About half of the money you earn from renting out a property will go right back into the property, to cover expenses like the mortgage payment, insurance and taxes, repairs, upkeep, and so on. But that doesn’t mean you’re destined to only be able to pocket half of the rent you make forever.
You can do a lot to maximize your rental profits. You’d be surprised at how much more profitable you can make a rental property simply by keeping it rented every day of the year and keeping your best tenants around to sign lease renewals. Be strategic when you increase the rent. Manage the property yourself to save on property management costs. Charge late fees to tenants who don’t pay rent on time and treat collecting rent like a business, because it is. The right approach can help you get so much more out of your rental property.
Any time your rental property is vacant is time it’s not making you money – in fact, it’s time when it’s costing you money to maintain and keep tenant-ready. A mere month of vacancy can cost you 8.3 percent of your yearly rental revenue. You can’t afford to let your property sit empty between tenants, and most properties aren’t suitable for short-term rentals.
To minimize vacancies, make sure you start advertising the available unit as soon as you know that a tenant will be moving out. As long as there is reasonable demand for rental units in the area, you should be able to line up new tenants to move in as soon as the old tenants have moved out and you’ve completed any turnover repairs and updates. That way, you can be earning rental revenue every month of the year.
If you’re wondering how to increase rental property value, you can definitely get more out of your property by reducing turnover. Turnover refers to the rate at which tenants move out of your properties. If your tenants typically stay to renew their leases multiple times, you have low turnover. But if tenants are heading for the hills as soon as their lease terms expire, you have high turnover.
Even if you can always find new tenants to move in right away, turnover costs more than keeping the same loyal tenants in your units year-in and year-out. At the very least, you’re going to need to throw a fresh coat of paint on the walls and do minor repairs between tenants, and that costs time and money. Tenants who are already living in your units are going to be fine with the same paint and the same flooring for a while, possibly until they move out. Plus, keeping good tenants is easier than finding new tenants every year.
Be Strategic with Rent Increases
Your local rental market can probably bear a one to three percent increase in rent each year. Take a look at rental listings to see what comparable properties are renting for. You may not be able to get away with a large rent increase if you want to keep a long-time tenant, but you should raise the rent a little bit each year to keep up with market rates. Be strategic about it by scheduling renovations and updates for around the same time as the rent increase, so the tenant feels like they’re getting their money’s worth. You may also want to offer to make some small improvements to the property to make the tenant more comfortable, and better about paying more rent.
Manage the Property Yourself
Property management firms take 10 to 20 percent of your rent revenues off the top in exchange for managing the property. This can be worth the expense if you live far from your rental unit or don’t have the skills to manage repairs, tenant background checks, and evictions yourself. But if you can handle managing your own property, you can save the fees and put more money in your pocket.
Charge Late Fees
It can be hard to press tenants for late rent, but adding late fees into the lease will give them some incentive and maybe you won’t have to chase them for the rent at all. While it can pay in the long run to be understanding to long-term tenants who have fallen on temporary hard times, you shouldn’t let your tenants take advantage of your generosity, either. Be diligent about collecting rent on time and collect on those late fees, too.
The more money you can make from your rental property, the faster you can pay it off and buy more properties – and therefore create more passive income. Do what you can to maximize the profitability of your rental units, so you can reach your financial goals sooner.
The world we live in is a dynamic, ever-changing place. To consistently be growing in this world, it is required to be dynamic in your thoughts and actions.
Insanity is doing the same thing over and over and expecting a different result.
Looking back on the times where I struggled (which have been many times), most of the times were the result of poor planning, having analysis paralysis, and failing to consider new information and experiences seriously.
Lately, I’ve tried to be more present in each moment, consider new information and emotions, and decide to add them to my thoughts, or continue on my path.
Change is not always necessary as well. If a certain set of actions are working for you, keep consistent and continue to reap the benefits of your work!
Also, change is very hard, especially if you’ve been successful in the past and are happy with where you are in life.
