Change of Address

After buying a Nomad property, you should remember to change your address with various companies. We’ve integrated the following list right into the Ultimate Nomad Checklist and the list of things to do immediately after closing, but here is a stand alone list for your reference.

Warning! Logging and tracking tasks is for Premium Nomads only.


Instead of updating your mailing address each time you buy a property, you may want to consider updating as many of your accounts as possible to electronic statements to avoid having to update them each time you move.

Mark this task as complete when done.

Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


To avoid constantly updating your address as you move each year with Nomad, you may want to consider getting a post office box or private mailbox from a company like the UPS Store.

Then, have all your mail always go to that mailbox to avoid having to update them with each purchase/move.

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


After Closing you should go down to your local post office and get a new key for your mailbox (if your mailbox has a lock). You can do this at the same time you set up mail forwarding.

You will usually need to bring down a copy of your deed (which you'll receive at closing) to do this.

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


After Closing you should go down to your local post office and set up forwarding of your mail to your new property address. You can do this at the same time you get your new mailbox key.

You will usually need to bring down a copy of your deed (which you'll receive at closing) to do this.

There will probably be a small fee to do this. I've heard $1.

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


Contact each of your Debit/Credit Card companies and update your address with each one of them.

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


Contact each of your mortgage holders (for other homes and rental properties) and update your address with each one of them.

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


We normally recommend that you put the Utilities in your name on the property you're buying prior to Closing to start the day of Closing. This however should remind you in case you forgot to do that AND, additionally, remind you to update your address with Utilities for properties other than the one you're buying now.

Update your address with all Utilities on the property you're buying and any rental properties you own as well.

Here is a list to help:

  • Gas
  • Water (including any water associations if applicable)
  • Trash
  • Electric
  • Garbage
  • Cable television
  • Internet service provider

NOTE: If you have Tenants or Tenant-Buyers in the property ask to get a Landlord policy for utilities so that your utilities will automatic switch into your name when the Tenant or Tenant-Buyer stops paying or removes them from their name.

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


Update your address with the Insurance Companies that insure your properties (including this one and any rentals), cars and anything else.

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


Update your address with all the places you bank including Banks and Credit Unions.

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


Update your address with all Home Owner's Associations (HOAs) including the property your buying and all your rental properties.

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


Contact each of your employers and update your address with each one of them.

In many cases contacting Human Resources will update everything, but in some cases you may need to contact multiple departments. If you have to contact different departments, be sure to do that. Some examples of different departments might include:

  • Your retirement accounts with your employer
  • your health care account with your employer
  • payroll with your employer

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


Contact each of your Health/Dental Insurance Providers and update your address with each one of them.

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


After you move-in update your address and contact info with the County you live in.

This allows them to send your auto registration to the correct address.

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


Contact each of your IRA, 401K, Investment Account or Retirement Account Companies and update your address with each one of them.

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


Contact all your subscriptions and update your address with each of them.

Some reminders of what you may have include:

  • Cable television
  • Internet Service Provider (ISP)
  • Magazines, newsletters and newspapers
  • Netflix
  • Software subscriptions like Dropbox, Spotify, Apple Music, Evernote, Lastpass etc

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


Notify the friends and family that you want to know where you live of your new address and contact info.

Some clients may opt to use this opportunity to clean up their friends list.

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Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13


If your Tenants and/or Tenant-Buyers are sending rent or giving you notice at your previous home address, then make sure you update each of them with your new address.

Mark this task as complete when done.

Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

If you have additional suggestions, please do let me know.

Rental Application

During the Tenant Screening class, I mentioned and showed you the Rental Application to modify and use when taking applications for prospective tenants.

A special thank you to Brian Williams who shared his Rental Application with our local investor club. The Rental Application below is 99% from him (and his girlfriend Beth). Thank you Brian and Beth!

Here are images showing the newest version of the 3 page rental application I suggest you download to open with Excel, edit and then print and use yourself.



Download Editable Rental Application

Premium Nomads can login and download the an editable version of the Rental Application to use in their own business.

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And these are the spots you’ll want to edit to replace with whatever your application fee amount is, your reservation fee amount is and your contact info is.


Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

Sponsor Content

There is additional content on this page that is shown to Sponsors only.

Sponsors are usually Real Estate Agents and Lenders who'd like to work with Nomads in their local market.

Click here for more information on how to become a Sponsor.

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Bookkeeping Spreadsheet

Last night Brian presented a special class on Bookkeeping and Accounting for Real Estate Investors for our local real estate investor club. In that presentation he talked about a number of topics dealing with getting organized and tracking income and expenses and other paperwork for your rental properties. He talked about using Dropbox and specifically how he organizes both his digital and paper filing systems.

And he also talked about various software applications you can use for tracking income and expenses like Quick Books and a number of others. But, the highlight of the class was when Brain demonstrated the Excel spreadsheet he personally uses to keep track of his rental properties.

And the good news is… he’s given me permission to share it with all of you so you can download it and use it in your own real estate business.

Premium Nomads can also use the web based version.

Images of Brian’s Bookkeeping and Accounting Spreadsheet

Here are some example images from the spreadsheet with a link below for you to download it.

The image above shows the list of income categories and expense categories (which you can edit should you need to) that match the IRS income and expense categories you will need when filing your taxes or when sending this information to your CPA to prepare your taxes.

The image above shows the list of your properties and LLCs or other entities that you want to track income and expenses for. Just add a new one and the new one will appear in the dropdown choices for running reports.

The image above shows a summary of the income for all properties… there is a single tab for entering income for all your properties and entities. That’s what is shown.

