woohoo! --73.161.xxx.xxx |
Meeting goal (by elliot [RI]) Posted on: Oct 20, 2017 5:20 PM
Message:
Buy your wife a top of the line diamond, if she has 2 carats, get her a 3. 3->4, you get the idea. Then you can buy whatever you want.. --73.16.xxx.xxx |
Meeting goal (by NE [PA]) Posted on: Oct 20, 2017 5:24 PM
Message:
Haha Kurt, new sewer pipe sounds about right.
It's like when I sell a flip house and deposit a nice check. My brain always goes, "Oh man, what's gonna break now?" --174.201.x.xxx |
Meeting goal (by Kurt [MI]) Posted on: Oct 20, 2017 6:05 PM
Message:
Elliot I like your line of thinking "...then you can buy whatever you want." HAHA! --73.161.xxx.xxx |
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