But, many times, change is essential to get to where you want to go. Whether managing a massive organization, looking to strengthen friendships, or looking to become healthier, there is always new information and perspectives that you can use to improve.
In this post, I will be talking about change, considering new information, avoiding confirmation bias, and growing as an individual.
Small Tweaks and Improvements for Improving Your Life
There are two areas of life which are huge (and possibly surprising) interests of mine: health and relationships (social dynamics).
Over the past 10 years, I’ve been learning more and more about these two different areas of life, and am always adding to my view of why things happen to me, and how I can understand what’s going on.
Let’s talk about health first.
Growing up, I was taught breakfast is the most important meal of the day, eating foods with carbs were important, and processed foods could be a substitute for real foods.
I didn’t challenge these different things until I started to really dive deep into how I respond to different foods and eating habits.
I realized breakfast might not be necessary for everyone, started incorporating more unprocessed foods into my diet, and focused on balancing fat, protein and carbs. I’ve done a 48 hour fast. I do intermittent fasting. I don’t drink alcohol much anymore, and am trying to find a balance between caffeine, sleep and energy.
Something I never realized growing up is how dehydrated I was. I didn’t realize the importance of water, and instead thought pop, milk and juice were fine substitutes.
I’m still learning each and every day about my body and how I respond to different foods.
If I would have stayed with my habits from childhood, I don’t think I would feel as good as I do today. Some days, I feel unstoppable. Even on my bad days, I still am able to push through boundaries to reach my goals.
Still, there is a lot to learn and understand about my body – but it has been extremely worth it to pursue this path.
Breaking Down Boundaries and Expanding Perspective
Relationships and social dynamics are incredibly interesting to me. I’ve always been very observant in social situations, but also am naturally quiet and introverted (and awkward?).
Something very interesting to me is trying to understand masculine and feminine energies. Put simply, masculine energy is about achievement, and feminine energy is about connection.
With these energies, there’s a spectrum of expectations and outcomes within individuals and groups.
Feminine energy is beautiful. Masculine energy is beautiful. There’s nothing wrong with either, but what is interesting is how the two balance each other to create amazing.
These two energies are cultivated in our youth. Not always, but typically, young girls will play with friends and dolls, imagining social situations and cultivating a strong sense of how to navigate these situations through their words and actions.
Young boys on the other hand will engage in rough housing, sports, and competition.
Again, this is not representative of all situations, but throughout history and in my experience, this is typical.
In my experience, when I was young, I focused on accomplishment and achievement. Likewise, now I’m very focused on achieving my goals through adding value to others.
It’s my Personal Truth: I’m able to provide amazing value to others through my work.
Understanding Energy for Success
In my late teens and early twenties, I didn’t know anything about the masculine and feminine energies.
Our society pushes us to believe men and women are equal in every way, and in my opinion, taken at face value, this is destructive and leads to confusion on an individual level.
Men typically will exhibit more masculine energy, and women typically will exhibit more feminine energy. This is natural.
As our society continues to push towards the middle, we remove what makes us strong and powerful.
What I’m saying here is that both men and women are unique, beautiful, and different.
These differences are what allows individuals who exhibit masculine energy and feminine energy to form such great teams in relationships, working spaces, and institutions.
Opposites attract, do they not?
BOTH are necessary, important, and beautiful for success.
I’m someone who has a lot of masculine energy. When I’m focused on my purpose and what I’m shooting for in life, I’m very happy and can attract amazing people into my life.
When I’m outside of my comfort zone, and not living through my masculinity, I tend to struggle. This is a weakness of mine and I don’t always get the results I want.
But, I’m aware of this weakness and am working onconnection and being comfortable in this space. It’s a work in progress 🙂
Getting Out of My Head and Growing through New Experiences
In this post, I’ve been talking about a lot of seemingly unrelated things, but there’s a point to all of this.
Analysis paralysis is a huge detriment to many people – and I’ve definitely struggled with it in the past.
Lately, as I mentioned, I’ve been trying to be more present and live in the moment during my interactions.
Getting out of my head and trusting my intuition has lead to some great experiences.
