No Experience Necessary - Rental Property Retirement Guide (eBook)

Randy McDaniel (Autor)

eBook Download: EPUB

2012 | 1. Auflage
149 Seiten
Bookbaby (Verlag)
978-1-62095-766-0 (ISBN)

Infos

Everything in the book is exactly what my wife and I are currently doing to retire. This is not theory, or out of a text book. We had no experience, very little money, no degrees and knew zero about real estate. We simply needed to figure out a way to retire safe, comfortable without the worry of how our 401K or stock market performs. I hope you will take the first step and just start. This is virtually 100% safe with the highest returns we have ever come across. It is meant for the average person who does not have lots of savings or a large 401K or rich relatives. We started with zero money or experience and after 7 years we have more than $500,000 in rental property and will be able to reach our retirement goals.

---

Everything in the book is exactly what my wife and I are currently doing to retire. It is not theory, or guess work, it is our experience in buying very cheap (slumlord) type single family residential properties, doing a quick make ready and renting them to lower income families. The intent of this book is to show others exactly what we have done to prepare for retirement since we lost what little we had in the stock market and recently lost approximately 40% of our 401K, and we bought our home a little late in life to reap any real rewards from the equity. The book is short on purpose as I don't think it takes a 2"e;-3"e; thick 1000 page book to show what we've been able to do. I hope to skip as much fluff, as possible just to fill pages. I will discuss in detail with step by step instructions for each property we own and rent. We began with a $20,000, 2 bedroom/2 bath, pier & beam house and now have approximately $900,000 in rental properties. The words of the book are my plain, straightforward sometime Texas vernacular descriptions. There is nothing in here you can't do if you will only take the first step and just start.

Textauszug

Purpose of the book:

This introduction will be short because I usually like to jump to the meat of a book and attempt to see if it’s something I’m really interested in or can learn something about. Everything in the book is exactly what my wife and I are currently doing to retire. It is not theory, or guess work, it is our experience in buying very cheap (slumlord) type single family residential properties, doing a quick make ready and renting them to lower income families. The intent of this book is to show others exactly what we have done to prepare for retirement since we lost what little we had in the stock market and recently lost approximately 40% of our 401K, and we bought our home a little late in life to reap any real rewards from the equity. The book is short on purpose as I don’t think it takes a 2”-3” thick 1000 page book to show what we’ve been able to do. I hope to skip as much fluff, as possible just to fill pages. I will discuss in detail with step by step instructions for each property we own and rent. We began with a $20,000, 2 bedroom/2 bath, pier & beam house and now have approximately $900,000 in rental properties. The words of the book are my plain, straightforward sometime Texas vernacular descriptions. There is nothing in here you can’t do if you will only take the first step and just start.

This does not take rocket science or higher levels of education; it is for folks that need to do something that will help give them the kind of retirement they desire. I have a room full of books. Most of them have some good parts that directly or indirectly helped shape our retirement rental portfolio ideas. Once upon a time in my life I sold cars for a short period of time and was much more interested in what people did for a living than selling them a car. Later when I traveled for work, I was very curious about what others did at work and what their interest might be. My radar ears are always up and ready for any opportunity that sounds like it is something we can do. I once sat next to an older fellow on a flight during one of my business sales trips, and after a bit of chit chat, I learned he had hundreds of rental units (far more than we desire) and he actually took the time to email some documents on how to structure the rent houses we had (in an LLC, or Corp or individual houses etc). We did not follow his guidance and generosity in sharing his information in its entirety, I found it interesting and amazing at the same time, how much people are willing to help if you ask. Like a lot of baby boomers, I’ve had a good life so far, recently turned 60 years old and we are quickly approaching the age like many of you who would like to retire from the kind of job where you get up, get dressed and go to work for someone else. I have also constantly talked about or had my mind searching under every rock I could turn over some way we might retire with an income that could possible replace the income we have now as well as be able to pay for higher live cost and higher medical insurance at retirement.

We now believe that we have a plan in place and more importantly we are working on that plan every day. We are so pleased with ourselves that we simply wanted to share and demonstrate what we have done in a step by step guide that you can follow and achieve your retirement goals. It is safe, secure, and you’re in control of your retirement. It can be done in a short period of time, depending on how much effort and willingness to work you may have. We will show how to get started with very little money. By far, the most difficult portion of the entire plan is to begin or simply start NOW! Nothing fancy, nothing difficult, you just got to do it as Nancy Reagan or Nike used to say. Opportunities are out there for everyone and it is your responsibility to act. No one will knock on your door and say come on, I have something I want to give you. You have to swim out to the ship in the water it won’t come in and get you.

