Finally got the ship headed in the right direction!

[Chance Cooper]

At the end of 2014 I had a friend of mine that somehow talked me into buying a 41k brand new truck...This was completely outside my comfort zone, I have always been a huge fan of Dave Ramsey I was just stupid that day... Anyways, 2 months later I received orders to deploy to Afghanistan and had to pay a $588 payment on that truck, about $100 a month in insurance a month, and it sat in my garage for 9 months...That money spent on that truck could have been making me money while deployed or I could have saved it...Buddy I have learned my lesson...

During my tour in Afghanistan I aggressively paid off my first rental home that rents for $850. I know a lot of people on here leverage all their mortgages but I always wanted at least one home paid for, it helps me sleep better at night, mission accomplished... After reading "Rich Dad, Poor Dad" while deployed, I immediately realized this truck was a liability and was killing my portfolio. I felt like an idiot buying the truck before, but after reading "Rich Dad, Poor Dad" I really felt like an idiot...I had a terrible stomach ache for a few weeks lol...When I got back home I went and tried to get rid of it at that car place that takes pre owned cars (sorry I forgot the name of it lol), no luck...I would have been 12k upside down on it and walking home... Long story short I kept listing it on craigslist... Last week a retired 71 year old man called me and offered me a 2002 Dodge Ram with 105000 miles, and only he owned the truck, along with a cashiers check that would have paid all but 10k of the truck off. This was a great deal because it helped get me closer to not having any liability debt, and I received a truck and title to another truck as well. I wasn't left walking, so I took the deal!

Instead of deflating my savings and rental homes reserve funds I decided to use two of my credit cards that have zero interest for 12 months and I paid that excess 10k so that older gentleman could have the title... Recently the Army has given me orders to leave for Egypt on a 12 month tour this month only this time I got the ship headed in the right direction. I am leaving with my first rental home paid for, a second rental leveraged at Fort Bragg, and only 10k in debt. The 10k debt will be paid off by Christmas 2015 according to my numbers.

After being a biggerpockets guy that reads and pays attention to all you guys for sometime now, in January of 2016 (only 6 months away), I will only buy assets! I have learned my lesson, I can not wait to get started on 2016. I just wanted to say to all of you guys on here, you all inspire me. I am 33 years old and really feel my future looks bright due to all the great stories and advice on this website. Some of you guys have answered my questions through private messages, you know who you are, thanks for the advice, I really look up to you.

It's a GREAT feeling driving that old 2002 Dodge Ram that feels old and looks old..It's also a great feeling knowing that the money that would have been spent on a non paying liability will be spent on a fresh paying asset once I return home from Egypt. I must say, my wife and I finally have this ship headed in the right direction!!! And the best thing about this story is, during the whole process I was coaching and teaching my 10 year old son what I was doing, and why I was doing it. He completely understands the difference between a liability and an asset now.