2 years ago, I trusted my gut and did what felt right and ended up in Vegas for a 2nd date. It turned into an amazing year long relationship.
Recently, I’ve been going on dates with a beautiful and smart 34 year old.
I’m 26. If you would have told me that I would have some great experiences with someone 8 years older than me 1 or 2 years ago, I would have been skeptical and thought you were crazy.
But, instead, through trusting my intuition and doing what feels right to me, it’s lead to happiness, connection and joy.
I’ve learned age is just a number. People have different maturities at different points in their life. A 40 year old can act like a teenager. A 20 year old can act like a 35 year old. It’s a spectrum, where do you want to fall?
Over the last few years, I’ve learned that getting out of my head and trying new things has lead to so many great lessons.
Sitting on my couch and watching TV or playing video games rarely has lead to memorable times. Getting out in the world and growing through new experiences has been much more powerful.
Change is possible if you want it.
Pushing Your Boundaries and Expanding Your Personal Truth
In this post, I’ve been talking a lot about my experience. Now, it’s your turn.
Your Personal Truth can always be ever changing and dynamic. This year, in 5 years, and in 10 years, your Personal Truth will likely be slightly different depending on your career, relationships and financial situation.
When you are on the side of the majority, sometimes it’s good to take a step back and look from the other side. If you are able to look from both sides, you are already in a better spot than the majority and will be thinking critically and making more informed decisions.
My hope through this post is that you can push through some of your analysis paralysis and grow in your life.
Embracing my Personal Truth, tweaking over time, and looking to lead a happy and fulfilling life is what I’m looking to do with my life, and it’s something I want for you as well.
I’m very excited for the next few months. In this abundant world, there is so much opportunity for you, me and all of our friends.
During my late teens and early twenties, there were many times when I felt I didn’t know where I was going.
There were stretches of days, weeks, and months where I’d wake up, go to work, watch TV, go to bed, and mindlessly repeat being on some treadmill to nowhere.
I was lacking purpose and self-awareness.
Lately, I’ve been thinking a lot about my purpose, my life mission, and how I’m going to live these out on a daily, weekly and monthly basis.
No longer am I on a treadmill to nowhere, and now have goals and a vision.
What I realized is in order to fully realize my full potential and unlock my life mission, I would have to find and embrace my Personal Truth.
I capitalize Personal Truth because it is unique to me. You also have your own Personal Truth, as well as your brothers, sisters, parents, friends, and co-workers. Your Personal Truth is personal and unique. This is why it is special and treated with respect.
Finding my Personal Truth has been a winding path and has been a work in progress for a number of years.
It’s possible that this is your first exposure to thinking about this concept. This is totally okay and up until a few months ago, I had not been exposed to it either.
Maybe this will resonate with you, and maybe it won’t. Finding your path in this world to your goals is a personal experience and finding what works and what doesn’t work is part of the process.
Understanding my Personal Truth has helped me and that’s why I’m sharing it with you
In this post, I will be talking about what is Truth, finding your personal Truth, and how living out this Truth will lead to fulfillment.
What is Truth?
Truth is an interesting subject which has been discussed by philosophers throughout history. From my brief research and understanding of the different argument and thoughts, there are a few different varieties of truth.
(If I’m wrong, please excuse my misunderstandings as I’m still learning and forming my knowledge on this subject…)
The few different varieties of truth which I want to discuss here are absolute or universal truth, collective truth, and personal truth. Something interesting here is that FACT and TRUTH are not necessarily the same thing – whereas many people equate these two concepts.
What is Absolute Truth?
Absolute truth is defined as unaltered reality. Absolute is concrete, fixed, and invariable.
Many things in mathematics are considered absolute truth. Without diving into the details of abstract algebra, commonly, humans operate mathematically using the Ring of Real Numbers.
Under this construct (which no one thinks about but math weirdos – like me), adding 2 and 2 is 4. Multiplying 0 and 5 is 0. Dividing 12 by 3 is 4.
Another example of an absolute truth is a square cannot be a circle.
