Archive
What is the difference between an asset and a liability. It is simple. Assets put money in your pocket. Liabilities take money out of your pocket. Are houses assets or liabilities? The answer is they can be both. Here is an example of the same house being an asset to one person, but a liability to another.
A good friend of mine called me up about selling his house. He is a fireman down in Canton. In 2012, they bought a fixer-upper in a great subdivision at below market value. A perk of being a fireman is that you work 24 hours. Joey wait, working 24 hours is a perk? It is when you get the next 48 hours off. So my buddy Britt does what most fireman do, he works a side job. He is a contractor and a...
As we approach the new year, have you thought about setting your goals? If you have't, I suggest that you do. Goals are important. They are a road map with a destination. If you do not pick a place to go, you can get lost quickly. When you set your goals remember the 6 areas: Family, Spiritual, Friends/ Relationships, Physical, Business and Education. Also, read the book The Slight Edge...
Here I am deep inside part of the septic system at a rental property in Calhoun. I didn’t even know what this thing was when we bought it. I’m sure you’ve seen them before. It looks like a big green trash can lid lying on the ground. But when you open the lid, instead of trash, you get a 10 foot deep, couple hundred gallon tank of fecal filtered water. Yours truly is down right in the...
Flipping is one of the first things that people think of when they consider getting into real estate investing. “Flipping” being you buy a house for below market price, fix it up and then sell it to make a BIG chunk of money. With shows like “Flip or Flop” on HGTV, flipping looks like a piece of cake. The truth is that it’s a tough job. When I say job, I mean job. Flipping is not a...