Sunday, January 23, 2011
Property Taxes
Just got my property tax, $2012 per year. I can make two payments of 1006 twice per year. With car insurance of $595 that wipes out one of my rental checks between these two bills. The scariest bill coming up is income tax...Ugghhh.... Yea, the rich pay their fair share. SIGH
Friday, January 21, 2011
Houses for sick Children
Every man or woman should have one great goal in his or her life. One unbeatable quest, one desire one hope, one dream you persue without hesitation or cause. I have one great goal in life that I have worked on for many, many years... Come share this journey with me! I also want your advice from time to time...
My quest, is to have 10 rental houses, full paid for with renters. Now here comes the wierd part, I don't want the wealth for myself. I have no plans to spend the material wealth upon myself. When I die, I want the rent from those houses to help sick children with their medical bills. Honestly, I don't care about money or material wealth. All I have in my life is two cars, a 1968 boat and some miscellaneous funiture/odds~n~ends.
If you would meet me on the streets, you might even think I am poor because my clothes are in somewhat shabby condition. I purchase my clothes from GoodWill and the ARC (2nd hand thrift stores) so they are a bit used to begin with. Most of my pants are freyed on the ends and one or two shirts have tiny holes in them. I don't care, if you judge me based upon material wealth, I happily loose :)
Oh what a contradition in life... Well, you can not take the $$$ with you when you die, so I want to help sick children. One amazing woman came into my life and showed me the beauty of caring for children... Unfortunately things fell apart between us... mostly due to my faults. But, she showed me a different type of life, giving and not taking. So what, life is not about impressing the "Jones" or anyone else. Yep, that's more or less my personal living expenses for each month. I live with my parents, they are elderly and need my help. Sure from time to time I buy food. I have offered so many times to pay them rent, help with the bills but they will have no part of that.
Here is where you come in, I want your advice and opinions. No man is an island, we all need fresh perspectives.
Income:
I have about $102,000 per year income from work, $18,000 per year in rental income and spend less than $500 a month on personal living expenses.
Expenses:
1) Cell Phone - $60 per month
2) Gas and Oil and insurance on two paid for cars - $200 per month ( my sister is poor so the 2nd car
is for her )
3) Buying dinner at work - $5 to $9 per day - $200 per month
4) Once a month, $8 hair cuts from a local lady
5) Occasionally buying used clothes from thrift stores
The Charity:
I want to setup a charity when I die, so the rental income ( after property taxes, insurance and repairs ) will be used to help very sick children. I want a charity that has the following terms:
1) After expenses are paid 50% of the gross revenue goes toward medical care of sick children.
2) The other 50% of gross revenue will be saved up and purchase another rental house free and clear.
The hope is that the charity will always grow and expand. Each year another house will be added and more money will be available for children.
Current Progress:
I have worked on this goal for the past 4 years. I have one house paid for in full ( about $300,000 in value ) and I have about $107,000 ready for the next house. I now realize that a very expensive house just does not bring in the rent compared to the expense of the house. There is an optimal price for a rental house in my area. That is about $125,000 to $150,000 dollars. I should have the $125,000 by about this coming May. I don't think it's wise to purchase a house during spring time. Too many people are buying and moving during the spring/summer to keep their kids in the same school district. Might have to wait until August/September.
My quest, is to have 10 rental houses, full paid for with renters. Now here comes the wierd part, I don't want the wealth for myself. I have no plans to spend the material wealth upon myself. When I die, I want the rent from those houses to help sick children with their medical bills. Honestly, I don't care about money or material wealth. All I have in my life is two cars, a 1968 boat and some miscellaneous funiture/odds~n~ends.
If you would meet me on the streets, you might even think I am poor because my clothes are in somewhat shabby condition. I purchase my clothes from GoodWill and the ARC (2nd hand thrift stores) so they are a bit used to begin with. Most of my pants are freyed on the ends and one or two shirts have tiny holes in them. I don't care, if you judge me based upon material wealth, I happily loose :)
Oh what a contradition in life... Well, you can not take the $$$ with you when you die, so I want to help sick children. One amazing woman came into my life and showed me the beauty of caring for children... Unfortunately things fell apart between us... mostly due to my faults. But, she showed me a different type of life, giving and not taking. So what, life is not about impressing the "Jones" or anyone else. Yep, that's more or less my personal living expenses for each month. I live with my parents, they are elderly and need my help. Sure from time to time I buy food. I have offered so many times to pay them rent, help with the bills but they will have no part of that.
Here is where you come in, I want your advice and opinions. No man is an island, we all need fresh perspectives.
Income:
I have about $102,000 per year income from work, $18,000 per year in rental income and spend less than $500 a month on personal living expenses.
Expenses:
1) Cell Phone - $60 per month
2) Gas and Oil and insurance on two paid for cars - $200 per month ( my sister is poor so the 2nd car
is for her )
3) Buying dinner at work - $5 to $9 per day - $200 per month
4) Once a month, $8 hair cuts from a local lady
5) Occasionally buying used clothes from thrift stores
The Charity:
I want to setup a charity when I die, so the rental income ( after property taxes, insurance and repairs ) will be used to help very sick children. I want a charity that has the following terms:
1) After expenses are paid 50% of the gross revenue goes toward medical care of sick children.
2) The other 50% of gross revenue will be saved up and purchase another rental house free and clear.
The hope is that the charity will always grow and expand. Each year another house will be added and more money will be available for children.
Current Progress:
I have worked on this goal for the past 4 years. I have one house paid for in full ( about $300,000 in value ) and I have about $107,000 ready for the next house. I now realize that a very expensive house just does not bring in the rent compared to the expense of the house. There is an optimal price for a rental house in my area. That is about $125,000 to $150,000 dollars. I should have the $125,000 by about this coming May. I don't think it's wise to purchase a house during spring time. Too many people are buying and moving during the spring/summer to keep their kids in the same school district. Might have to wait until August/September.
Subscribe to:
Posts (Atom)