In regards to the property I spoke about in my last two blog entries, I decided it just wouldn't work out. After running the numbers once again, I figured I would need a rent of at least $1,100/mo just to break even. That figure is too high for rents in the area the property is located. There is a property in the same neighborhood that is listed with a rent of $1,300 right now, but it is over 2x bigger than this property, newer, and has a bigger yard. It's also been sitting a while, too (go figure). I also checked into Section 8 and the city it is located doesn't seem to even have a housing authority. It's a small rural town that is only now seeing some growth. I may inquire at the city offices what one is to do in this circumstance. Perhaps they rely on the housing authority in the bigger town next door, or maybe there is a county housing authority??? I'll give them a call later today. Bottom line, though, is the deal fell through (again).
I also called the CPA and told her I wouldn't be available until early October. With her just getting over a nasty virus, us getting prepared to move our in-laws in our house, and my workload at my JOB increasing, I don't have the time right now to focus my attention on accounting/tax stuff.
Over the last two evenings, I have gotten a call from someone just after midnight. They also called over the weekend, and I believe they called me a few weeks back as well. In all instances, they never left a message. I'm thinking it's another investor, but I find it strange they haven't left a message. One of my criteria is I let my voicemail answer my calls. Different people have different philosophies regarding whether to answer or not, and I choose not to answer. Most of the time I'm busy with other stuff anyway. I figure if someone is really desperate and really motivated, they'll leave a message. And those are the people I'm wanting to get. However, since this person has called me numerous times - and twice at midnight to boot - I think I'll call them back today to see what's up. The reverse phone lookup shows it as local, but since it's wireless, that's all the info I could find.
2 comments:
Well, I decided to call the mysterious caller back, and a guy answered saying he's been trying to reach his girlfriend, but keeps getting my number. He "claims" he's dialing the correct number, but the service redirects it to my number. Hmmmmm. He apologized profusely, so I'll see if it continues to happen.
Hey, Steve,
As you may know, our real estate agent has also been a mentor to me in REI. He often says, "If you have to TRY to make the numbers work on a deal, you'll regret it." And, I believe him.
Don't get frustrated! You might have to adjust your strategy here and there. You might find yourself going for land deals, or mobile home deals, or multi-units with another investor.
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