“Is our rental property a good investment?”

This week, a couple wrote to me and asked if they were on the right track. [Podcast Newsletter Header](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_nY3qn9gW7lCdLW6lZ3lJVrvgl75bZXg0W8m6D8Y7QGyQXW1-NrxW5JVcq-W87N8-F1NfnC5W6D3ZRT9b17WXW6mgVgy1Z85J7VY73dn7yHgMXN7jGSbBNlW9nW8cK4F569dNB6W5s79fv2jKq2mW2hfGXN3gd5_sW6L44kr9fPGYGW6wVcFS6FBS_9W7X88-Y3t375PW8lMPny1PvNMmW38BrDZ2SKZ-GW1DGkW33Kdjz6V49D4j2l-0XrW3wPZfP8YZqtTW3ZWZ_N7ws2b4W8l1HJH18jyzXW2T66CN8YfT4vW3sY0Kb2YbbDxW1qrqmT2qT6hZf1MDL8x04) {NAME}, This week, a couple wrote to me and asked if they were on the right track. They’re married with 2 kids and own rental properties in Florida — with crazy insurance rates. So are they on track with their financial goals? Let’s find out below… How to instantly save $100+ per month How much do you think most people are spending on their phones? Actually, why don’t I just show you. Here’s what the 5 most recent CSPs in my inbox are spending on their phone bills — from single people to families of four: - $230 / month - $133 / month - $172 / month - $250 / month - $130 / month That’s a lot — especially when you realize this newsletter’s sponsor, [Mint Mobile](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_nY3qn9gW7lCdLW6lZ3n2VWrNtb2CNR0jW1lf-7T7q5QByW8wqcBs8p9CzCVfrgHh58nvGFW5nl3Mp7c2ymmW2KnGvW67Njn2W960ctb8Gx_MtW2ccJJr8QBhR3W1Yd7Q82lhtb4W4Q-0XB5NRp0pW2jMb1l94Xs8RW9ks2W12RnnfGW3jhlMS6psxF6W41_WBB5KySk-N4qXvQQrkmDcW3vPwgr23pJBbW912zLr3Wf6kcW8tPPYd3wGw2qW92tZqQ7BKQ0MW3BYDtY52MyjXW44rjM78lcRrdW1jHtbC4zfT4NW60lpL667HWgnW7zjC2s4KDQCVf1LJdm604) offers premium wireless for $15 a month when you purchase a 3-month plan. Imagine what you could do with an extra $100+ per month! If you’re trying to get your fixed costs down, check out this new customer offer for a [3-month unlimited wireless plan for just $15 a month](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_nY3qn9gW7lCdLW6lZ3p2W1smBDB2xgdD_W5zw7Sq2ckKfKW84fhns2FSnQFW1jsJZL3pY1z9W1w-7811cMr1gVH1J4p5QwQGfN5W9plVkmfrNW9cHgXd2BN0T9W62sVGr66_F4rW8-Qp-P8XNj38W9dgnzm5k3l7yW4CHjWD189wkYW2SPVPf33-54tW3HLQF44KVH_kW5T-BpD22d25HN3w3HlwP7GNbW1KyWGh8W8J8tW1GV2yW3_SMF1W8QPlwD6nxBSGW86-M661prc7xW81xqcG371clwW8JH1qg2b-djwW1bvyD65dStzwW7hzXkd2vZdrbf1xyxyv04). “Are we on track?” Now let’s get into this week’s [Conscious Spending Plan](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_nF3qn9gW6N1vHY6lZ3p8W3-JG0V72R4bzW1hN9wX9f49zpW5_z32G1kSLVTW80KB4P8HC39pW89r_3h8QwvsjVM7JCt4cJzpvN5BzMvgk8g5dW7trRPM998LXyW3kdb8T5GN7vQW7nDm3R5WBmPQW5nS4VT8B1LzdW1J51lX84GszzN46S14bKDDLjW7kF3rV8lh4BsW66jwDJ490KgcVpCQ-S6dNGPqW62f8PD2w9CJwW117xHD4FqvbsW2QJJ6g4jLNq2W5pzF819dwsGPW7gQlvf9k8DQXV1yDND52xF7ff5TcjD204). Here are some details about this week’s couple: - We are 33 and 34, married with 2 kids - Our youngest is in daycare and oldest is in school with free tuition - I have a corporate job, my wife has a 1099 job with life-long veteran disability payment. She’ll soon work in education with a likely $45-55K year salary - We own rental properties in high-cost-of-living areas - Our short-term goal is to buy a used minivan - Long-term goal: move