However, there are a number of things that many people believe that may or may not be absolute.
Collective truth is another variety of truth which I want to discuss here.
What is Collective Truth?
Collective truth is something that many people believe is right, and through this mutual agreement, life is made easier.
An example of a collective truth is best viewed through the perspective of religion.
Christians believe that there is one god and this god is all-powerful and all-knowing. Through this thought, Christianity is all about serving this one god, doing good deeds, and living a good life.
The difference between absolute and collective truth in this situation is evident by the fact there are many varieties of Christianity (Catholicism, Orthodox, Lutheranism, etc.), as well as many varieties of different religions which are not Christianity (Islam, Hinduism, Judaism, Buddhism, Jainism, to name a few.)
Along this line of thinking, collective truths may or may not be an actual fact, but since so many people agree, it is accepted as fact.
Collective truths help organize and push a group a people towards a common goal.
Collective truth is similar to the concept of the “Imagined Myth” – what Yuval Noah Harari discusses in his book, Sapiens. Essentially, humans are the all powerful species because we can formalize abstractions (money, religions, nations, companies) which can steer populations strategically towards a goal – something other species cannot do.
Finally, let’s get to what I really want to talk about: personal truth.
What is Personal Truth?
Every person has a different perspective. No two people have lived the same life up until any given point.
Even twins growing up in the same household, going to the same high school, and hanging out with a similar friend group will have a different perspective on the world!
Personal truth is something you believe is true.
This could be something as simple as believing that Chipotle burritos are better than Qdoba burritos, or more convoluted as believing that a zombie apocalypse is going to happen this year and we need to prep for it.
These examples are somewhat ridiculous (on purpose) and show that again, a personal truth does not necessarily have to be fact, but if you believe it and you live it, then that is what ultimately matter to you.
I believe that everyone is unique, everyone is capable of achieving their goals, and through daily disciplines, you will get there.
You can disagree with me, and that’s fine. It’s part of my Personal Truth, and if I believe it, I need to live it out.
Personal truths are unique, and based on your perspective and life experiences.
Finding Your Personal Truth
What is your Personal Truth? Do you have one?
I capitalize Personal Truth here because each of us has the ability to possess it, and once understood, is unique.
What is my Personal Truth?
I believe I’m capable of providing amazing value, through my actions and thoughts, to help other people achieve their goals in life. This value can be manifested in many different ways: through my daily actions, through how I interact with others, and through what I put out into the world through my work.
A key point here is that it is my belief that I can affect change in the world.
Writing this blog post is part of living out my Personal Truth.
This blog post has been sent to my email list of 900+ individuals.
While this isn’t thousands or millions of people, I’m risking my opinions, thoughts, and Truth because I believe through my thoughts, I can help you and others.
If I’m right or wrong, I don’t care.
It’s my Personal Truth and it’s up to me to live it out – and through me living it out, I’ll find fulfillment and peace.
Finding your Personal Truth involves creating a quiet space for you to let your intuition guide you towards what is important to you.
Some examples of this could be… (I came up with these in 30 seconds, maybe that’s enough time, maybe you’ll need more time):
Your work as an *Insert Profession Here* is incredibly important to your local community.
Tacos are life. It’s your life mission to cook the greatest taco.
Your children or spouse’s happiness is the most important thing and you are a servant to them.
Being healthy is more important than being wealthy or working in a great career.
The environment is being destroyed and we must save it.
Of course, these examples might actually form part of your Truth. Also, there can be multiple dimensions to this. You can have a Truth around relationships, a Truth around health, and a Truth around work.
It’s up to you and your experience!
Once you have your Personal Truth, now, it’s time to take action.
Using Your Personal Truth to Unlock Your Life Mission
Companies and organizations typically will have some sort of mission statement which is a guide to their companies’ philosophy and corporate decision making process.
Your Personal Truth is similar to this, and can be used as a guide to leading the life you want to lead.
Let’s go back to my Personal Truth and talk about how I’m using this as a guide for my life.
