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30 Day Project Summary – January

This month, I had two 30 Day Projects: Get up at 5am and read to my kids before bed every night.

Getting up at 5 wasn’t as hard as I had feared. I’ve never been a morning person, but this was nice.  I got a chance to wake up slowly, catch up on the world, make breakfast and get to work without feeling rushed.  Those are all good things.   I missed twice.  The first time, I rolled over to get out of bed and didn’t make it.  Somehow, I got stuck halfway through rolling over.    The second time, I was up until after 2AM talking with my wife.  I won’t give up that kind of quality time.  When the alarm went off at 5, I gave myself two more hours.

The really interesting part, at least to me, is that I didn’t go to bed earlier most nights.   This actually added an extra 90 minutes to my day. I’m going to keep this habit up.  I may not be as firm about it every day, but it’s going to be my regular habit.  No more snooze alarm, no more wasting half of my day in bed.

Reading to the kids was harder.  Wrestling season started this month, which means we spend a lot more time chasing around to get our 10 year old where he needs to be.  After the first week, the bedtime requirement went out the window.  I decided to read to the girls whenever there was time, which made it work better.  We chose practicality over strictly adhering to the letter of the goal.  Over the course of the month, I missed 5 nights which isn’t too bad.

“Get a book” has turned into one of my girls’ favorite things to hear.  They both run giggling for the bookshelf.  It’s quiet time.  It’s quality time.  It’s teaching them to enjoy one of my favorite activities.    Never turn down an opportunity to read to a child. It may be the only time they sit still all day and the experience will stick with both of your forever.   The little things matter. A girl’s head on each shoulder and a book in front of us is something is something I will treasure forever and something that I am going to work to continue.   I only have a few more years before they are reading on their own and won’t need Daddy for this anymore.

Becoming a Landlord

For those of you just tuning in, my mother-in-law died in April.

Since then, we’ve spent nearly every available moment at our inherited house, digging out and cleaning up.

My mother-in-law was a compulsive hoarder.   I’m not going to get into the details of her compulsion, but we have–so far–filled a 30 yard dumpster.  For perspective, that’s big enough to fit our Ford F150.

Now that the house is approaching the point where we can begin updating and remodeling, I’ve been looking into the requirements to rent it out.

In my city, I need to get a business license that costs $95 per year.   This comes with a requirement to allow the city to inspect the property every two years.

Before they will issue the license, I have to take an 8 hour Minnesota Crime Free Multi-Housing Program class that covers tenant screening, lease addendum, evictions, and “etcetera”, followed by a physical audit of the property to ensure minimum security standards.

The lease addendum basically reads “If you are loud, obnoxious, threatening, criminal, intimidating, or doing/dealing drugs, you will be evicted.”

The actual costs to become a landlord are going to be:

  • Something under $100 for my wife and I to take the landlord class.  The price varies from free to $40, depending on the hosting city.
  • $95 per year for the privilege of using our private property to conduct a private transaction with a private individual.
  • The remodel.  I don’t know what this is going to cost, yet.   There’s an unfinished bathroom in the unfinished basement.  I’d like to finish both of those, though the basement will never hold a 3rd bedroom, due to code.  The entire house need to be painted and have the trim replaced.  The dining room and hallway have hardwood floors, hiding under linoleum that was never properly put down.   We may need new windows.

If possible, I’d like to keep the project under $20,000.   Since we’re not adding a 3rd bedroom, or tearing out the kitchen cabinets, it should be possible.

In the meantime, expect to see a bunch of remodeling and renting related posts coming up.

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Twitter Weekly Updates for 2010-06-19

  • RT @bargainr: Life in North Korea is absolutely dreadful http://nyti.ms/dAcL26 #
  • RT @bitfs: Weekly Favorites and Gratitude!: My Favorite Posts this Week Jeff at Deliver Away Debt threw together the .. http://bit.ly/9J0gGo #
  • @LiveRealNow is giving away a copy of Delivering Happiness(@dhbook). Follow and RT to enter. http://bit.ly/czd31X # #
  • Baseless claims, biased assumptions, poor understanding of history. Don't bother. #AnimalSpirits #KeynesianCult #
  • RT @zappos: Super exciting! "Delivering Happiness" hit #1 on NY Times Bestseller list! Thanks everyone! Details: http://bit.ly/96vEfF #
  • @ericabiz Funny, we found a kitten in a box last week. Unfortunately, it was abandoned there, not playing. Now, we have a 5th cat. in reply to ericabiz #

Net Worth Update

I looked back at the spreadsheet I use to track my net worth, and realized that I have been filling it out quarterly, though I can’t say that has been on purpose.   Apparently, I get an itch to see my score about four times per year.

This quarter is the first time in a long time that my net worth has dropped.  We got our property tax statements last week and found out that our houses have dropped a combined $21,700.  Since we’re not planning to sell, that doesn’t matter much.

What’s interesting to me is that, even though our property values dropped $21,700, our total net worth only fell $10,567.  We’ve been hustling trying to get the Tahoe paid off.  It’s going a little bit slower than I had hoped, but it’s progressing nicely.

I do feel good that, even if I would have been focusing on my mortgage, I still would have lost the mortgage race.  That means my misplaced priorities of acquiring more debt to snatch a fantastic deal didn’t cost me the race.  Now, I’ll be forced to take a vacation in Texas, coincidentally in the same town as my wife’s long lost brother.   I think we can make that work.

I rounded off the credit card and vehicle totals because one is used every day and paid off every month and the other has a steady stream of money getting thrown at it, so the numbers change often.

All in all, I don’t have any room to complain.  I am looking forward to paying off the truck and focusing on the mortgage.  We could swing quadruple payments, which would pay off the house shortly after the new year starts.

Net Worth 4/13

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