About two weeks ago I got up in the morning and decided that I needed some extra cash. The question is how much do I want? The number that kind stuck in my head was $50,000. It has a nice ring to it. I ended up settling on $40,000. SO all I had to do was create the cashflow per month to cover the $40K. I quickly glanced over my rental rates and made some quick decisions on who was ready for rent increases. I called my property manager and told him to raise the rents on the specified units. So all in all I raised the rents on five different units until the total was about $280 per month. Then I called my banker and told him I wanted $40,000. He told me he would glance over my portfolio and call me back. Later he called me and told me the paperwork was in process and the money was going to be pulled the properties with the most equity. I told him thanks and to let me know when I needed to come in and sign the paperwork. Now, the debt service of $40,000 is about $280 per month so the increased rents covered the difference. I now have $40,000 I can spend or invest as I want to. There aren't any taxes due because you don't have to pay taxes on a loan. I still own the assets because I didn't sell anything. Ahhh, it sure does feel good. Now, this is coming from a guy that was making payments on a piece of furniture 3 years ago that cost $1000! Can you imagine having to finance furniture! Things can change for you that quickly if you are willing to put in the time. That is the power of real estate. I have friends that went to college that don't make $40,000 per year after taxes, a lot of friends. My parents always told me I wouldn't be able to go to college because they couldn't afford to send me so I didn't get a degree. Instead I got mad about being broke and decided to do something different. . The only thing I can say to my parents now "Thanks Mom and Dad!!!"
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!