You might have guessed it was coming and you’d be right… the image above shows a summary of the expenses for all properties… just like the income tab, there is a single tab for entering expenses for all your properties and entities. That is this one.

Here is one of many reports available showing the itemized income and expenses for a particular property.

Download Brian’s Bookkeeping and Accounting Spreadsheet

Here’s the link to download Brian’s spreadsheet as an Excel file (available for free to any logged in user).

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Web-Based Bookkeeping and Accounting for Rental Properties

Premium Nomads can view the houses they’ve entered in the system and track income and expenses using the online version of Brian’s spreadsheet as well. Here’s a screen shot of the online version.

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Sign up for Dropbox with "Extended Version History" feature at:

http://Dropbox.com

"Extended Version History" keeps copies of old versions of your files longer than just 30 days in case you accidentally delete something and don't realize it right away.

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AccountingASAPBookkeepingBookkeeping and Accounting for NomadsComputer SetupFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1

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Once you've signed up for Dropbox make sure it is installed and working on your computer for saving all your real estate related files.

Here is the recommend folder structure for Nomads to be setup inside Dropbox:

  • "REI Folders"
    • Folder for each property and LLC/major entity
    • Example: "Main St LLC" (one folder for each LLC/major entity)
    • Example: "1234 Main Street" (one folder for each property)
      • "1. Purchase Docs"
        • "YYYY-MM-DD - PROPERTY STREET ADDRESS - FILE DESCRIPTION.pdf"
        • Example: "2018-04-21 - 1234 Main St - Buyer Settlement Statement.pdf"
      • "1.1 Refinance" (if applicable, but make it now)
      • "2. Trust Docs"
      • "3. Property Info"
      • "4. Mortgage"
      • "5. Taxes"
      • "6. Insurance"
      • "7. HOA"
      • "8. Expenses"
      • "9. Tenant and Property Mgmt Info"
        • Example: "Smith, John and Suzy" (one for each tenant group)

Mark this task complete once you've setup Dropbox and your folder system within Dropbox on your computer.

AccountingASAPBookkeepingBookkeeping and Accounting for NomadsComputer SetupFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1

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Determine who you will as your accountant to help you with financial planning and completing your taxes.

Ask your Real Estate Broker for a recommendation.

Mark this task complete once you've determined who you'll use as your Accountant.

AccountingBookkeepingBookkeeping and Accounting for NomadsDream TeamDream Team - Pre-ClosingPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 54

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If you've created a new entity for your parntership, request an EIN for filing taxes.

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AccountingBookkeepingBookkeeping and Accounting for NomadsPartnershipsUltimate Nomad ChecklistWeek 3

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Meet with your Accountant to ask questions about partnerships.

Mark this task as complete once you've met with your Accountant and you have all your questions answered about partnerships.

AccountingBookkeepingLLCPartnershipsUltimate Nomad ChecklistWeek 3

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Watch the recording of the live presentation of "Bookkeeping and Accounting for Nomads" available on:

https://learntoberich.com/bookkeeping-and-accounting-for-nomads/

Mark this task as complete once you've watched it.

AccountingBookkeepingBookkeeping and Accounting for NomadsClassesUltimate Nomad ChecklistWeek 52

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You should setup your bookkeeping system for your rental property. There are several options to choose from including just hiring a bookkeeper/accountant to do it for you to using the tools we provide.

Of course, you could keep track of your income and expenses in software like QuickBooks and have your accountant prepare taxes at the end of the year. There are also property management software packages that allow you to do bookkeeping and accounting as well.

If you don't have a strong preference, we recommend you setup either Brian's bookkeeping and accounting spreadsheet or use web-based version on LearnToBeRich.com to start tracking income and expenses for property.

Mark complete once you've set up bookkeeping and accounting for this property.

AccountingBookkeepingBookkeeping and Accounting for NomadsPost ClosingUltimate Nomad ChecklistWeek 18

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If you've decided to download and use Brian's Bookkeeping and Accounting Spreadsheet to keep track of your income and expenses on your rental and Nomad properties, you can download a copy of it here:

https://learntoberich.com/bookkeeping-spreadsheet/

If you're not going to use Brian's accounting spreadsheet, you can skip this step and mark it as complete.

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AccountingBookkeepingBookkeeping and Accounting for NomadsPost-ClosingUltimate Nomad ChecklistWeek 18

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Send your Accountant your income and expenses for the year to prepare your tax returns.

Mark complete once you've sent your Accountant income and expenses from either Brian's Spreadsheet or the web-based version.

AccountingBookkeepingBookkeeping and Accounting for NomadsUltimate Nomad ChecklistWeek 53

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Review the tax return from your Accountant. Ask questions if you have them.

Once your tax return is approved, mark this task as complete.

AccountingBookkeepingBookkeeping and Accounting for NomadsUltimate Nomad ChecklistWeek 64

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If you have a Partnership, then once you have reviewed your tax return from your Accountant share it with your Partners.

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AccountingBookkeepingBookkeeping and Accounting for NomadsPartnershipsUltimate Nomad ChecklistWeek 64

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File your tax returns for the year.

Mark this task as complete once you've filed for the year.

AccountingBookkeepingBookkeeping and Accounting for NomadsUltimate Nomad ChecklistWeek 65

Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

Sponsor Content

There is additional content on this page that is shown to Sponsors only.

Sponsors are usually Real Estate Agents and Lenders who'd like to work with Nomads in their local market.

Click here for more information on how to become a Sponsor.

IMPORTANT: You are not logged in.

New? Create a FREE account

Warren Buffet Talks About Buying “A Couple Hundred Thousand Single Family Homes”

When one of the richest men in the world decides to recommend buying single family homes with 30 year fixed rate financing, Nomads would be smart to listen (you can watch the video clip below).

