I have waited for a long time to write a post about my big foray into either rental properties or small business.
Alas this is not that post. It has been so long, I figured I was due to release a detailed set of reasons WHY I have not made progress on my property investment goals.
The purpose of this FIRE blog has always been 2 fold. Firstly, to educate and relate to my like minded brethren as an example or as a warning. Secondly, to hold myself accountable and to practice what I preach.
One advantage to being ‘List Happy‘ is that organizing my thoughts comes easy.
I have already written about getting my significant other on board. The right time seems to keep evading us, due to the following circumstances;
In 2012, I am forward facing, cash poised and ready to secure a property investment. But I am also diligent about financial decisions. I spent a large amount of time reading up on acquiring a property investment or business. Much like the smart couple from Idiocracy, I probably should have just pulled the trigger.
Waiting for the best opportunity likely cost me several good opportunities.
In 2013, I did pursue a major financial coup. The star aligned and I was able to wrestle The Cottage away from bickering relatives and secure it for my family in perpetuity. A real win, but a giant set back to available capital and taste for immediate risk.
In 2014, the cottage transition was running smoothly and I was getting itchy again to plunge back into the whole get rich thing. A modified version of a Business Deal reared its curious head and I was again distracted by the scent of opportunity. $75,000 in cash and credit gone this time. I needed to build back up my reserves.
In 2015, no good excuse here. I took the family to a week long Disney vacation and did some extensive kitchen remodeling. Besides scratching off a few things from the old Wish List, I did not use my money to work for me. First worries that I will just be ‘waiting forever‘.
In 2016, my wife took the driver’s seat for awhile and persuaded me that it was time to upgrade our vehicles. She no longer felt my rapidly degrading Ford Focus was still safe enough to drive around such precious cargo(the kids, not me). One distinct advantage to living below your means and always maintaining an emergency fund is the ability to absorb huge hits. We were able to buy not 1, but 2 ‘new to us’ vehicles that should last another 10 years.
Sometimes life gets in the way of our life plans.
2017 saw a massive influx of available funds, but we went in a different direction with them. Instead of investing in an asset, we chose to get rid of a liability. Our student loans are dead and gone, but at the cost of our capital allocation pool. (fancy word for money burning a hole in your pocket).
2018, our newish job is going well and we are once again trolling realtor.com, ready to pounce. My good friend and imaginary business partner (lots of ideas between us, but no deals) is likely not looking to go in on any real estate this year. He had a great, but solely for him, opportunity to buy into his company’s new commercial real estate property with his IRA. The numbers looked great so he is all in.
Hopefully this is the year where I see the right pig and finally jump down from my tree, cash spear in hand.
P.S. Stay tuned folks, I posted this because I have a big ole boar in my sites!