Treat your tenants like customers.

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We’ve all heard the horror stories of tenants ruining properties by putting holes in walls, staining the carpets, refusing to leave a property at the end of their lease etc. This concern is what I would assume is the leading cause of people not being interested in owning rental properties.  Sometimes there’s nothing you can do to prevent this kind of behavior, but you can put the odds in your favor by treating your tenants like customers. Having rentals is a business, and with any good business comes great customer service.

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Business planning, Buying houses, Investments, Planning

Live within constraints.

Four years ago Zach spoke on Boundless Creativity via Boundaries, Constraints, and Limitations at Ignite Denver. He’s been saying it for years, and it still holds true today. The more we restrain ourselves, the more creative we are.

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Look at us laughing at how little we spent on our wedding day!

I remember back in 2007 we had a budget of a whopping $2,000 for our wedding, including my dress! This is not a joke. My parents have always provided well for me and my 4 siblings, but they’ve never had a lot or money. Zach and I also had very little money. When we got married we were both going to school full time, and I was working as a Cosmetologist. So we had to make this budget work. If I remember correctly, I think we spent closer to $1,500!

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Debt Free Living, Small living, Smart money

Easiest way to save money.

Zach has been out of college and in the workforce for 8 years now. For the past 8 years he can count on one hand how many times he has paid to go out for lunch, impressive! Going out to eat for lunch is such the norm and most people don’t think twice about how much money they are spending. Based on the idea of paying $10 a day (which I wouldn’t be surprised if this number was actually higher) 5 days a week… you are looking at $200 a month. Now, what if you are a double income family, and both of you are eating out every day? That’s $400 a month!! Four. Hundred. Dollars!

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Buying houses, Move forward, Planning, Small living, Smart money

New Airbnb in Louisville, CO

This last week I made a trip back to Colorado to visit our good friends (and our family Photographer) Ashleigh and Ian. I made the trip because they decided they wanted to rent out their spare bedroom on Airbnb. This was extra special because they purchased their house from us!  It was a lot of fun to be back in Louisville (although it was all of 36 hours) and get them squared away.

Have you ever considered renting your house out on Airbnb? Or, rent out a spare bedroom? Tell us about it!

Airbnb, Business planning, Debt Free Living, Planning, Small living, Smart money

Our Airbnb Rental. Sort of.

After years of considering and trying to find a way to have a full time airbnb rental. We have one! Kind of. As you probably already know by now, we are big Airbnb fans. We use it to find places to stay when we travel, and we also use it to rent out our home when we are gone. We. Love. It.

We initially thought about renting out our basement bedroom several months back, after we added a door in the laundry room. Having a second entrance made it feel like, why wouldn’t we do this? After a lot of excitement we ultimately decided that a few extra dollars wasn’t worth the hassle.

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Airbnb, Investments, Small living, Smart money

Why we rent our house out on Airbnb.

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Just about every time we go on vacation we rent our house out on Airbnb. When we share this with people, it’s often met with disbelief that we would let people stay in our home while we are away. For Zach and I, it just makes sense. If we have a house that’s sitting empty, why wouldn’t we want to make some money to either subsidize our trip, or pay for it entirely?

This last weekend we went camping at Redwoods National Park. We spent about $60 on gas, $70 on campsites, $100 on food. We were gone for 3 days, 2 nights… and we spent a total of about $230. However, we rented our house out for those same two nights and we made $364. Renting our house out not only paid all our expenses, it left money in our pocket.

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Offer accepted… now what?

The house was listed at 218k, we were able to get it under contract at $203,029 which we felt was super awesome. However, there was no inspection contingency with this property. Meaning that we could do any inspection we wanted but we would not be able to get our earnest money back in the event we decided to back away from the house. (Earnest money is held by the title company and used towards your downpayment-usually 1-2% of the house price- but this can be lost if you walk away from the property.)

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Be decisive, Buying houses, Fixer Upper, Investments