Warren Buffett during a television interview with CNBC talks about how he’d buy a couple hundred thousand single family homes if he could figure out the property management. He says, “he’d load up on them.”

For Nomads, we’re not recommending you buy a couple hundred thousand single family homes… but you’re probably not Warren Buffett. Instead, we’re suggesting maybe you buy 1 and see how it goes. It if makes sense after attending all 50 different classes, buy another. If, instead, you decide “James is crazy and I don’t know what I was thinking”, you’ve still got a single home you’ve bought you can live it, rent out or sell. No harm, no foul and since the average net worth of a home owner is 36 times that of a renter, you probably did yourself a favor anyway.

In a recent NY Times article on How Homeownership Become the Engine of American Inequality they tell us home ownership is a proven wealth builder and savings compeller:

“There is a reason so many Americans choose to develop their net worth through homeownership: It is a proven wealth builder and savings compeller. The average homeowner boasts a net worth ($195,400) that is 36 times that of the average renter ($5,400).”

Warren goes on to talk about how he’d take out mortgages at very, very low rates. Well… that would be now. I show in the class we do on interest rates with charts just how low interest rates are right now. He explains how if you get a 30 year mortgage and it turns out interest rates were too high, you can refinance it next week. If it turns out interest rates were too low, the “other guy” (presumably the bank in this case) is stuck with it for 30 years. He says, “it is a very attractive asset class now.”

The host then asks Warren: if you were a young investor and you had the choice to buy a home or stocks, which would you invest in? Warren Buffett’s answer is clear: if he knew he’d be living in that same area for 5 years or so, he’d buy a home with a 30 year mortgage. He tells us it is a terrific deal.

If only Warren was a “handy type” (which is readily admits he is not), he says if he could buy a couple single family homes at distressed prices with 30 year mortgages it is a leveraged way to buy a very cheap asset.

He says, “that’s as attractive of an investment as you can make.”

Watch the 1 minute 23 second video below:

Check out some of the other Nomad classes:

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Watch the recording of the live presentation of "Get Your First Deal Done" available on:

https://learntoberich.com/get-your-first-deal-done/

Mark this task as complete once you've watched it.

ASAPClassesGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 1Week 53

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Watch the recording of the live presentation of "Looking at Houses" available on:

https://learntoberich.com/looking-at-nomad-houses/

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ClassesGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 3Week 55

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Watch the recording of the live presentation of "Buying Process Overview for Nomads" available on:

https://learntoberich.com/buying-process-overview/

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ASAPClassesGet Your First Deal DoneNomad BasicsOptionalUltimate Nomad ChecklistWeek 2Week 54

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Watch the recording of the live presentation of "Financing Nomad 101" available on:

https://learntoberich.com/financing-nomad-101/

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ASAPClassesFinancingFirst Meeting: FinancingGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 1Week 53

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Watch the recording of the live presentation of "Finding Properties for Nomads" available on:

https://learntoberich.com/finding-properties-for-nomads/

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ASAPClassesFirst Meeting: Receive Property ListsGet Your First Deal DoneOptionalProperty SearchUltimate Nomad ChecklistWeek 1

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Watch the recording of the live presentation of "Analyzing Deals 101: an Intro to Cash on Cash Return on Investment" available on:

https://learntoberich.com/cash-on-cash/

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Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealsNet Operating IncomeReturn On InvestmentUltimate Nomad ChecklistWeek 18Week 3

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Watch the recording of the live presentation of "Analyzing a Deal with Brian's Spreadsheet" available on:

https://learntoberich.com/how-to-analyze-a-deal-with-brians-spreadsheet/

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Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealsGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 4Week 56

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Watch the recording of the live presentation of "Strategies to Get the Lowest Monthly Payment When Buying Real Estate" available on:

https://learntoberich.com/lowest-monthly-payment/

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Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealsMaking OffersUltimate Nomad ChecklistWeek 58Week 6

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Watch the recording of the live presentation of "Making Strong Offers that Get Accepted" available on:

https://learntoberich.com/making-strong-offers-that-get-accepted/

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ClassesFirst Meeting: Write OfferMaking OffersMarket StatsUltimate Nomad ChecklistWeek 59Week 7

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Watch the recording of the live presentation of "Low Ball Offer Case Studies" available on:

https://learntoberich.com/low-ball-offer/

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ASAPClassesFirst Meeting: Write OfferMarket StatsUltimate Nomad ChecklistWeek 59Week 7

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Watch the recording of the live presentation of "How to Get Down Payment for Nomad" available on:

https://learntoberich.com/how-to-get-down-payment-for-nomad/

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ASAPClassesDown PaymentFinancingNomad BasicsPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

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Watch the recording of the live presentation of "Contract To Buy and Sell in Detail" available on:

http://JamesOrr.com/contract-buy-sell-real-estate-detail/

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ASAPClassesPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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Watch the recording of the live presentation of "Nomad 101" available on:

https://learntoberich.com/nomad-101/

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ASAPClassesNomad BasicsOptionalUltimate Nomad ChecklistWeek 5Week 57

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Watch the recording of the live presentation of "Contract to Close" available on:

https://learntoberich.com/contract-to-close/

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ClassesContract To CloseUltimate Nomad ChecklistWeek 60Week 8

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Watch the recording of the live presentation of "Seller's Property Disclosure Case Studies" available on:

https://learntoberich.com/spd-case-studies/

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ASAPClassesContract To Close: Seller's Property DisclosureGet Your First Deal DoneMaking OffersPaperworkSellers Property DisclosureUltimate Nomad ChecklistWeek 13

