Susan's Scoop

The Fine Print That Almost Cost Me $40k

There’s a certain charm to a well-executed financial scheme. Not a fraudulent scheme, mind you - just the sort of legally defensible, contractually murky maneuver that makes one marvel at the ingenuity of corporate fine print. My latest experience with one of my short-term rental cabins in the Smoky Mountains falls squarely into this category.

Last January, I decided to stop self-managing my rental cabins (for both sanity and tax reasons) and instead went with a property management company who promised a one-year revenue guarantee. The premise was simple: I would receive a minimum annual income amount, no matter how many nights they ended up getting booked. For an investor, this was a compelling proposition - until, of course, it wasn’t.

Two weeks before the annual revenue guarantee expired, the property management company sent me a “Letter of Non-Rental.” According to them, my cabin required extensive updates – all new paint, flooring, and furniture before they would allow it to be rented again. The real kicker? Buried in the fine print: if the property was off the market for more than five days for maintenance, the revenue guarantee would be void. And of course the letter arrived right before a holiday weekend and a snowstorm.

From the company’s perspective, this was perfect. They provided a revenue guarantee - right up until the precise moment they could ensure I’d never collect on it.

But I persisted. I went back and forth with the property manager and their corporate office, and ultimately, they agreed to let me out of my contract with a 75% payout. A headache? Absolutely. But I consider it a win nonetheless.

Real estate has made me richer and more resilient, but it has also provided a front-row seat to the full range of human behavior. It has thrown me into absurd situations, taught me the fine print is always finer than you think, and confirmed that having a good lawyer on speed dial is just as important as having a good contractor. The real lesson? Expect the unexpected - and expect it to arrive via certified mail, right before a holiday weekend.

What I'm Reading

👩‍💻 120 Big Ideas for What to Do in Retirement ​

One of the exercises we do with our Abundance Circle participants is writing a “farewell” letter to their current job or business. In this letter, they outline all the things they’re excited to do with their newfound time - whether it’s traveling, spending afternoons with children or grandchildren, enjoying morning yoga, or pursuing long-neglected passions.

This exercise shifts the focus from what they’re leaving behind to the fulfilling life they’re creating. This article offers a wealth of ideas to spark inspiration - take a look and try writing your own farewell letter!

When You're Ready, Here's How We Can Help​

The Abundance Circle 💜

Looking for customized guidance and accountability on your wealth-building journey? We're opening the Abundance Circle for women who want individual support paired with educational opportunities and a community of like-minded women on a similar journey. Click here to learn more.

Coaching 🎯

Caitlin and Susan offer packages of 1-on-1 customized coaching sessions. During these sessions, we work with you to outline your existing portfolio, set short and long-term goals, and explore the strategies you'll implement to hit those goals. Click here for more info on coaching.

Courses 👩‍🎓

Ready to dive into the investing world but don't know where to start? Check out our Investing 101 and Real Estate: Curious to Confident online courses! Learn more here!​