All Forum Posts by: Gretchen Roberts

I was just thinking about this the other day. There was a "tiny house" park built in Madison, WI for homeless people (http://www.huffingtonpost.com/2014/11/17/tiny-home...) and as I drove by the crappy trailer park on the way to my son's preschool, I was thinking, "I wonder if Millennials would buy or rent a tiny house similar to a mobile home setup?" 

I wonder if someone IS doing it already. 

Have you tried a property database like http://tax1.co.monmouth.nj.us/cgi-bin/prc6.cgi?menu=index&ms_user=monm&passwd=data&district=1301&mode=11 or  http://www.state.nj.us/treasury/taxation/lpt/TaxLi...

Great place to get info.

You can have an S-corp within an LLC (LLC is the legal, S-corp is the taxes) but it really only makes sense when the profits are much higher than a "reasonable salary," which a couple of houses are not. You can change the tax designation later if you want, subject to some timing rules.

No legal or tax advice.

My steep driveway is still a sheet of ice. :) I'm hoping the sun melts it off but am not sure I'll be going anywhere for a few days! 

Great job on planning for the planning! I'm re-reading The Millionaire Next Door (haven't read it for a dozen years or so) and one point that stuck out is how much time high net worth couples spend planning and working on their investments/financial future. This is the hybrid business/investment equivalent of that.

Only thing I'd add is to document who is responsible for what. Shared goals without task delegations can get fuzzy. "I thought you were doing that." "I thought you were going to make the call first and then I'd start on it." (6 months later)

A couple hours might not be enough, though, to really dig in and create a plan. I schedule a full day to do this and we almost always run out of time. I know couples who actually schedule a weekend getaway to do financial/investment planning, which is a terrific idea if it weren't for our three kids. :) 

This year after a tough day of financial planning, we treated ourselves to dinner. It was the best end to a productive day. 

@Brandon Turner 

Excited to read it! And you're wearing the famous plaid shirt we hear about on the podcasts so often...? 

 The one you're referring to (http://www.knoxreia.com/) is the only one I've heard of as well. Has anyone from Knoxville gone to these meetings, and how are they?

Welcome, Eric! I'm trying to get a handle on the Knoxville market myself. There are lots of pockets, and the question of multifamily or single-family is what I'm trying to solve right now. 

Great episode! I love all the tips about how to get your "rocks" done.

I have a dedicated goals journal I write in every year, so it's all in one place. Wish I'd started it years ago, but I just started it in 2013. It's never too late, though...I figure in 10-20 years it will be a great read.

I also have a rolling calendar reminder to re-read my yearly goals every month so I don't forget about them, and forget to take action (out of sight, out of mind).

Welcome, Jason! I'm in Knoxville, also new, trying to learn the market. (I'm not new to Knoxville, just new to REI.)