Money Diaries | Update On My Vegas Rental Property | MAY 2024

In this month's Money Diaries, I'm getting real about a trashed property that left me with a $50k loss. But I'm not letting that defeat me! I'll show you how I'm renovating to turn a profit on this once-disastrous investment. Plus, I'm breaking down my monthly finances, investment strategies, and budgeting tips. Join me as I share the ups and downs of my financial journey and how I'm coming out on top!

TIMESTAMPS
00:01:37 - Crossover Point Update
00:02:11 - Income Breakdown
00:07:50 - Investments
00:16:18 - Budgeting
00:18:43 - Money Wins & Fails

__________

***THINGS MENTIONED IN THIS VIDEO! 👀***

__________

***BOOKS I RECOMMEND 📚***

I Will Teach You to Be Rich (hilarious how-to book on personal finance for millennials)

The Little Book of Common Sense Investing (Jack Bogle's classic advice on index funds)

InvestED (step-by-step, millennial-friendly advice on how to pick stocks like Warren Buffett)

Unshakeable (this book = courage. blast ALL the fears & misconceptions you have about investing)

Rich Dad Poor Dad (#1 selling personal finance book of all time... need I say more?)

Think and Grow Rich (the ultimate book on money mindset and wealth consciousness)

________

***MY FAVORITE MONEY TOOLS 🖤***

YNAB (I literally can't live without this budgeting app, so obsessed)

Wise (like Venmo but for international currencies - I use this app a LOT for my life in Mexico)

High-Yield Savings Accounts (don't settle for 0% when you can get 3%+ on your savings)

Ledger Nano S (crypto storage hardware wallet, because "Not Your Keys, Not Your Crypto"!):

__________

DISCLAIMERS & DISCLOSURES ❤

This content is for education and entertainment purposes only. Rose does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

__________

@itsrosehan is my social media handle on all platforms. I will NEVER message or email you about investment schemes, so please be careful and block & report any scammers posing as me.

SAY HI ON SOCIAL! 👋🏼

[bobbobson]

Shouldn't the cars owners insurance pay for the damage? I mean, the house didn't pull out in front of the car.

[linuxman]

Your willingness to talk about money with the freedom that you do is very liberating.

[joanna]

I'm insurance underwriter and was previously an agent. Regardless of what you do with the property please make sure it has a Replacement cost and No Coinsurance penalty.
Congrats on all of your successes 👍

[larry]

I sold two rental houses and an empty lot in 2023. I feel such a relief that I don’t have to worry about the headaches that come with owning rentals. No matter what people say, as an owner you don’t always think only about the rental you can collect but I always thought about if they are going to pay this month. I decided to sell these properties and open high yield CD accounts that pay me the same amounts of if I were renting these properties out and have no headaches. I just look at my dividends each month. So much easier and I can enjoy my weekends now.

[DavyYap]

Love these money diaries. You're like the big sister I never had teaching me about $$$!

[Danielroams]

Hold on to the property if you don't need the money from selling it. It's passive income and it will keep appreciating in value. I'm glad I found your channel. You have a talent for explaining personal finance in simple terms.

[Jeff_Slown]

Don't sell. With the upgrades you are putting in, you will get more out of the rent. Change the insurance to protect yourself for future accidents and have a good management company so you can continue the "passive" life.
You are so amazing. Thanks for sharing your experiences.

[louie]

Your success is such inspiration for me! Thank you for sharing your journey and insights to help us achieve our financial goals. I am always amazed at your humility and grace when explaining your mistakes. No one is perfect and I am truly grateful for your knowledge. Rose you are a treasure to us🌹🫶🏽😉Can’t wait for the book!

[ascendantP]

For the popcorn ceiling, it is actually pretty easy to do and you can definitely do it in 1 or 2 days as a DIY project. Very satisfying scraping the popcorn ceiling down.

[frankskufca]

Keep it until it pays you back your losses. Get a new property manager, they should have kept your additional losses at bay. You have an income generating asset, get more. Love you and your videos.

[vincentortega]

Hi Rose! As the small rental property owner, I would keep the property, yes rentals have their headaches(big problems sometimes) yet rental property is tangible, you can make changes, or improve the property for a better return, cannot do that with stocks, and ETFs. I'm sure you will be fine. Thanks, Rose I have learned so much from listening to you. God bless you, Rose

[isassirius]

Rose, I've been watching you for quite some time now and I can't thank you enough for how much you have helped me on finances💖 Thank you!! I love your Money Diaries!!

[patrickmorton]

You have been through so much, and have accomplished so many things. You amaze me keep going, I see great things for you, and thank you for sharing so many personal things I really have learned a lot from you. Thank you so much 😊🎉

[EcomCarl]

your resilience in turning a catastrophic event into a potential profit is truly inspiring! your experience underscores the importance of contingency planning in real estate investments. 👍

[NotSuperwomanSusie]

Would be amazing to have a series of everything you learned about buying and investing in properties. All the lessons you learned would be super valuable to other newbies!

[jd]

Don't sell. You will look at this in a few years as a learning experience. Then the house will be worth more.

[alexandrathe]

love the transparency in the video! ❤looking forward to next month money diaries n also I would like the learn the loopholes you were mentioning about withdrawing from retirement accounts. have a good day ☺

[lynnwalker]

I'd keep the rental property. Yes, it can be a headache sometimes but it will keep appreciating. Also, if you ever found yourself suddenly needing a place to live, you would always have it to fall back on. Love the Money Diaries series! Thanks Rose!

[priscillapartyof]

Thanks for being so transparent. Hopefully the rental is complete asap

[yanairahernandez]

Hey Rose Question for you? I just bought a house and they're giving me 20k flex cash. How should I use? use it to cover all closing cost and the remaining in Points or Price? Or use it towards Price and pay out of pocket the closing cost?