Barrett's 2 Cents

I am a CERTIFIED FINANCIAL PLANNER™ professional. I write personal financial advice for baby boomers without kids. Some people say I help simplify their finances. Other people say I help them enjoy more life experiences. Read on and decide for yourself.

Category: Real Estate (page 1 of 2)

But My Tenants Are So Nice

You love your tenants. They always pay their rent on time, rarely complain, and they are super nice. Now for the bad news – that’s probably why you’re undercharging.

In the spirit of disclosure, I own no rental properties so I can’t speak from personal experiences, only those of my clients who rent out single family homes. The common theme – none of them have a system for raising rents based on inflation or comparable listings (comps). When I ask why, they usually share that they’d feel bad doing so because the tenants are so nice.

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Managing Your Real Estate Addiction

Real estate addictionMy friend Soren is breaking up with his partner, who he lives with, and can’t move out. Why? Soren’s entire net worth is consumed by a company 401(k) plan and a vacation rental with a large mortgage that he bought with his partner. By the standards of the average person, Soren is wealthy, but because his wealth is all untouchable, Soren won’t have the cash he needs for a security deposit and moving expenses until he and his partner sell the rental property. Was he lured into the real estate investing market way too soon? Yep. So what might he have done differently?

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Done By 60: The Liveaboard Life

Marina Del ReyYou’ve heard the phrase about buying a boat, right? The best two days you’ll experience while owning a boat are the day you buy it and the day you sell it. And let’s not forget the acronyms (like break out another thousand) or the many sayings (bankruptcy on a trailer, a hole in the water you throw money into, etc.).  But what happens when your boat becomes your primary house, provides some part-time income, and acts as your getaway spot – all at the same time?

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The Renter Sellout

RentingSomehow I’ve branded myself as the guy who thinks renting a home is better than buying one. So I expect to get some grief from a few people when I start shopping for a condo.

Am I finally giving in to the societal pressure? No.

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Done by 60: Final Home Destination

homePeople often plan for retirement based on their current lifestyle, which includes the cost of living in their current city. How much sooner could you retire if you moved to a city with a lower cost of living once you stopped working full time? As it turns out, the cost of staying in that big, expensive city (I’m talking to you, San Francisco and New York) can easily hit six figures and add several years to your work life.
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