Tag: freedom

There is Never a “Right” Time

Life happens and is always happening…we can make excuses for why it isn’t the “right” time or we can just lean in and figure it out.

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Boy isn’t that the truth! Life happens and is always happening…we can make excuses for why it isn’t the “right” time or we can just lean in and figure it out. One of my favorite authors, Grant Cardone, says it best “Commit and figure it out later.” I have been doing that my entire life, and learned it from my mom, but didn’t realize that it was a thing – and a rare thing at that.

So many of us are afraid to fail, of being disappointed or embarrassed if it doesn’t work out, or for loss – money, time, effort. But what if it doesn’t fail and actually works! Imagine how different life would be! And it would help build confidence to try more and grow more.  I don’t think there is such a thing as failure unless something shady was done along the way. If you were honest and had integrity and put your heart and soul into anything, even if it doesn’t turn out how you would like for it to, you still learn along the way and can use that experience to problem solve in the future.

I can think back to so many times in my life when I had an opportunity to dive in and take a chance, whether it be on a property, a business or even a relationship and yes, for a split second I would have my doubts about the timing of it. If it felt right in my gut, I was always a definite yes to whatever it was. That yes may take days of digesting, but it would always come. Pit in your stomach = bad. Butterflies = good.

One prime example is a quick excerpt from my book “Vacation Rentals: The Ultimate Guide” and it was when we had the opportunity to purchase the chalet property. Jeremy had recently lost his job, we had recently had a house fire at one of our rentals, we were elbows deep into the planning and construction of our car wash and didn’t know where we would come up with the money to purchase it from. Needless to say, we were extremely scared about the future and all the chances and risks we were facing and taking on, but there is always a way to figure it out, if you want it bad enough, and that is what I do best!

‘Later in the week he let me know that he could have his brother, who still lived nearby, open it up for us. He also said that he and his wife were thinking of selling it for $275,000. So, if I got Jeremy on board and we were able to secure financing, I would need to come up with $55,000 plus closing costs, worst case scenario (unless I could get it for less). Where the heck was I going to get that from!? At that point my husband’s position as Construction Superintendent at a gas company had been eliminated a couple months before, we had just had a house fire at one of our rentals from the tenant’s trash catching on fire, and we were about to break ground on building a brand-new car wash – all while somehow living off of my income indefinitely. We had traditional home rentals and the Florida vacation rental, but we were not living high on the hog off of the investments. What I do best, however, is knowing how to work hard, think out of the box, and get out of my comfort zone to make things happen, as long as whatever it takes is legal of course ;).’

So, we did, we figured it out! And thank God we did, because you would not be reading this right now if we hadn’t. We trimmed the fat off our finances, worked around the clock, and got creative with coming up with the money. We could have easily said – “This isn’t the right time.” THERE IS NEVER A RIGHT TIME.  That property has been such a blessing to us financially, its been an education, and has opened hundreds of doors in our lives that would have never been opened if we hadn’t.

I hope that this blog post helps you both personally and professionally. It translates across all avenues in life. I talked about fear in a recent podcast episode with Rachel Jenks on the Brand Boss Show. We are more afraid of the feeling of fear itself, than actually doing whatever it may be. What is the worst that could happen? Most of the time it’s all in our heads and that can hold us back from some pretty amazing moments and chapters of our lives.

I would love to connect with you below or on social!

Chris

The BEST Investment I Ever Made

Why I love Real Estate and what it can turn into…

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Why I love real estate and what it can turn into…

I decided when I was 22 that it was time to have a place of my own. Not a rental, because I didn’t want to make someone else equity, but my own that I bought. I had been selling real estate as an agent for 2 years and had rented for a while in another life (my singing days with my sister in Nashville), and realized during that short interim that I didn’t like spending money on rent and having nothing to show for it, making someone else rich.

I also had been exposed early on to those that invested in real estate early and often, that were very well off, not having to live paycheck to paycheck, and those that didn’t. My family never had any real estate investments, just the homes that they had lived in.

I saw the lifestyles, wealth and freedom that came with owning real estate, whether it be single family homes, commercial buildings, or vacation rentals and knew that I wanted to be like those folks. The ones that were able to take their kids on vacation and had money in the bank and didn’t have to kill themselves till they were old and had no life left to live.

