Hey, I haven't fallen off the face of the earth, I'm just busy... My blog entries have definitely slowed and I will honestly say now I am taking the month off from the blog in December. But don't forget me! I'll be back January on my new house hunting adventures with new marketing ideas..
I enjoy many of the blogs that I have links to , but I have to admit I'm really impress with trisha!
She started from zero and in one year (I think) she indeed is building her empire! Go Trisha! If she keeps this up in 3-4 years she will be a millionaire.. Its cool to see the wealth growing.. If any of you guys are on the fence on starting REI, this has got to motivate you!
Ok, so on my stuff, I had a property that I bird dogged to a friend. This has turned out to be a big mistake on my part because I should have buoght it, but live and learn. This property is right next door to my tri-plex. She told me today that she would be putting brick walls up all around her property line. This is cool because its going to cost around 7-8k and I pay zero! So, that's a nice bonus...
I'm working on unit number three and I already have a tenant for it! Just two months ago this property had holes in the ceiling and two units vacant. At the end of the month, it will be a completely rehabbed property with three HAPPY tenants! I have to say, one of my tenants thinks I'm the best guy in the world. I turned this place around and she moved into the new rehabbed unit. She loves it and thanks me whenever I see her. I have to admit, its a nice feeling that I am providing good housing and they appreciate it..
I am going to do things differently in 2006. I am going to work less on houses.. This will allow me to buy more houses. I calculated the costs of the work that I am doing on the houses right now and I have to say it won't kill my profits to just hire it out. However, I do have more equity to show for it and the quality is what I want!
I got a call from the original gal that owned the double wide. She was upset because she got a gas bill for coverage that exceeded her ownership. I was at fault because I thought my wife switched it over. However, I let her know that I had paid a full months's water bill that was actually hers(utility bill was one month behind). Since my bill was twice as much as hers, I said let's call it even or you can pay the residual..
So, I got another tenant for the tri-plex. I have two of three filled now! I will be finishing up the third unit this weekend, so that makes two units completely rehabbed. This was a huge milestone for me. I need to concentrate this weekend and make sure it gets done. The tenants from the second unit are moving into the third and I will finish up on the second.
The third unit has a side yard, and these guys are already fixing it up. So far it looks nice!!
The second unit will take a lot less work than the rest. Replace flooring, dry wall in halls, and a little painting. After that, my project will be COMPLETE!! Yahoo..
I am planning on taking December off for REI. I have a feeling that its going to be like last year and I will crank back up in February. This will also include my blog.
Its hard to believe that I've been writing in my blog for almost a year now. Amazing! I enjoy re-reading some of the posts to remember what I was thinking during those times.
I'm afraid that I made the same mistake this year as I have done on years pasts. Once I find a project, my business shuts down because all of my time is taken up. This is why I passed on the property next door. This was a huge mistake. I should have bought, held it til next year for my REI goals. Now, I may have to spend months to find another worthy project. Oh well. I several options moving forward.