Big Rent Day!
For the second month in a row, the 3rd has been a very big day. Usually, I collect a lot of rents on the first, collect only a few rents on the 2nd and 3rd, and then collect a bunch of rents on the 4th, which is the last day to pay rent without a $50 late fee. However, something seems to have changed lately and I collected a bunch of rents today! How many rents did I collect? So many that I made two trips home to unload cash so that I wouldn't have to carry it all!
In addition to being another day of collecting rents, I also spent some time today showing toys to prospective buyers. I recently made a decision to sell all my toys that haven't been used in the last year. I sold the first one last week for $14K, which I used to pay off debt. I have several other toys that I'm going to sell. Looking back, I think that it's been ridiculous having so many expensive toys that I don't even use! So, I'm going on a toy sale and debt paydown binge. Anyone need a beautiful SL 500 Convertible that's only been driven by a real estate investor to church on Sunday? LOL!
Have a good weekend!
Michael Rossi is the author of 1 Minute to Rental Property Riches, which is the only book that tells the truth, the whole truth, and nothing but the truth about the rental property business. You won't find any guru motivational nonsense; unrealistic hype; or promises of instant riches without work in this book. What you will find is the critical information that you need to start, build, and operate a successful rental property business. And if you're wondering about the title of the book, 1 Minute to Rental Property Riches, it's a sarcasm of the silly guru infomercials that promise untold riches without work - which we all know is RIDICULOUS!
If you'd like to read more about the book, check it out at www.1MinuteToRentalPropertyRiches.com. When you're ready to buy, you'll get the best price and fastest delivery from the bookstore right here on BiggerPockets!
Comments (6)
I'm paying down debt because interest rates on everything that aren't fixed are going up or will be going up. The major credit card companies have already mailed MILLIONS of rate increase notices out, even to their best customers. Adjustable rate commercial notes will be resetting higher in the future. Therefore, paying down debt NOW will save big dollars in increased interest payments later and well as lowering interest expense now. Mike
Michael Rossi, over 15 years ago
Here's a question, Mike: With inflation on the way -- why pay down debt? Mark
Mark N.A, over 15 years ago
Thanks!
Joshua Dorkin, over 15 years ago
Good try Josh!
Michael Rossi, over 15 years ago
You could Donate the SL to BiggerPockets . . .
Joshua Dorkin, over 15 years ago
Put the SL on craigslist or ebay
Josh Bryan, over 15 years ago