to LCOL or MCOL area. Sell primary and rental #2. Roll equity into banging $600K house in the Carolinas with < 50% LTV The reason that I chose this CSP was because I want to show you what it looks like when you choose a rental property as part of your investment portfolio. A lot of people think that I'm against real estate. I'm not… I'm against people using religious phrases to justify buying a primary residence as an investment without running a single 60-second calculation for the biggest financial purchase of their life. Please don't do that. However, some people run the numbers and decide that it is a superior financial option to buy a primary residence. That's rare right now, because in almost every city in America it is far cheaper to rent than to own. But sometimes it's better to buy than to rent. Other people run the numbers, they see that it's cheaper to rent and they still buy a house. They do it eyes wide open because they do it for intangible reasons like kids or redecorating or location, etc. That's also fine if you do it eyes wide open. And finally, we have another group of people who says “I want to buy property specifically as an investment.” Not as a primary residence — but as an investment. For those people, we need to classify their purchase quite differently than a primary residence. It’s an investment, which means we need to ask ourselves what's the risk, what are we benchmarking it against, do we have a diversified portfolio or is all of our money in one asset class, etc. I think a lot of real estate investors are quite savvy. They usually run the numbers. I also think a lot of people who call themselves real estate investors are just people who got caught in a hype cycle and bought real estate because everyone else does and suddenly they don't understand why they're not printing money. Anyway, we'll find out what's up with this couple. Let's take a look... NET WORTH $ Assets (current value of car, home, property, business) $951,000 Investments (include 401K, non retirement — all investments) $120,000 Savings $12,000 Debt (three residential mortgages) $323,000 Deposits Payable $5,000 TOTAL NET WORTH $755,000 INCOME Gross monthly income (all income before taxes added up) $14,923 Net monthly income (how much you take home after taxes) $10,167 FIXED COSTS (50-60% of take home) 58% Rent / Mortgage $1,840 Utilities (gas, water, electric, internet, cable, etc.) $380 Insurance (Medical taken out of gross pay) $320 Transportation (Gas, repairs, tolls, parking, licensing, carwash) $330 Debt Payments (Debt free a/o April '24) $0 Groceries (Includes eating out and coffee budget) $1,200 Clothes (adult & kids) $100 Phone $80 Subscriptions (Netflix, F1 TV, Office 365, Adobe, Canva, Prime, BJJ) $260 Miscellaneous 15% (Added $670 in daycare) $1,347 FIXED COSTS TOTAL $5,857 INVESTMENTS (10% of take home) 10% Post-Tax Retirement Savings (Roth 401K, 529s, HSA, Roth IRAs) $1,060 Stocks $0 Add your own here $0 INVESTMENTS TOTAL $1,060 SAVINGS GOALS (5-10% of take home) 14% Vacations $200 Gifts (tithe & giving, birthday gifts, etc.) $500 Long Term Emergency Fund (until 6x fixed cost achieved) $750 Add