The Attack of the Side Hustle!

The Attack of the Side Hustle!

When I purchased my first commercial building, I was a property manager.  Therefore, it was natural for me to accept the same role for our investing group.  It dove-tailed nicely into my day-to-day routine.  I could field calls throughout the day for my own property as well as from the portfolio I managed.  Everything rolled together well.  It was a comfortable fit.

I didn’t know it was called a side hustle then, but I was creating a new stream of income (albeit small) and having fun while doing it.

Fast forward eight years and I’ve found myself in an uncomfortable situation.  I’ve grown my portfolio to fifteen properties with more on the way.  I’m now overwhelmed by the level of work I’ve created with the management duties.  The income created from this side hustle is nice, but it’s nowhere near the level I earn as a commercial real estate broker.  It’s not even an amount that I could subside on if I decided to solely do my side hustle.

Therefore, I was faced with a choice – continue to drown or seek immediate help.

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Why Viewing Pet Ownership as Only a Cost is Short-Sighted

Why Viewing Pet Ownership as Only a Cost is Short-Sighted

I want a dog.

Until recently I’ve had a dog, even a couple dogs at a time.  I’ve had them since I was a little boy.  They’ve been there to catch tennis balls and run through various neighborhoods.  Dogs have listened to my stories of success as well as tales of woe.  Moments of crazy happiness have been had with them as well as calm reflection.

Growing up, I would often say I liked dogs more than people and that probably still holds true today.  I look around the world and see it full of ding-dongs who are making the world a lot less friendly for the next generation.

I miss having a dog around as I haven’t had one with me for almost eight years now. 

Like, I said I want a dog, it’s just that I don’t need one and that’s where I’m struggling.

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Rich Habits

Rich Habits

I listened to a past episode of Money Peach (www.moneypeach.com), where Tom Corley, the author of Rich Habits: The Daily Success Habits of Wealthy Individuals, was interviewed.  If you’re interested, it is Episode 49 – Daily Rich Habits of Millionaires with Tom Corley.

I started the podcast not knowing what to expect.  I’d never heard of Corley nor his book.  This would later surprise me, because I thought of myself as a tuned-in reader, especially when it comes to personal finance books.  I know I haven’t read all of them related to the subject, but I think I’m at least aware of them.  Obviously, not.

The podcast blew me away.

Chris Peach interviewed Corley the way I would interview Sammy Hagar - with straight-up fanboy excitement.  The interview was fun and informative and when it was over, I immediately bought the book.

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Are We a Nation of Perpetual Children?

Are We a Nation of Perpetual Children?

Lately, I’ve been thinking about a word that I believe we avoid to describe our actions - immature.

The word makes many of us feel bad when we see it or hear it applied to our behavior.  We fought so hard against it when we were young.  We told our parents we were mature and ready to go out and make our own way.  There's no way that word could still be applied to us as adults, right? 

If you were like me as a teenager, then you saw your parents as essentially fools.  They had no idea what was going on in the real world while they were hiding inside their own home. 

As the years passed, though, my parents grew smarter.

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How I Bought My First $1.5M Commercial Building

How I Bought My First $1.5M Commercial Building

In late 2016, we bought a 10,135 square foot retail building in Deer Park, Washington.

At that point, it was the largest and most expensive building I’d been a part of acquiring.  Quite frankly, I was a bit scared that we could pull it off.  Up until then, the most expensive building I had purchased with partners was $390,000.  The building we were contemplating was almost four times that price.  It made my heart race considering it.

However, we believed the building to be well-built, positioned great and priced right.  That’s the trifecta when looking at a commercial project.

We made our offer on the building and then conducted our due diligence.  My investing partner and I believed in the project, but our partners thought the price needed to be a bit better.

Then we did what we previously thought unthinkable.

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What Does Your Broker Invest In?

What Does Your Broker Invest In?

I’m going to rant against some of those in the financial services industry.

You see, I’m a commercial real estate broker who loves the product he represents.  My clients can see and hear my enthusiasm when we talk about their needs, whether it be buying, selling, developing or leasing. 

A lot of my excitement stems from the fact that I own real estate.  I own various types of commercial property.  From small retail strip centers, a couple office buildings, a ground leased property and even a couple residential rentals.  I love real estate.

It’s one of the reasons I started Building-Income.  I wanted to share my excitement for the product.  I’m always looking to buy another piece of property.  It’s how I’m going to secure my retirement and leave a legacy for my family.

It’s one of the best investment vehicles out there and I wish everyone could feel the excitement I do.

However, there are some in my industry who don’t feel the same way.  They take their commissions and run.  They buy anything but real estate.  If they invest in anything, it’s the stock market or some other get rich quick scheme.

Now, I’m not against the stock market or investing in a business.  I’ve invested in both.  It’s just that I believe a real estate broker should practice what they preach and put their money where their mouth is.

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Downsizing Your Empty Nest to Make Way for the Future

Downsizing Your Empty Nest to Make Way for the Future

More and more empty nesters are finding that downsizing to a smaller home is a sound financial decision. When kids have left the house, you may realize that much of the space in your home is going unused. Downsizing to a smaller place that better suits your needs can free up some of the money you have invested in your home, giving you more financial freedom and more time to devote to whatever comes next in life.

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You Don't Buy Things With Money

You Don't Buy Things With Money

I was recently talking with a colleague who said he was close to retiring.  Gil (not his real name) is in his early fifties and slightly quirky.  He’s the type of guy who marches to the beat of his own drummer.  Although he works for a large, corporate-think company, he sports a long beard and tattoos.  He’ll freely talk about politics and other matters that most folks would shy away from.  With his wife, he lives in the country – far away from the hustle and bustle of society.

It had been a while since I talked with Gil so his mention of retirement was exciting.  I told him congratulations.  He said he was more than ten years ahead of what society had scheduled for his retirement, mostly because he’d been debt free, including his home, for many years.  He’s got a rental house which has some debt on it, but that payment is being covered by someone else.

I loved hearing he was free of consumer debt and asked him what led him to that point.  Almost everyone who is debt-free has a story about a moment of awakening to the soul crushing weight of financial liability.  Gil said he got himself into a position to retire, based upon some advice he was given when he was young.  Gil said once he fully grasped that concept, his life changed.

Being on a quest for knowledge that can help me grow, I immediately asked, “What was it?”

The advice, he said, was, “You don’t buy things with money, you buy them with time.”

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