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Watch the recording of the live presentation of "Negotiating Win-Win Inspections for Maximum Benefit" available on:

https://learntoberich.com/negotiating-inspections/

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ClassesContract Deadline: Inspection Objection DeadlineContract Deadline: Inspection Resolution DeadlineContract To Close: Inspection and Due DiligenceInspectionUltimate Nomad ChecklistWeek 8

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Watch the recording of the live presentation of "Closing Real Estate Deals" available on:

https://learntoberich.com/closing-real-estate-deals/

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ClassesClosingGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 61Week 9

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Watch the recording of the live presentation of "Catch Up Nomad Overview" available on:

https://learntoberich.com/catch-up-nomad-overview/

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Catch Up NomadClassesUltimate Nomad ChecklistWeek 14

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Watch the recording of the live presentation of "Capital Expenses: The Silent Killer" available on:

https://learntoberich.com/cap-ex/

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Analyzing DealsCapital ExpensesClassesUltimate Nomad ChecklistWeek 16

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Watch the recording of the live presentation of "Nomad with Lease Option Exit Overview" available on:

https://learntoberich.com/nomad-with-lease-option-exit-overview/

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ASAPClassesLease OptionTenant BuyersUltimate Nomad ChecklistWeek 17

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Watch the recording of the live presentation of "Analyzing Deals 201: Selling with Lease Option" available on:

https://learntoberich.com/how-to-analyze-a-lease-option-deal-with-brians-spreadsheet/

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Analyzing DealsASAPCash FlowClassesLease OptionNet Operating IncomeReturn On InvestmentTenant BuyersUltimate Nomad ChecklistWeek 19

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Watch the recording of the live presentation of "Marketing for Tenants" available on:

https://learntoberich.com/marketing-for-tenants/

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ClassesLeaseLease OptionProperty ManagementTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 40Week 55

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Watch the recording of the live presentation of "Tenant Screening" available on:

https://learntoberich.com/tenant-screening/

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ClassesTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 41

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Watch the recording of the live presentation of "Mock Tenant Screening" available on:

https://learntoberich.com/mock-tenant-screening/

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ClassesLeaseLease OptionProperty ManagementSolving Tenant ChallengesTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 42

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Watch the recording of the live presentation of "Tenant Buyer Sales and Marketing" available on:

https://learntoberich.com/tenant-buyer-sales-and-marketing/

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ClassesLease OptionMarketingTenant BuyersUltimate Nomad ChecklistWeek 43

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Watch the recording of the live presentation of "The $5,000 Lease Demystified" available on:

https://learntoberich.com/5k-lease-demystified/

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ClassesLeaseLease OptionProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 44

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Watch the recording of the live presentation of "Property Management Mastery" available on:

https://learntoberich.com/property-management-mastery/

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ClassesProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 45

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Watch the recording of the live presentation of "The Lease Option – The Lease Part II" available on:

https://learntoberich.com/the-lease-option-the-lease-part-ii/

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ClassesLease OptionProperty ManagementSolving Tenant ChallengesTenant BuyersTenantsUltimate Nomad ChecklistWeek 46

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Watch the recording of the live presentation of "Solving Tenant Challenges" available on:

https://learntoberich.com/solving-tenant-challenges/

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ClassesProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 47

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Watch the recording of the live presentation of "Fixer Upper Nomad Overview" available on:

https://learntoberich.com/fixer-upper-nomad-overview/

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ClassesFixer Upper NomadUltimate Nomad ChecklistWeek 26

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Watch the recording of the live presentation of "Buy at a Discount to Refi and Hold" available on:

https://learntoberich.com/buying-at-a-discount-to-refi-and-hold/

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BRRRRClassesFixer Upper NomadUltimate Nomad ChecklistWeek 25

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Watch the recording of the live presentation of "Cash Flow Explosion" available on:

https://learntoberich.com/how-to-maximize-rental-property-cash-flow/

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Cash FlowClassesLease OptionNet Operating IncomeReturn On InvestmentTenant BuyersUltimate Nomad ChecklistWeek 48

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Watch the recording of the live presentation of "Bookkeeping and Accounting for Nomads" available on:

https://learntoberich.com/bookkeeping-and-accounting-for-nomads/

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AccountingBookkeepingBookkeeping and Accounting for NomadsClassesUltimate Nomad ChecklistWeek 52

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Watch the recording of the live presentation of "Return on Investment and Return on Equity" available on:

https://learntoberich.com/return-on-equity-for-nomads/

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AppreciationCash FlowClassesDebt PaydownDepreciationReturn On EquityReturn On InvestmentUltimate Nomad ChecklistWeek 51

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Watch the recording of the live presentation of "Legacy Nomad Overview" available on:

https://learntoberich.com/legacy-nomad-overview/

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ClassesLegacy NomadUltimate Nomad ChecklistWeek 24

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Watch the recording of the live presentation of "Emergency Plan Workshop" available on:

https://learntoberich.com/emergency-plan-workshop/

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ClassesEmergency PlanUltimate Nomad ChecklistWeek 50

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Watch the recording of the live presentation of "Analyzing Deals 301: Multi-Family for Nomads" available on:

https://learntoberich.com/analyzing-deals-301-multi-family-for-nomads/

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Analyzing DealsClassesMulti-FamilyNet Operating IncomeUltimate Nomad ChecklistWeek 20

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Watch the recording of the live presentation of "Asset Protection 101: Overview for Nomads" available on:

https://learntoberich.com/asset-protection-101/

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Asset ProtectionClassesUltimate Nomad ChecklistWeek 22

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Watch the recording of the live presentation of "Asset Protection 102: Document Examples" available on:

https://learntoberich.com/asset-protection-102/

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Asset ProtectionClassesPaperworkUltimate Nomad ChecklistWeek 23

