As you know, as part of the PhREI network, we decided to start a weekly roundup to share new activity from across the network. Enjoy!
Ian Cook of Carpe Diem MD discusses how to finance your short-term rental property. He suggests 10% down, and goes over conforming versus non-conforming loans. He details Freddie Mac and Fannie Mae second home eligibility requirements as well. There’s a lot of good information in this post that will help you learn more about financing in general, and especially when it comes to second home-buying.
Daniel Shin of Darwinian Doctor basically shows you how to get rich (with time). There are six steps: map out your income and expenses, grow the gap, save an emergency fund, pay off high interest debt, invest regularly and wait. Now you know the steps, BUT… you still have to learn how to use them to get rich. Check it out!
You may or may not have seen previous posts of mine referring to points from the book “Atomic Habits” by James Clear. One of the points he writes about is the plateau of latent potential. Confused? In simpler terms, the plateau of latent potential is the hill that progress dies on. So, how do you overcome the financial plateau of latent potential? I’ll give you three ways!
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