So, I started searching and found my first house. It was a 2200 sqft fixer upper Victorian in Wellsboro on Pearl St. The asking price was $79,000 and when I walked in, I was giddy and scared, but could feel it speak to me. It smelled like old cigarettes and cat-pee-saturated carpets and had old windows, doors, and crooked floors. I didn’t know if I could afford it, but I knew that I was willing to put in the work to try. Out of respect, I asked my dad to go through it on a second showing with me. I was hoping for his blessing, but instead got – “You are an idiot if you buy this place. It’s a dump! You aren’t handy and are crazy if you do it.”   I was extremely disappointed but decided that for the first time in my adult life that I was going to grow a pair and do it anyway! So I did…..

I ended up paying $68,500 for it. I had to put 3.5% down for a 5-year fixed loan. I was only 22 and made good money selling real estate but was still limited on what kind of loans I could get because of my age and basically being self-employed as a realtor. I picked 3/17/08 (St Patrick’s Day) for my closing date and was so excited that I totally forgot to buy pillows or be at-all prepared for staying there my first night. It did come with a loveseat and a couple used old beds, so that’s where I slept…happy as I could be, feeling free! I bought myself a bottle of wine, listened to Irish music and took a bath in my very own claw foot tub. LIFE WAS PERFECT!

Sounds great right!? Fast forward to the following winter, when my gas bills were more expensive than my mortgage and the furnace and radiators didn’t work very well. I kept it 58-degrees in there because I couldn’t afford to have it warmer…it was so cold in there, that I didn’t even have mice! There were many bumps along the way and there were days that I regretted buying it, but my gut told me that eventually it would be worth it.

I was in my early 20’s, working my tail off selling real estate 7 days a week, waitressing a few nights a week, and putting every extra penny that I had into that house. I ripped out the gross old carpet and did the hardwood floors, fixed the driveway, had the doors and windows replaced, redid the kitchen and laundry areas and so much more. My peers were still in college, racking up debt and partying, while I was working and building equity. Like I say in my book Vacation Rentals: The Ultimate Guide – “Short-term sacrifices lead to long-term rewards.”

I learned that ripping and tearing in an old house was very therapeutic for a single young woman, trying to find herself. My house made me happy and angry and gave me projects to take aggression out on when I had guy problems and lean into when I was sad and lonely. It was my safe haven. It was the best investment I have ever made, even though I had no support system to do it – just myself and my work ethic.

Let’s fast forward to me selling it for a better home in the country. I owned my Pearl St house for 3 years and sold it for $119,000. I had roughly $42,000 left over from my equity after closing costs and rolled it directly into my new house. The purchase price for that home was $165,000, so I went into that with instant equity, from my own blood, sweat, risk taking and tears. I had literally gained over $50,000 in equity in just 3 years, as a young 20 something woman!!! The one who went against her dad’s negative reasoning and figured it out anyway.

Let’s fast forward again…I met Jeremy, our relationship went fast (very fast), and we got married and I decided to keep my newest home as a rental. It was a possible backup plan, that I thankfully didn’t have to use. My equity grew and grew and all I had to do was manage it and keep a tenant in it. We kept this home for several years and had a couple reach out about buying it.

By then we had $60,000 in equity and decided to do a 1031 exchange (so we didn’t have to pay capital gains) and use it as two – $30,000 down payments on two rentals back in town. (So as a quick recap – first down payment was around $3000, which then became $42,000 in equity, which then grew to $60,000 in equity as other people paid my mortgage down. And that original $3000 down payment had turned into not just one, but two homes with other people paying for them).

That equity has since grown into hundreds of thousands of dollars – all from time, consistency, taking risks and a little elbow grease.

So why not you? What short-term sacrifices can you make that will turn into long-term rewards and abundance? Are you new to the real estate world? Or who can you inspire or educate, who’s entire trajectory of life could change?

Please save this post and share with that person! I hope that this has inspired you to take chances, invest in real estate and take the time to educate yourself a little more to bring more abundance to your life. These stories are a small glimpse into our real estate world and portfolio, and I have faith that you can do it too! You just need to start! My book is a great place to start, or my course. It will give you all those tools and then some.

Chris

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