10 Questions with Reluctant Landlord

Today is the 31st edition of our periodic guest post series called 10 Questions. We have a list of 17 questions we pose to fellow financial bloggers, and they are free to pick and choose 10 or answer all of them. Let us know if you would like to be featured in a future edition of 10 Questions.

Today’s answers come from Elizabeth who blogs about her experiences as a self-managing landlord who moves frequently due to her husband’s active-duty military status.

If you’ve ever thought about investing in real estate, Elizabeth shows it CAN be done. Elizabeth, take it away…

 

Tell me about your blog and why it’s great.
I am the blogger at reluctantlandord.net. I teach people how to be successful in real estate no matter your dreams. From simply trying to rent their first place as a renter, getting out from underneath a burdensome misbuy, to building an empire, and everything in between. My blog is a great place for the average person trying to wade through this crazy Real Estate world.

Tell me how you’re going to change the world with your blog (dream big or don’t dream at all!).
My dream from an early age was to own Real Estate empire allowing my family and I financial stability. At 7 houses (and counting) by 27, we are well on our way of growing that goal. I have found over the years that I am gifted in understanding and navigating this real estate/rental world. Over the years I have seen that others have felt uncertain enough regarding the real estate field to be unwilling to enter it with even one house or keep just one rental. I started reluctantlandlord to teach others how to be successful. Real Estate has been highly successful for my family and myself. We have achieved 400k net worth by 27 and are on a clear financial path. As a self managing landlord, this is something I can do anywhere from vacation on a 1980’s ferry in the Baltic Sea to my couch or the vet’s office. So many people are looking for a side income, yet many don’t realize that that they have one in real estate.

What goals do you have for your blog, short and long term?
Short Term, I am working on a redesign to create pathways with all my information, to allow an easy and simple way for my readers to answer all of their questions. I am also working on courses for each pathway to provide more hand holding (sign up for my newsletter so you don’t miss any of the launch offers).

My goal is for reluctantlandlord to be the “go to place” for the average person who wants to learn how to be successful in real estate. I want them to have an in depth course that helps them feel like they have the best start possible with no excuse to not try it out.

My Long Term Goal, is for Reluctantlandlord to be a household name like Dave Ramsey in regards to helping the average person achieve whatever their goals are in real estate. My dream is that the course become like financial peace university where people can go online to learn and grow.

What post are you most proud of and why?
http://www.reluctantlandlord.net/how-we-achieved-a-net-worth/

I am proud of this post for two reasons. One is because of its transparency. I am a huge believer that if you are going to share your story; you share your story including the numbers. I believe that if you are not willing to give the numbers than you shouldn’t voice any of the story, as the numbers should be your credibility. The second reason I am proud of this story is because this story is the reason why we are investing in real estate. The reason why we are willing to go this much into debt and we will early retire on. We have over 400k in net worth at ages 27 and 29 BECAUSE of real estate. We are making a little less than 2k a month on the side BECAUSE of real estate. I am an advocate of sticking through those rough tenant moments because of the financial freedom it is bringing my family. This article emulates the why I do what I do.

Do you enjoy writing?
I love business writing. I love teaching others how to be successful in the crazy and sometimes daunting financial world. Real Estate and Business Math makes sense to me and I love teaching others about this wonderful world. No matter what people say, unfortunately money is important and being comfortable can go along way in helping you achieve your other goals.

1500 Days is about early retirement. Do you have early retirement dreams? At what age do you think you will retire?
Our goal is to retire early at 42 and 44 due to financial independence. Once my husband retires from the Navy we wish to live where we would like to live and not based on a job. I want financial independence that allows us the freedom to choose based on our desire and not based on a financial dependence. One step further, our dream is to be able to sail around the world with our children until they are high school aged. We want to show them the world through the lens of a sail boat. We want to sail to sparsely populated and hard to reach parts of the world.

If blogging isn’t your full time gig, what is?
I own 7 houses and manage 10. I am working on a refinance and I am in the midst of buying two more houses. In addition, I work full time with my eye on transitioning to full time entrepreneur life.

When you are 90 and look back on your life, what do you hope you have accomplished?
When we are 90 I hope people see that you can do it all. That you can be a fighter pilot, investor in real estate, raise a family, sail around the world with your kids and be financially independent. Do not let anyone limit you. Once you have a dream then figure out ways to meet it.

What is the best money management or investment tool you have come across?
For us the best money management method we have come across is to live on one income and to “hide” savings/investments. We put our savings and other investments in hard to reach areas. I have found that when money is available that we will go through it to solve a problem. By hiding it, it make us work really hard to find other ways (usually better) to solve the same problem.

How do you handle people with different views on money, ie spendy people?
Enjoy them for what they offer but don’t feel the pressure. Our friend will tell you that there are times we have dropped out of the social scene and when we have reappeared we have accomplished something (in our case usually bought houses). We accept people for who they are as they have accepted us for the investors and money goals. Don’t let peer pressure prevent you from participating. Just remember you don’t have to participate in their method.

Over time you will find friends who meet your goals and desires in life. We have game nights with everyone taking turns to host. We go to the events but we usually leave at 10 or 11pm before the expensive times. If you think out of the box you can still participate with those who spend money differently. Remember you are your own person, don’t judge. At the same time you don’t have to follow. Our friends will tell you that I am crazy, yet even our spendiest are still great friends.

Did you grow up with money? How did your money situation growing up influence you?
My dad had a great job but I grew up in a high cost of living area with a stay at home mom. My parents taught me the importance of family, frugal living, and the importance of saving and splurging. Experiences were important to my family so by the time I had graduated from High School I had visited over 22 countries. I spent every summer but two in Europe since 5th grade, and had international friends that I still keep in touch with and knew how to ski with the best of them at most of the great American ski resorts. Yet we never had cable, my mom taught me how to furnish my first place with goodwill furniture and I had a nice wedding under a budget.

Did your parents teach you about money as a kid? How so?
My parents provided everything we needed yet were a huge believer in enabling and teaching us the value of money through working for it. Growing up, any spending money or extra trips were paid out of our pocket. My parents were very hands on. When I started babysitting at 13 my mom used to stop by and check up on us. When we had a paper route, my dad would get up in the morning to help us. On the tight afternoons my mom would drive and we would throw. They taught me the value of a dollar and the importance of investing and saving. My after school jobs helped me afford and appreciate the summer camp I went to in Germany. They nurtured my entrepreneurial spirit and it is them I owe for giving me the skills to be successful in the real estate world, my love.

What is your favorite style of beer – and what is your favorite beer in that style?
Unfortunately I am that person that beer is not my thing. Now Mike’s Hard Lemonade, YUM!

We notice a lot of frugal people are into board games – what is your favorite?
I absolutely LOVE Monopoly. It is my favorite game. (Shocker, I know).

What is the best thing you’ve read lately.
Lately all of my reading has been focused on real estate research (I am pretty boring right now).

What do you do for exercise?
To be perfectly honest I have been an absolute slacker and not been exercising. When I do exercise I love going for a good long walk while catching up with friends.

Thanks again to Elizabeth from ReluctantLandlord for answering today’s questions. Keep up with her at reluctantlandlord.net, on Facebook, Twitter, Pinterest and BiggerPockets.