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Watch the recording of the live presentation of "Young Professional Nomad Overview" available on:

http://learntoberich.com/young-professional-nomad-overview/

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ClassesUltimate Nomad ChecklistWeek 24Young Nomad

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Watch the recording of the live presentation of "How to Acquire a Multi-Million Dollar Real Estate Portfolio with just $3,000" available on:

https://learntoberich.com/nomad-just-3000/

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ClassesGet Your First Deal DoneLease OptionNomad BasicsTenant BuyersUltimate Nomad ChecklistWeek 15

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Watch the recording of the live presentation of "Interest Rate Scenarios for Nomads" available on:

https://learntoberich.com/interest-rate-scenarios/

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ClassesFinancingInterest RateUltimate Nomad ChecklistWeek 18

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Watch the recording of the live presentation of "Warning: The Dangers and Risks of Real Estate" available on:

https://learntoberich.com/warning-the-dangers-and-risks-of-real-estate/

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ClassesEmergency PlanUltimate Nomad ChecklistWeek 21

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Watch the recording of the live presentation of "Little Down Nomad Overview" available on:

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ClassesLittle Down NomadNomad BasicsUltimate Nomad ChecklistWeek 27

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Watch the recording of the live presentation of "Understanding Appreciation – A Guide to Becoming Wealthy with Real Estate for Nomads" available on:

https://learntoberich.com/understanding-appreciation-a-guide-to-becoming-wealthy-with-real-estate-for-nomads/

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AppreciationClassesUltimate Nomad ChecklistUnderstanding AppreciationWeek 28

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Watch the recording of the live presentation of "College Nomad Overview" available on:

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ASAPClassesCollege NomadUltimate Nomad ChecklistWeek 29

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Watch the recording of the live presentation of "Northern Colorado Real Estate Markets Stats" available on:

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ASAPClassesMarket StatsUltimate Nomad ChecklistWeek 30

Nomad on $10 Per Hour

The following is a guest blog post by Jassen Bowman.

As the social and political debate rages on in the United State in regards to the minimum wage and the desire by many to see the minimum increased to $15 per hour, there is one statement that is repeated over and over again: It’s impossible to get ahead in this country on $10 per hour.

Most people acknowledge that absolute minimum wage jobs are difficult to get ahead on, but it’s not impossible. The conversation tends to become an argument for those career paths for which $10 to $12 per hour is about the limit of progress. In other words, starting an minimum wage is OK, but when the job caps out at $10 or $12 per hour, people lose the opportunity to get ahead.

In 2015, this become an even more heated debated when President Obama used his executive authority to increase the minimum wage for federal employees and contractors to $10.10. Many politicians were quoted as saying that, while an improvement, it was still impossible to get ahead on $10.10 per hour. Sen. Marco Rubio stated this on an episode of The Daily Show with Jon Stewart, which is when the debate really caught my ire.

In this post, I will explain that it’s not only possible to get ahead in life on $10 per hour, but also possible to build a multi-million real estate portfolio on that same $10/hr job.

Let’s start with a basic but seldom discussed truth: The real problem isn’t the wage base, but rather the exhaustive consumerism of the standard American lifestyle.

Much has been written about the Standard American Diet (SAD), and it has become mainstream thought to accept the fact that, in general, Americans eat like crap. Two thirds of us (myself included) are fat, and the reason why is not a mystery.

Much less, sadly, has been written about the waste that exists in the average American household. The cadre of bloggers and authors covering the topic is small, albeit vocal within their specific sub-groups. Unfortunately, those of us that embrace simpler, low-budget lifestyles are viewed as oddballs — the idea of living well below your means has not yet crept into the American mainstream. I don’t expect this post to have any impact on that, but I’m at least going to take the time to throw my two cents into the debate.

I’m going to specifically address Sen. Rubio’s comment about not being able to get ahead on the new federal employee minimum wage. All of the numbers I’m about to put out there onto the Interwebs are on a per person basis.

The first fact that I want to mention is that almost everything that we spend money on is a want, rather than a need. Westerners in particular are too quick to confuse the two. My years of international travel taught me this very important lesson.

Needs are things like oxygen, water, and food. Technically speaking, humans don’t need shelter and clothing — they’re simply contrivances that allows us to extend our habitat range. For the sake of this discussion, however, I will put those into the “need” category. Most people will find themselves arrested without clothing, so it’s probably OK to lump it into the “need” category.

Next, I need to point out that a large chunk of what we spend money on is straight up a waste of money. The irony never ceases to amaze me when a low-income individual complains about their finances while smoking two packs a day.

So let’s see how to go about living comfortably on $10.10 per hour. I’ll make the assumption that such a person is working 40 hours per week. That’s $404 gross per week, $21,008 per year, $1750 per month. For reference, this is about equal to the US Health & Human Services federal poverty level for a family of three.

Now, let’s start spending!

First, let’s deal with Uncle Sam’s cut. The average American earning $21,000 per year actually has a negative effective tax rate. In other words, due to such things as the Earned Income Credit and the Child Tax Credit, the average low-income worker doesn’t actually pay income taxes, but rather receives a refund for free. In other words, low income people, especially those with children, receive a tax refund via money actually paid in by higher income individuals. This is a wealth distribution mechanism, pure and simple. According to the IRS, the average Earned Income Tax Credit paid out in 2016 was $2,455 per person, and a total over $67 billion in taxpayer dollars was redistributed to low income families.