your own here $0 SAVINGS TOTAL $1,450 GUILT-FREE SPENDING (20-35% of take home) 18% GUILT-FREE SPENDING TOTAL (Dining out, movies, anything you want!) $1,800 Net worth - Their assets are $951,000. - Investments are $120,000 - Savings $12,000 and debt is $323,000, - Their total net worth is $755,000. Income - Their income is $14,923 a month — or $179,000, wow. That's pretty impressive to have built a portfolio of about $755,000 on $179,000/year. - But we should remember these are cash flowing real estate properties. They have 3 residential mortgages. I'm guessing they have one mortgage as their primary residence and two rentals. - And they said each “cash flow”. Let's talk about what that means… What does “cash flow” mean in real estate investing? - “Cash flow” means that after all expenses, they are still making money. - Okay, in general, there are a few red flags for people in life… - One — they show up 20 minutes late for a first date. Get the f*** out. - Two — they have read anything by Rich Dad, Poor Dad author Robert Kiyosaki. (Who recently went on an extremely offensive racist tirade. You can find it on my Twitter account. You'll find it hard to believe.) - Three — anyone who uses the phrase “cash flow”. (Notice that it is directly related to number two, Robert Kiyosaki's, phrasing.) - Sometimes there are people who use cash flow properly, they want to use it as a technical term, great. But there's a lot of dilettantes and looky-loos who simply say cash flow, cash flow, gotta cash flow, cash flow. - Guys, the point of life is not to cash flow. The point of life is to live a Rich Life. I don't cash flow anything. I pay lots of money in rent every single month. I'm still doing fine. - So some people who choose to be real estate investors, many of them target cash flow. However, in very high-cost-of-living areas like California, New York, and frankly nowadays a lot of cities, it's actually impossible to cash flow. - That means you, as a landlord, lose money every single month. So why would they do it? Well, they do it for two reasons: - One — most of them don't know. They create this rosy calculation and they totally forget about a roof repair or an interest, expense, all kinds of stuff. - - The second is — many landlords lose money. A little money every month, sometimes thousands of dollars every month, but they are betting on appreciation. - This is typically done in places with restricted supply. New York and California are perfect examples of this. So they might be losing money every single month, but they know that in the end, they're probably going to make it up on appreciation, meaning the value of the house increased. A big risk you need to be aware of when buying a house now… - This couple’s rental properties are cash flowing, which is great! That's amazing, that's very impressive, I totally support it. That's a solid investment. - Now, I want to point something out to you. They also said, “recently strained by bonkers South Florida insurance and HOA rates.” This is really important. This is a new phenomenon that will be sweeping the nation, and it's very likely that you haven’t yet heard