FI3000

As you know I’ve recently bought a single family rental unit that required a TON of work. Well I’m currently in the process of jazzing it up and everything is going according to both the plan and budget. I thought it might be valuable to share what I’ve learned so far about the income property buying process. Basically, other than the buyer and seller there are 4 parties involved in the transaction. The real estate agents, banks, lawyers and insurance. The first 3 were a breeze and I’d go as far as say they were a pleasure to deal with. However, INSURANCE and insurance brokers/underwriters/sales people have to be the biggest pain in the ass.  I found the whole insurance procurement process excruciating painful. I’m generally a reasonable guy but multiple times when dealing with insurance industry “professionals” I’ve had to put the phone down, take a few deep breaths and call on my inner zen to prevent the top of my head from exploding off it’s foundation. Long story short I ev...

Like most things in life cooking isn’t hard. In my mind there really isn’t any excuse for not being able to cook anything from scratch. Now don't get me wrong I'm not talking cooking full 5 course gourmet dinners or fancy pastries etc...However, it is easy to master the basics and cook above average meals by just following these 6 easy steps: 1. Pick your “favorite food” 2. Google  “favorite food” recipes 3. Pick a well reviewed recipe 4. Buy the ingredients. 5. Follow the recipe instructions 6. Enjoy. I'm currently enjoying an awesome jerk chicken that we made from scratch at home. It's as good at 99% of the jerk chickens I've had in restaurants (and costs a fraction of the price.)

-“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” -“Our favorite holding period is forever.” -“Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years” -“Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.” -“Unless you can watch your stock holding decline by 50% without becoming panic-stricken, you should not be in the stock market” -“A public-opinion poll is no substitute for thought.” -“Lethargy, bordering on sloth should remain the cornerstone of an investment style." Have any favorites of your own?

The goal is an investment portfolio of $1,000,000 and an annual passive income of $40,000. We are currently mortgage free but won’t be including the value of our principal residence or cottage as we have no plans to sell either. We have also omitted the value of our workplace defined benefit pension plans and educational saving plans. ASSETS: May Contributions: $0 Retirement Portfolio: $468,184 (down $8,294 - stock market losses) Rental Property: $80,000 (purchase price) Total Retirement Assets: $548,184 LIABILITIES: Investment Loan: $39,474 (down $1,628 ) Rental Property Loan: $79,774 Total Liabilities: $119,248 Retirement Portfolio Net Worth: $428,936 (down $6,441) *Dividends Received (year to date): $5030.6 (up $755.60) We didn’t make any new contributions this month and although the portfolio value is down $8,294 this represents only a 1.7% drop in value. I’m 100% invested in equities so five figure swings in value are the norm for me.  As you ...