For the sake of argument, we’ll consider that this is a single person with no children. For 2017, that makes their combined personal exemption and standard deduction equal to $10,400. This person is not eligible for the EIC or CTC, and thus their taxable income is $10,608 for the year. Federal income tax on this is $1,125, for an effective income tax rate of 5.4%.

Jane Doe now has $19,883 left for the year.

Oh, but let’s not forget Social Security and Medicare. That’s going to eat up another 7.65%, or $1607, from Jane’s paycheck. That leaves her with $18,276 for the year, and an effective federal tax rate of 13%.

State and local taxes are also going to take a bite. The national average for all income earners, of all wage levels, is just under 10% for state and local taxes. I prefer living in states with no state income tax, but others don’t hold that view. Since there is such a wide range of possibilities, I’m going to pick my old home state of Colorado and say that Ms. Doe is paying 4.65% to the state, or $493, on her federal taxable income.

Add that all up, and we see that she’s paying $3,225 in federal and state wage taxes. That’s a combined effective tax rate of 15.3%. Don’t try comparing this number to other articles you find online, because most sources are only taking income taxes into consideration when running these numbers, which simply isn’t accurate.

So Jane is now down to living on $17,783 for the year after taking into consideration the government’s cut. Let’s look at what is normally the biggest chunk of any person’s spending: Housing.

Too many people, when looking at these scenarios, grossly overestimate the housing level required to be comfortable. To put it bluntly, Jane doesn’t need her own apartment. She might want her own apartment, but she sure as hell doesn’t need it. In fact, this becomes particularly important when we look at Jane’s desire to build a multi-million dollar real estate portfolio.

Jane needs some time to save up for her Nomad down payment and closing costs. So for now, let’s have her rent a room in somebody’s home. A quick look on Craigslist shows me quite a few rooms for rent in the $350 to $900 per month range. Let’s pick something for $450, in a nice home living with a married couple without kids. That’s $5400 per year to live quite comfortably by global standards. It’s also not bad for a city like Denver, where the cost of housing index is 85% higher than the US national average.

Jane is now down to just $12,383 per year to live on. Let’s talk about getting around town.

I just checked, and Jane can get an RTD monthly pass for $1,089 per year. This will allow her to get back and forth to work, go get groceries, visit friends, etc. The Denver bus system is quite good by American standards, and Denver has a growing light rail system, also.

I know what some people are saying. “Hold on partner, you expect her to take the BUS?” Yes, that’s correct.

For a city dweller in particular, owning a car is a totally unnecessary luxury. That’s a blasphemous statement in the United States, to be sure, but it’s true. In some cities, such as New York City, it’s more normal not to own a car, but in general, this would be “strange” in most cities.

Cars are a tremendous expense. Even though gas prices are going down, there’s the cost of acquisition, maintenance, parking (in some places), etc. The IRS National Standards allow for a whopping $471 per month car payment and, for Denver, $213 per month in operating costs. These standards, used for calculating ability to pay back tax debts, represent a “middle class” American lifestyle.

Do you realize how much money that is? That’s over $8,200 per year in expected vehicle costs. That’s insane. For the several years, I got by just fine without owning a car (granted, I had a motorcycle, which is far cheaper to own and operate, but it mostly just sat in storage). For the types of errands that most Americans run, we do so very inefficiently. By planning ahead and clumping our trips, taking the bus is just fine.

Jane is now down $11,294 to live on. Let’s talk food.

As somebody that’s done it, I can tell you how easy it is to spend $900 per month, as a single person, on food. This is accomplished by eating out for every meal. It’s very easy to do.

What’s also easy, also speaking from experience, is to just cook at home and make simple meals. Simple, healthy meals really aren’t that expensive. I personally believe that the slow cooker is one of the greatest inventions ever. Ten bucks worth of ingredients in the slow cooker can easily feed me for three or four days.

Taking this into account, plus a number of other articles I found online in a super simple Google search, proves my point that a single person can eat quite well on as little as $100 per month. Really, really well on $200 per month — this is about what I currently spend myself. So let’s cut the difference and give Jane a $150 per month food budget.

Jane is now down to $9,494 per year to live on.

Let’s talk health insurance, now that it’s required by law. Jane’s situation qualifies her for a $177 per month Premium Tax Credit to help pay for health insurance. On the Colorado Healthcare Exchange, her cheapest plan is going to run $206 per month (just two years ago, it was $107 per month). Minus the credit, that’s only $29 per month for health insurance, or $348 per year.

This brings Jane down to $9,146 to live on for the year.

What else does Jane need?

Nothing. Jane doesn’t need anything more.

I’m making an assumption here that Jane has a wardrobe already. If Jane is smart, she’ll recognize the fact that she doesn’t need to spend hundreds of dollars per month on clothes that will just sit in her closet anyway (I’ve read studies showing that, on average, Americans never wear 3/4 of the clothing they own). Maybe Jane needs to replace a worn out piece of clothing occasionally, but this will be only a few hundred dollars per year, at most. Even less if she shops at thrift stores.

Note that I’m not going to the super-extreme here. There are other blogs, such as this one, that advocate mending your own clothing, darning socks, etc. Most people aren’t going to be willing to do that. I know I’m not.

Jane’s going to probably purchase personal care items like soap and deodorant. I’m not suggesting giving those up. But, at most, these items shouldn’t run more than a couple hundred bucks per year.

We’re also going to assume that Jane has no debt. In this scenario, Jane is in her early to late 20’s., and that she’s averse to consumer debt, as she should be.

I used to be a total moron in this regards. Absolute idiot. Dumbest person on the planet. To the point of bankruptcy. I’m not proud to admit it, but filing for Chapter 7 bankruptcy is one of the smartest financial moves I ever made, because now I’m debt free.