of it. - First off, in Florida, you may recall that there was recently a condo that collapsed and hurt a lot of people. Because Florida is notoriously deregulated, they did not have specific laws to protect for condos maintenance. So they passed a new law which now requires condo owners to have a certain amount of maintenance and a certain amount in reserve. - Suddenly condo owners are hit with a $30,000 or $50,000 fee to get their building up to code. Now a lot of people don't have $50,000 sitting around. So what do they do? They have to sell. But who wants to buy a condo where you know that you have to pay $50,000? - This is a massive problem that is dramatically decreasing the value of condos across Florida. - The second thing that's going on, and this is nationwide — is insurance. In areas that are hit by climate change, specifically flooding like in Florida or wildfires like in California, insurers are simply leaving the states. - That can be because of two reasons: - Either they are dramatically raising their rates. (I know people who have had 5, 6, 8 times increases in their home insurance rates. That's a lot of money. We're talking tens of thousands of dollars a year.) - - Or, they simply can't get insured anymore because the insurance companies left the state saying we can't make this economically work. - This is a massive, massive thing that is happening across the country. In many ways, many houses in California will be uninsurable if they live in wildfire areas. - Anyway, what's my point? - You need to be aware of macro risk when you're buying a house. And I say this because if this person is pointing out we're recently strained by bonkers South Florida insurance and HOA rates… my bet would be that those rates are only going up. - And so you need to model out the future and say, will it still make sense for us to own this property or should we sell right now? - That's up to you. Let's look at the rest of your numbers. Fixed Costs - Fixed costs are at 58%. Fantastic. I have no comments. If you're doing that and you're below 60%, good job. - Please note that this couple — obviously very sophisticated — added in the miscellaneous 15%. They're calculating things in a very detailed way. I really like it. This is a well-done fixed cost number here. Investments - Investments are 10% of take home. Let's take a look here. - They’re putting $1000 / month into post-tax retirement. Keep in mind that they are appropriately investing money. So if you're investing in multiple properties then that is part of your portfolio. - Theoretically you can lower the amount that you're putting in the stock market because you also have these investments. Some people choose to have real estate properties in their portfolio, others don't, but I think this is totally a respectable decision. Savings - Savings goals at 14%. Notice that they are saving extra towards their long-term emergency fund. Why? They even put the reason there: until 6x their fixed costs are achieved. - What do they mean by that? They mean that right now they have $12,000 in savings, which is about 2 months worth of fixed costs. - They are aiming for 