I will give a little background about us and where we came from, our skill set or (I should say lack of skill set) and basically explain that if we can do it, anyone with the ability to act, can achieve your goal and you can go as far as you choose, and create as much wealth as you desire. However, I cannot stress enough that the most difficult part is taking action. The world is full of great ideas and good luck comes to those that ACT, not desire, not dream, not wish, nor hope, but put together a target or goal and ACT ON IT. NOW!!! Action begets REACTION. If you do something, something will happen. If you do nothing, nothing will happen. Our goal is neither to be rich nor have a large bank account, although that is certainly possible with this plan. It is simply to have an income stream that will replace our current income when we choose to retire. I may work until I’m 65 or I may work until I’m 68 or longer but whatever decision we make today; we ask ourselves will this help get us what we want when we choose to retire.

 

A little about who we are: (Randy & Debbie McDaniel)

We are both native Texans and we are both non-college graduates. I was born in Dallas, TX and grew up in government projects in south Dallas. At the age of 7 after my dad was gone (no need to explain the bad stuff), my mom kept my two brothers and sister as best she could and stood in line for powdered milk, and cheese in the mid-fifties. She decided that she was not going to be able to raise the four of us and provide any kind of long term life she had hoped to provide. She made the tough decision to take us to the Methodist Children’s Home in Waco, TX. This turned out to be one of the best things that ever happened to us. I stayed at the home until I turned 18 and then move back to Dallas to get a job, and help my mom get a little better home. When you spend most of your life in a protected environment there are some things you miss. I did not really know how the world operated, and how to manage money. I did not understand checking accounts or borrowing money for an automobile or the importance of paying things on time. After watching many TV commercials at the time about computers, I asked my mom if she would consider borrowing $1500 for me to go to a computer programming school (I had no idea what I was getting in to) but I knew I wanted something better than loading 18 wheelers with milk every day or working at Kip’s Big Boy as a short order cook. These are just a couple of my many low-paying, labor oriented jobs. I was always gainfully employed and put in lots of overtime at each opportunity and most of the time I had two or even three jobs at once. I got my first computer operator job (3rd shift, 11-7) and, at the same time, worked as a short order cook and cleaned up milk racks at grocery stores on the weekend. I continued to pursue better jobs and finally got a chance to move into computer programming. After 4 years of not being a very good programmer (though it did give me a fantastic background with buzz words, acronyms etc), I moved into selling computers and have been involved in that industry ever since (almost 3o years, I hate to say it because it makes me feel old or I should say experienced). It is another topic but I have come to believe that age really is as much a state of mind as anything. If you feel old, look old, act old, you may be old. But if you never quit learning and get out in the world, and stay active, there is a good chance you will not feel, act or be nearly as old. I do know clocks and calendars are all man-made, so age can truly only be the guide we all use for reference, but you are as old as you feel. Enough of that! There is much more to our life stories but perhaps in another book. In a nutshell, we’ve stayed out of trouble and basically worked hard most of our lives.

My wife was also born in Texas and was raised in Prosper, TX where she finished high school, got married, got divorced, and knew every person in town since she was a little girl. She also had a great work ethic like me. Unfortunately neither one of us finished college or traditional higher education. She later moved to Van Alstyne, TX, a small town about 40 miles north of Dallas. We met in a jazz bar, in Dallas, where she had gone out with a 60+ year old female friend. I was there after a day of travel having a drink. I noticed she was being hounded by an older gentleman and she was attempting to be nice and avoid him. I simply went over and ask her if she would like to dance (I could not dance then and still can’t) but she said OK. We went out to eat that night, dated, lived together, & got married, have a son and we are doing well in Texas. Like I said, I want to cut to the chase as much as possible so please forgive the abbreviated background. It’s actually kind of fun reminiscing a bit.

My wife is much more mechanically inclined that I at repairs and has ideas of how something should be fixed primarily come from her. She is much better at taking something apart and making a repair than I will ever be. I don’t know if that’s a good thing or bad thing for most couples but for us it works just fine. One of her several jobs was working for the school district in the transportation department. She worked with the mechanics that repaired buses. She passed some of the tests on repairs, changing oil underneath the bus and more. She later moved over to parts department and chased down needed parts for the group. I seem to be unable to tell a left-handed screw driver from a right handed one. I don’t usually challenge her thoughts on house repairs and make ready....

Produkt-Details

• Erscheint lt. Verlag: 1.5.2012
• Sprache: englisch
• Themenwelt: Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Immobilienwirtschaft
• ISBN-10: 1-62095-766-3 / 1620957663
• ISBN-13: 978-1-62095-766-0 / 9781620957660