But we’re going to assume that Jane is smart, and doesn’t have any debt. Not even student loans, because she didn’t think she could afford college, and her parents didn’t have the money to send her, either.

So look at what we just laid out. Jane is making $10.10 per hour, the new minimum wage for federal employees. I even made her pay for her own health insurance, just in case she’s just a federal contractor and doesn’t get health insurance at work. Jane lives in a room in a nice house in suburban Denver, and pays her own way in life. She earns over $9,000 per year more than she actually needs to live on.

You’ll notice that there are some things Jane doesn’t have. For example, a cell phone. With many cell phone plans breaking the $100 per month mark, this service is yet another example of the extravagance of Western life, and it’s a needless expense.

Blaspheme, yes. But really, it’s true. Jane doesn’t need to be reached at a moment’s notice. She doesn’t need to check Facebook every two seconds. Jane can spend time with her friends face to face. Heck, she can buy the first round of beer because she’s not paying for a cell phone. Ya’ know, the way life was 20 years ago, when hardly anybody had a cell phone.

Does this mean she doesn’t have one? No, it doesn’t. Jane likes the security of being able to call a cab if her friends ditch her at the bar, or to quickly check the bus schedule if she’s on an unfamiliar route. She also calls her mom once a week for half an hour.

Well, guess what? That level of realistic talk and data can be had with a $20 phone and about $20 per quarter in pre-paid cell phone cards. I’m a tax consultant and marketing consultant, for crying out loud — you know, somebody that spends a fair amount of time on the phone — and this is the type of cell phone service I use.

With all this said, and even some cash here and there for entertainment or a round of drinks, and the math clearly shows that Jane has well over $8,000 per year extra to do with as she pleases.

The point of all this math was to counter Sen. Rubio’s comment that a person can’t get ahead on $10.10 per hour. Well, using this calculator I was able to determine that full-time attendance at Front Range Community College in Colorado will cost Jane $5,338 in tuition and books. Interestingly, the same calculator states that, since she’s low-income, she’ll receive $8,275 in grant aid (NOT LOANS). This covers her full cost of college.

This handy calculator from the college shows something else pretty awesome. It says that Jane’s room and board cost is only $9,603, plus gives her an allowance of over $5,000 for transportation and miscellaneous expenses. Jeesh, those numbers look familiar, don’t they?

The reality here is that Jane can pay her own way through college at FRCC while working her $10.10 per hour job, even without grant money. She has the cash from her job to do this. BUT, because she gets the grant aid, some much more interesting possibilities open up if Jane saves that $9,000 per year that she has left over. We’ll get to that in a moment.

Is her schedule going to be hectic? Yes, it is. Is she going to be tired, and have to sacrifice having an iPhone 7 and a daily latte? Yes on all counts.

But come on, those aren’t sacrifices. They’re luxuries. And since Jane wants to get ahead in life, she’s going to spend her nights and weekends going to class and studying. She’s going to apply herself, and avoid wasting money on needless spending. If necessary, she’ll make two trips to work each day in order to accommodate a class she needs for her academic program that is only offered mid-day. (Although it should be noted that many of FRCC’s career certificate programs can be completed entirely via evening classes.)

When she finishes her certificate program, Jane will earn $12 to $20 per hour as a welder, LPN, computer technician, etc. These are one year or less certificate programs. After her career change and significant salary increase, Jane may decide to pursue her Bachelor’s degree in her spare time. Or maybe not, because now she has a valuable skill and a career.

This is how Jane gets ahead on $10.10 per hour. In fact, based on these numbers, and using financial aid, Jane can actually get ahead in life on pure minimum wage.

Oh, but what if Jane is a single parent? Doesn’t that change the equation? Yes, of course it does. Maybe Jane is going to have to suffer the indignity of living at home with her parents for a couple more years (which many 20-somethings are doing already anyway). Maybe she’ll have to work a swing shift job while her father watches her child in the evening, and she can only take two or three classes at a time. Regardless, Jane can still get ahead in life by making the right choices — even on minimum wage.

Bottom line: The assertion that somebody can’t get ahead on a low income is just plain incorrect.

Now let’s take things a step further, and demonstrate how Jane can actually build wealth on her $10 per hour wage.

We’ve already demonstrated that Jane’s tuition and fees can be fully covered by grants and the Colorado Opportunity Fund. So that’s taken care of. Instead of a room in somebody’s else, let’s put her into a small apartment with a roommate. There are plenty of decent apartments in the Denver suburbs that are in the $1000-$1200 per month range. Let’s split the difference, and move her into an $1100/mo apartment in Northglenn that I found right now on Craigslist, or $550/mo for her half. Let’s say they skip cable TV, turn the lights off when not in use, and throw on a sweater instead of jacking the heat up to 72 in the winter. Let’s estimate utilities at $100, for a total housing cost of $650/mo. Although substantially higher than the previous scenario, the extra $2400 per year is well within her budget.

Why do this?

Because Jane has spoken to a mortgage lender about the FNMA Homeready program. The program allows low income homebuyers to purchase a home and use a roommate’s monthly rent to apply toward qualifying income. The roommate rent can be up to 30% of the total gross income used for qualification. In addition, the presence of the non-borrower household income can be used as a compensating factor that allows going up to a 50% debt to income ratio.

If Jane’s roommate sticks around for a full year, and agrees to move in and continue paying rent as a roommate after Jane buys a house, then a fascinating thing happens. Including the rent payment from the roommate, Jane can qualify for a mortgage payment up to $1250 per month, including principal, interest, taxes, and insurance (PITI). This allows her to buy a house up to about $195,000 — plus she had the full year with the roommate to save up for down payment and closing costs, which together will cost roughly $9,000. Remember that number from earlier?