6 months of fixed costs. That's really smart — and really conservative. That will give them a cash moat in case something bad happens to them. Sure, it might take them a few years to save that money up, but they're on their path. Guilt-free Spending - Guilt-free spending at 18%. Again, I have no comments. Overall - I think this is a very good CSP. I don't mind that they chose a different route to their rich life. Theirs includes rental properties. - What I really love is that they're being thoughtful about it. They're carefully calculating their numbers. They have a plan for what they're doing today and tomorrow. - They mentioned that long-term, they want to move to a low-cost-of-living area, they want to sell their primary and rental, etc. - Awesome job. They have a plan, they have a rich life vision, and they are using their day-to-day expenses, savings, and investments to live it. - This is how you do it. Again, you choose your path to a rich life. It can be all investing in the stock market, it can be rental properties, it can be starting a business, it can be a combination of all the above, but you gotta know your numbers, you gotta have a clear vision, and you gotta be living it day-to-day. Well done, congratulations, I'm very impressed with what you've done. Thanks for sending your CSP! [Ramit Sethi Signature] P.S. This week on the podcast: “We spent $80,000 more than we made last year” (Part 1) Adrienne and Rob are 59 and 62 worry about whether they have enough to live comfortably in retirement, and have already started living off their investments. Have they done enough? Check it out [here](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_pd3qn9gW7Y8-PT6lZ3pfW17ZKY88ksv7kW4tT4Ty4QdfHrW4fm7wd1TwR7SVFt0Cv5FqMSnW6lYQ-j2nNdhRW3SgyvQ28rVC5W7p6Bkv7yQng9N7WjdCT2_tK-W7j00WM14XFtlN1DT2CKM4J82W7ZlM0j7LCQc-W8ctz861kW5c-W3qWZBs7g9HF0VVq84Q84VJlNW5TX-Ps5BV-YZN12NNBYX1Xb-W746Pcg3bB-ZQW56J_lF1z6Fv2W5FHgd-1Qtb_sW79f0l23rcF9hN69pYgSNN6CRW6gfq5d2zgc1KW4P4MZN5RRDpcW1XMhBy35LsxsW93PhDj6ZrNDSW5-BNGv6RLh-qf96MFQK04). [Podcast_We overspent by $80,000](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_pd3qn9gW7Y8-PT6lZ3nnW55_ND94fKzpqW3D7bBC2NrJLDW9982xL7L1CJWN6Gz_lyKmBrmW4LV6Pf5lCHnBW6TwPjx287nt6W7yyXKb6wN8zwW11Q1-B7H13r4W7GfXc33603KTW5hp1f32325gCW8RG_mv7hHKJdW22KNGR2d4rWLVrpNJd4PZNLLW4_g-Dz4fyNqqW8nkjWY5grZJvW8X_q-S4vS8trW1jl8Ng2vsmQgW5pJj453K0Gk-W90mLWN72GdkQN1v9nBYHGgSFN19v0NsyWQClW81Rgkd7-Sk1_W6v8-3Q6blV9_W5bL_sr37ZCwQW1gCQb-25GRSvW80tfMb3v7Nc4f65Z66d04) [Programs →](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_pd3qn9gW7Y8-PT6lZ3kQW73qL6y915CjPW58jCMg2qZxZgW54Q20g6vXP8GW2G6dkh2dN4r0W7SHK_f3Zj1nhW4q3tXc78TvyRW8svTC691-F5TW3fvfWl10pRwMW6sTLPB3swmb5W8Xcm9344NVV0W2C3sTr4_p59SW4DCMjg6Zz8-4W7RB5Gd4K0WbVW7dctfY7h4ck1W1cwJTw7CtfKzW93_tjB4xGBVrVzkY9L35tJJjW8-TGZS2QwxMXW5MgFlH7lhgMbW3yNF7z77ktKzW29hY-w671HWCW1nCzYk1nRmYzW5S2fJK2-PKfpW6M1Qhy81DPR0W2fSQr92Gmf4bW6jqQ5R647pD7f1n7n9204) [Podcast →](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_pd3qn9gW7Y8-PT6lZ3mMW4FV8r32dFV-fW8yB1Rq7ywzRSVYQNry5_TftGW2BqjMk4QvG9FW3vSNGy3BHwbGW5hjF6L3Ny4wbW5g8PSM6lv74pW5XGcYs7Wf1BYW8NZD3r5nSB5WW6Kdfpk7k_PFfW3ZqWYZ5mMs4wW2QTtCH4MJyLfW7ZhQ6L4RqXpVW3P-87q78zcKbW3HPGFx2NZ4fCVMl9Jz8rvzKRW7yD-6l8LppHJN5lMPZCl-xGTW6B0pyt3V4Rs-W8mxKt33KHgQ8W1PJtBH98c9y5Vnq61J15GSzHW2W4SDc50DQjnN5fLfb_7NsDLW74KkQY6-6DK6W4rhvRQ5szTHBf4kpW8804) [Netflix