Rich on Money

Financial Freedom through Debt-free Real Estate Investing

Month: June 2016

The Flippin’ Truth about Flippin’

I’m going to tell you what I’ve learned flipping six houses in D.C., all while living overseas.

Next, I’ll share exactly how much I made (and lost) on each of these flips.

I’ll close out with my recommendations on flipping as an investment strategy.

          Let’s get started!!!

So I flipped a house in D.C.

It was the subject of my last post.  I detailed how I go from no clue about flipping to trying it once.

Now I have a small clue.

          How did I do?

I cashed a big, fat check for:

$16,908

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The Best Damn Finance Book I’ve Ever Read

First, a little about me and my website:

  • I paid off $32,000 in student loans in a year.
  • Paid off our $280k mortgage in 6 years.
  • Flipped several houses in Washington D.C. to help me build income for real estate investing.
  • Have purchased several rental properties without using debt.

My website is all about helping others to get out of debt and create passive income from real estate.

But you can not mess with real estate until your finances are on a solid basis.  You gotta go get Jim’s book! (or at least read his website)

cover graphic

“Spend less than you earn–invest the surplus–avoid debt”

The central theme of Jim’s website and book.

It’s hard to believe the Path to Wealth can be this simple.

But in his book, you’ll see it is.

I got to admit. I love this book! My review is going to sound a little over the top, but it’s a damn good book!

I’ve been big into finance and real estate books my whole life. I’ve read them all.

stack of booksOk, way more than this!

About a year ago, I stumbled across financial independence and early retirement websites and it opened up an entire new world to me!

I began seeking out all the top blogs in this field, and one that kept coming up was jlcollins.com.

To put it bluntly, his Stock Series was the most comprehensive explanation of investments I have ever read. There is so much noise and confusion out there in the finance world, and he slices right through it and tells you what’s really important.

He makes it easy to understand the complex world of money. His approach to investment is so simple, it’s alarming!

I followed his blog closely and eagerly awaited new posts.

When he sent out an email explaining he was writing a book and soliciting help from his readers for proofreading, I jumped at the chance!!

The only reason I volunteered was because I wanted to read the book ASAP!!!

As luck would have it, I was selected to be a proofreader, and had the opportunity to read the book before publication. (Actually, I’ve read it about 20 times. Occupational hazard!)

The book is exactly what I was hoping it would be.

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I’m Flippin’ Rich!

This post will describe my first house flip.

First a review of my background.

I’m Rich on Money.

  • I paid off $32,000 in student loans in a year.
  • Paid off our $280k mortgage in 6 years.
  • Flipped several houses in Washington D.C. to help me build income for real estate investing.
  • Have purchased several rental properties without using debt.

Back to my flip.

I was scared to death about it!!

But it made me some money.

       How did you get so flippin’ Rich, Rich???

(Ok, I’m not Rich.  It’s a play on words!!)

Let’s review a little what I’ve done so far.

I’m in the military. From 2003-2005, I lived near Washington, D.C.

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You Did What with New Construction???

In my last post, I talked about the purchase of my first house ever.   It was a townhouse near Washington, D.C., and I paid $280k for it.

I thought I paid way too much and was sure I’d just made the worst decision of my life!!!

About a year later, similar townhouses were selling for $400k+.

HELL YEAH!!!!!!!

I’m Rich! (on Money) 

I tried to buy a second home, and repeat my success with the first.

Just couldn’t find a good enough deal!

The market was so hot, everything was snatched up for absurdly high prices (this is around 2005, the peak of the housing bubble)

I heard others were getting rich with a easy method that didn’t tie up too much money and was sureproof in this rising market!

Eventually, I decided flipping new construction was the way to go.

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Monopoly and the Game of Life

monopoly-man

A little about me.

  • I paid off $32,000 in student loans in a year.
  • Paid off our $280k mortgage in 6 years.
  • Flipped several houses in Washington D.C. to help me build income for real estate investing.
  • Have purchased several rental properties without using debt.

This is the story of my first time touching real estate, and what I learned.

I’ve loved the game Monopoly ever since I was a child. I’ve been playing since I was 5 years old. I played with my friends for hours on end! I soon figured out that usually the first person to get a monopoly would win the game.

We were serious about it! We used calculators as banks accounts instead of cash. It made the game move faster.

I’ve always sensed that Monopoly somehow mirrors reality. Having a monopoly, or having several properties in the same area, can help you win at the game of life.

My Grandmother had a small monopoly.

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