So this means that… Wait for it… 12 months of living in a cheap apartment with a roomie allows a $10/hr worker to buy a decent house.

This is all assuming no other debt and spotless credit.

Are there single family, non-manufactured homes available in greater Denver? Yes, yes there are.

Jane can now pursue the low down payment Nomad model, and buy a new home each year to build her multi-million dollar real estate portfolio. As she finishes her education, her income will go up, improving her ability to qualify for future mortgages.

So there you have it. Real math showing that low income, non-college educated individuals can not only squeak by, but actually build a multi-million dollar real estate portfolio over the course of their life working entry-level jobs.

People who say it cannot be done should not interrupt those who are doing it.

Volunteer

Thank you for your interest in volunteering to help run one of our local chapters of the Nomad Investor Clubs on Meetup. We appreciate your interest.

Nomad Investor Clubs is a volunteer run organization that relies heavily on volunteers to coordinate and facilitate the local meetups chapters on Thursday evenings.

How Are Chapters Organized?

Most weeks, our local meetup chapter will have a discussion meeting. In some ways, we operate like a book club where Nomads all read the same book each week then get together to discuss it. Except… we’re not reading a book… we’re watching a class on a specific topic relating to the Nomad investing model.

The classes are taught live by James on Tuesday evenings at 6 PM MST. They are open to the public and free to attend. All Nomads and volunteers are encouraged to attend the webinar live to be able to get the content, ask questions and get answers. Plus, you should attend the class live just in case the recording fails (which does happen).

We do attempt to record each class and make that recording available for a very limited amount of time before it gets saved away in the archives for Premium Nomads only. The recording of the class from Tuesday is usually available for everyone for free from late on Tuesday night, Wednesday and Thursday up until the meetup. After the meetup on Thursday, the recording is archived and only available to Premium Nomads and we start allowing registration for next week’s class.

Each local chapter of Nomad Investor Club usually has 1 to 3 volunteers.

What Do Volunteers Do

Volunteers are expected to:

  • Promote and uphold the “Go Giver” philosophy and culture of the clubs (there’s a 4 minute video on the principles of the “Go Giver” book below)
  • Attend the classes on Tuesday evening (or at least watch the video recording of the class on Wednesday or Thursday before the meetup so they know what the discussion is about)
  • Attend most meetups on Thursday
  • Work together harmoniously with other volunteers and coordinate to make sure another volunteer will cover for you if you can’t make a meetup
  • Coordinate a venue for the Thursday meetups – Starbucks is fine for your first few meetups until you outgrow it
  • Greet Nomads and make them feel comfortable and welcome and
  • Encourage discussions on Thursday’s meetup with Nomads about Tuesday’s class topic

“Go Giver” Philosophy

The Nomad Investor Clubs culture is based largely on the principles taught in the “Go Giver” book (summarized in the 4 minute video below).

Volunteer Benefits

Volunteers get a free Premium Nomad membership as our way of saying, “thank you for volunteering!”

They also get the satisfaction of knowing they’re being active in the Nomad community and helping their fellow Nomads on the Nomad path.

Interested In Volunteering?

If you’re interested in volunteering and helping your local Nomad Investor Club chapter, here are the steps:

Step 1

Sign up for free for the meetup for your local area (or let us know if there isn’t one formed yet):

https://www.meetup.com/pro/nomads/

Step 2

Register for a free Nomad membership:

https://LearnToBeRich.com/register/

IMPORTANT TIP: You’ll want to remember that address since new Nomads that visit the meetup on Thursday will often ask you how to register for a free account.

Step 3

Register for the next class:

https://LearnToBeRich.com/meetup/

IMPORTANT TIP: You’ll want to remember that address since new Nomads that visit the meetup on Thursday will often ask you how to register for the classes or to access the recording of the class for Wednesday and Thursdays.

Step 4

Contact James to let him know that you’re interested in volunteering.

James Orr, Realtor in Fort Collins, Colorado and Father of Nomads
jamesorr@gmail.com (this is what James prefers but you can call too)
Mobile: (970) 225-6989

Let him know:

  • Your full name
  • Email address
  • Mobile number in case he needs to reach you during a Thursday meetup
  • What city of Nomad Investor Club you’re interested in volunteering for

If you’re the first volunteer, we’ll need to find a venue to meet at. New, small chapters can usually meet at a Starbucks until you start having larger numbers of Nomads attend.

Step 5

Once you’ve volunteered at your first meetup or two, ask James to upgrade you to a free Premium Nomad.

Who Pays For The Meetup?

Nomad Investor Clubs LLC pays the cost of the Meetup Pro fee (about $35 per month), the technology for the classes and website, etc. We expect volunteers to find free venues to host the meetups and volunteers should not spend money on the meetups.

Volunteers are not required to invest or spend any money related to the running of the Nomad Investor Clubs, but volunteers may want to know how the Nomad Investor Clubs funds its operations and can afford to provide the classes, technology and pay for the cost of Meetup: the chapters are expecting a small percentage of the Nomads to voluntarily “chip in” to the support the club and/or upgrade to Premium Nomad. We are also seeking real estate agent and lender sponsors to offset the cost of running the club. We may also from time to time look for additional opportunities to help fund the Nomad mission like bringing in a guest that teaches a topic other than Nomad a few times a year. James, who is a real estate broker may also refer local Nomad buyers to a real estate agent in exchange for a referral fee.

Questions?

If you have questions, please contact James:

James Orr, Realtor in Fort Collins, Colorado and Father of Nomads
jamesorr@gmail.com (this is what James prefers but you can call too)
Mobile: (970) 225-6989