My Personal Truth is “I believe I’m capable of providing amazing value, through my actions and thoughts, to help other people achieve their goals in life.”
I’ve purposely left my Personal Truth a little bit vague so that I can fit a lot underneath this umbrella.
Currently, I’m trying to live this out through writing content on The Mastermind Within blog, producing podcast episodes with my co-host on the Simple Minded Millennial podcast, and through renting out my house.
Right now, this isn’t all that impressive, but it’s dynamic and a work in progress.
My Personal Truth starts with “I’m capable of providing amazing value.” Over the next 3 to 5 years, I already have thoughts on launching a number of new projects, websites and companies to help expand how I’m leading change in the world.
There’s a potential that I’m still tapping into, and I’m incredibly excited to see what I’ll be able to accomplish.
This is my life mission and is my why.
For you, once you find your Personal Truth, the next steps are aligning your actions with this Personal Truth.
If you believe being a millionaire will make you happy, then start living below your means, start investing your savings wisely, and learn personal finance.
It’s surprisingly simple, but an incredibly powerful force to finding fulfillment.
What’s Your Personal Truth and How are You Going to Use it to Better the World?
Part of my Personal Truth is that I believe others are not reaching their full potential in a variety of areas.
It is true for me – I’m not 100% happy and fulfilled in all areas, so to think that everyone else but me is 100% happy would be a little bit short sighted.
My takeaway for you from this article is to think about what your Personal Truth is for yourself.
What is the one thing (or handful of things) that you hold near and dear to your heart which you believe is fact and true?
With this one thing, or handful of things, how does it affect your every day life?
If you believe health and outer beauty is the most important piece in life, then why are you spending money on things which do not lead to you being beautiful? Shouldn’t you be aligning your actions with what will bring you happiness? Why are you sitting on the couch bringing Netflix if this doesn’t lead to happiness?
Again, this is just an example (and maybe a little bit extreme), but hopefully illustrates the point.
One last piece here before signing off.
Your Personal Truth is dynamic and ever-changing. Maybe, you don’t know it today, and it’s still forming. That’s totally okay 🙂
I know my Personal Truth is ever-evolving. Our world is dynamic and through this lens, I have to stay flexible.
Hopefully this was an impactful article for you and your life. I’m looking to lay the foundation for helping you become more self-aware here in January of 2019, and this is the first step towards becoming who you are meant to be.
Average is the middle of the pack. It’s an okay place to be.
You aren’t the best, and also, not the worst.
Something that’s been on my mind a lot lately is how many people settle for average.
I want to be extraordinary, and I want you to be extraordinary.
Being average is great, but rarely in my life have I been happy with the outcomes associated with average.
Average performances don’t lead to gold medals, promotions, awards, or recognition. Extraordinary performance lead to medals, promotions and recognition.
Which one will you choose?
In this post, let’s take a look at what average looks like, what extraordinary looks like, and set the stage for 2019 on this blog.
What Does Average Look Like?
I’m average in many ways. You are probably average in many ways as well.
What is average?
Average can be thought of as the middle number in a distribution of outcomes. (In layman’s terms, this is fine. More precisely, we’d use median for the middle number, but this isn’t a statistics article 🙂 )
The average height is 5’9″ for males, and 5’4″ for females.
The most prevalent eye color in the world is brown eyes.
The average hand size is 6.77″ for females and 7.44″ for males.
These are attributes we can see and measure, and cannot be affected through natural processes. I’m 5’8″ – unless an act of God occurred, I will not be 6 foot in my life.
There are many variables and attributes which are also measurable but hidden. I want to focus on these, since these we CAN control.
In 2019, on this blog, I will be writing to help you become extraordinary. If this doesn’t fit your goals and wants, then that is completely fine. We all have one life and if my message doesn’t align with your goals, then no love lost.
However, if you are choosing to become extraordinary, buckle up.
The path to success is a fun journey, which requires patience, self-awareness and consistency.
You are the leader of your life and the teacher who knows you best.
So, I ask again, are you going to be average, or be extraordinary?