Show →](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_pd3qn9gW7Y8-PT6lZ3l3W24nQ0n568DQ4W2cnrJc1Tjt_yW8J7XlP3ycNJ3W4hsNN88xDGdZW5LlbfL5mF_xzN3dwmqZ5LqgTW5ZlDFv7lYW_dW8Cldcp2MTcn9W5JytHN7YV9FgW6XBqSx407GQwW349BkQ2wbCTGW4vTrR_90PVPKW4Zlrln7rlMPKW3K_818178qrjF3q-SN5lWkhW8w2W7r8pnH8XW7mDbyv68Wm3hW2cm5xk5h1Dl4W5SYCP12KY8SpW6hLdBK8P_GwtN2b887NxtX9NW10bWsf5rp6kGN2VCCR154glZW7K03LX3ZgZMrW2Z2lb28NY1D4VlZ6CG5w1jhFf11yK4M04) [Books →](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_pd3qn9gW7Y8-PT6lZ3mkW2fSZ3v76k82PW7zgrQV1B42RLW16lDtY6jxrh-W6X_Pdm5pFN9dW8m510y9d51TXW8Zxc3g6xYZJ1W5x8Qsc8d5V8yW7Qj0tK8wN4YSW5vVkdL5jRTvGW6dYLKW8TXdNVW7xN5Mz8qW4RvW73H0s99jjlP4W1g62DF8ZfQrjW2tv2WG4VgmsjN4TH0T82_0hsW6nGjxh5BJ4tgW6Hdr3k34vY3HW5kL3zG8GbtD3W2kB5_D3HLDg5N4VY7g4TFRh0W1fCLb42LSJBxW8Clc4M19Km1VW1hMtgH8vM6CtVSbtYB622MHHW5Jgfnc8JmKPDW4bd3Y_4mMjK4f1rK24004) [Website →](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_nY3qn9gW7lCdLW6lZ3kqW45pzfk7sC0SnW7LSsGQ1LMDTGN2wQkB7WKq15VBnjrj7KtGhXW3wxLSr57csW8W5t-2_H1nWLfbN4RXxSjx3hJ7W6XxFhN6BMqqMW5ShyRF6f__tGW7BQ1JZ6SXrdWW4X0B-B6b8Yc3W5PB0zl3w5C_dW9jqxsH66JGwVW8QyDKX55gmV8W87pRXW1wtQgmW3GG5r984bNrBW8D10zs1xVV49VsR99J1mmCv5W7k3hgF6zm96dW96Nh0_4mLNr3W2k8NG72zs6jCW3F6-5z8DS-c8VsyPcY5_5fGpW6m5hkz1D-8TVf960C3z04) [Instagram](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_nY3qn9gW7lCdLW6lZ3lgW3l_9JG45Pv83W2G2kPz3sRLS1W8X2MVG2wYVR-W6qxLL087NYknW4RD54q4fgWPKVDslJh6fT3cdW3wv--s795bt2W6K42Mb242ggvV1Fdkr8xTGcsW6XS9fs4ylFkdW2s31ph6Rt7NfW3qh7lr673bZzN2qGRyr4sWp7W4dFH3292b2sMW5sdlJc7pTcvYW93Pdsh27bbh_W3CZybh3VbmB7V43fjR8NQJSvW5ZpGw72tflMQVCBKyH4rQfPbW2Fjqs88f4RG_W3nV4tl325Nm2W5rnsDj80TgvjN9dVKl7jssk-f7LGzZT04) [LinkedIn](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_nY3qn9gW7lCdLW6lZ3p0W345LM_5MzybLW7-kBDH599g9FW182jMS88TDf0W745vr15VLv-xW4MzwZx5mlcQgVbR4jB7wDr90W9dM0PX6DKjrvW3j-tG55V4CYmVRFzVz7qxxMqW3NZDmW7V1phNVGLkLZ2wrClGW25XBL19cMlk8V-7Gyh60jcLQW4mjLRg88yX9tW97wDhr4VCGnrW2DtxgP2GhDTrW2Qq2PQ5l5wjBN4HdmZSNzn2XW6yN83M5BrnqDW8mDhgn5vRV8yMmD8ftg4LhzW4Q4LxS4Q1x_8W6Z1-8C12g_84N8vttYsZRcTMdDHSrF04) [Twitter](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_nY3qn9gW7lCdLW6lZ3kWW7bm6n_5hlzmBN2dkFPS7NWnGVWC4-R91m_nCW8CTgWT8QkXGdW5TPBTS3Q14rvN6xglW8xgCNwN5qtpflprF_jW3nJfqS34vBrDW4Pwq-j99b_-WW7Ms27j8FJffCW82my-_76Gz1QW7JLm644Fccb8VBMzr88xnvr4N1DLGlSvhDrmW4lkp7d348zxgW45kXvb369l4mW75pHSK2G9yJgW30w3_j2zfpg6W8GhRXv5r-t2LW5Pv84g3Z5DfLW5S1FTH3HJbj0W4NJ_2C3pgd7nW8c9CHF3Fk83sW7f1Q3j1GFFyhf6Qcx0s04) [YouTube](113/d586LZ04/VX1M4T8Qr7dYW7wPZqf2jJ8R7W5VG-2S5fwBvrMSn_nY3qn9gW7lCdLW6lZ3q1VqcmZW1F9sM2W6pZlY25VK6lkW5j8n4_95zv84W5dVJBf4BDvRxW7zSmQn94HgxvVlp3rc8K6Dn0W1rWVFq8hfQSdW3kr-M622F-V9W2J2xZQ3KG7d1W3xMvK68Zv7L4W62K-Lj2L0g_wW5g55pW7ZwTlsW8mwVc33tddSsMF8prJX61QVW9gQbw46W5XqSW2dzt-S4GGmK9W7_XH7M2WF0dgW5MlFxd2p9jfMW27TDmx8TsGMgVPqPvC5vwG_sW38hv6r4_pvV9W6MzQDB1R-4YKVhFfLq6CBk4kW4WDQ2m21jMPgf2jDCvR04) Was this forwarded to you? 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