All Forum Posts by: Chanté Owens

(I apologize in advance if there is a phantom posts of this put up multiple times)

@Karen Margrave Thank you for making this post, because I was thinking of some similar things over the past few weeks.

I appreciate your comment Bill Gulley, as I think that places it in a context whereby you can garner some interest, but the onus is on that person to contact you in order for you to provide the "meat."

I learn something every day!

Renters insurance policies are relatively inexpensive (I know, that's subjective). As Billy Gulley said, there is the 80% coinsurance, as well as limits are certain items, ie, cash is (typically on most policies) covered only up to $200. Also, jewelry is typically a set max too; however, they can get a rider on their policy and get an appraisal if they have jewelry that exceeds the amount the policy covers (which is typically $1500 or $2500, but policies due vary, so will need to confirm).

Finally, when purchasing a policy, I recommend doing an extensive inventory of items and if at all possible, taking pictures of those items. And as a precaution, I'd recommend also retaining receipts (scan them if necessary to save on space). I had a situation where my bag was stolen from the airport (many years ago; hence the reason I no longer check luggage), and they wanted to give me a paltry amount, but I showed my receipts from some expensive items, and they were forced to pay that amount, so documentation is key.

@Charmaine M. What a great story - with all you've already sacrificed, I'm sure once you put that first deal together, it's going to be sweeter than anything you could ever imagine. People say RE investing is addictive; regardless if you are a flipper; buy & hold, or everything in between. Wishing you future success!

@Steven J.

"I have to admit, when I hear my parents discussing getting automatic car starters and seat warmers for their car (we live in MN) I can't help but think how frivolous that purchase is."

It's interesting how your perspective starts to shift when you have a goal/target in mind. Now when I hear my friends talk about certain purchases (mind you, it's not a judgement, because I was JUST like them many years ago), I just think about how that $$ could go towards something that could be building wealth. Trust me, I could spend through money like water at one point in my life & career, but now I am in a completely different place. Oddly enough, my sacrifices don't mean I'm living a poverty stricken life; I have everything I need and then some.

@Sean Kuhn I bought my 2002 Honda Accord brand new, and guess what? I'll be driving it for a few more years too! Gotta love a Honda ;-o)

@Tiger M. What a great story about wrapping the pennies to purchase diapers. These are the stories I'm talking about.

What I love about these stories is that a lot of people who started out with, well, not a whole lot, yet they have been hugely successful ... @Will Barnard (to name one).

It's inspirational to see that by just making these sacrifices that we have/are doing, that it will benefit us exponentially in the (not so distant) future. It's about wealth building.

Thanks for all of the great post! Keep um' coming, as I'm enjoying them so much, and there may be some ideas that some of us can use to further save for our eventual property(ies).

@Brandon Turner Thanks for posting,

@Ratho R. Good luck to you! It's tough starting out (I'm in your boat), but from what I've been reading here, and know from other aspects of my life, patience truly is a virtue.

@Chris K. If you log into your account it will be a little box that will show if you have any messages or mentions. You then click on that and it takes you to your personal inbox area you have w/BP. If you have 1, 2, 3 msgs, it will state the number.

Obviously @Joshua Dorkin can tell you more about settings, etc, than I can, as I haven't a clue!

Moderation. That's definitely the key. The longer you go not purchasing items frivolously, the easier it becomes.

Brianna, I agree. The sacrificing we make today should hopefully yield us some HUGE dividends in the future. I think that's part of the problem with people investing in general (not just in RE); people want everything right now, but it takes time and patience. I hope you are right, that in 10 years I can have my multi and commercial property!

@Silvestre M.

Hahahaa, we can't give up EVERYTHING! I hear you about eating out. I don't typically dine at fast food places, so it took a lot for me to curb my fine dining meals. Sigh...fortunately I cook well, so I just have to prepare my own food.

It's true that little things do make a difference. For instance, I have a lotion and perfume that I LOVE, but together, they cost about $195. Very rich for the blood. SO, I found a lotion that comes close and a body spray that comes close, and combined they cost $10 bucks (usually they are on sale) That's a HUGE savings of money that can be used to pay down debt and save for a DP.

Very smart. You are looking at it from the immediate gratification vs. long-term gratification of being able to retire at a young age. Kudos to you!

Hopefully this is in the right section. Mods, feel free to move if it's not.

I've been reading on this site now for well over 8 months, and recently joined so I could communicate with some of these great minds.

This is something I've been thinking about recently, since it's close to the end of the year and as always, a time for reflection and planning for the new year.

I'm curious to know what are some sacrifices you've made in order to get into the RE game. While there are some who indicate you can get into this with little to no money, and a few who have deep pockets from family members/friends; it appears the vast majority have gotten into this and have been (some fairly and others wildly) successful by sheer virture of making personal/financial sacrifices and making it work.

Without getting too personal, I'd like to know what some of you have done in order to save money; raise money; sacrificed, etc, in order to really make a splash in this game.

I'll start. I left the insurance industry back in 2008, and have stepped back in at the latter part of this year, because, while I love my travel business and freelance writing that I do; it will not be able to take me (financially) to the place I'd like to be in the next 2-4 years. I know that in order to get money to purchase my first multifamily unit, I'll need some "skin in the game", ie, large down payment. Going back into the "Corporate" world, while painful in some ways, is definitely a means to an end. I've also completely changed my outlook on what's a "necessary" expenditure vs an "unnecessary" expenditure in efforts to rethink the outlay of money I spend, so I can save as much as possible...it's slow going.

I look forward to reading others stories of personal sacrifices.