Sunday, December 18, 2005
Been Busy
I haven't posted in almost a week now, and it's because I've been extrememly busy with business and personal matters. I've been doing serious research into my new niche strategies, and it - along with personal issues - is the reason I haven't posted here. I'll try to catch everyone up on what I've been doing specifically in the near future.
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4 comments:
Hi Richard,
About House #1 ... Well, it's kind of interesting, but I haven't thought about it since about mid-September. I haven't had a phone call from the tenants since then, and the rent checks come in like clockwork. Therefore, I haven't given it much though. I do admit, though, that my wife and I discussed the tenant situation last week. You see, the 6-month lease ends the end of January, and per our lease agrement with the tenants, they are to give us a 30-day written notice on whether they are going to stay (and pay month-2-month) or leave. I guess we can expect that in the next couple of weeks.
My main focus these past few weeks is getting my marketing ramped-up. I've been researching avenues of marketing that are both highly visible, but also light on the wallet. I'll be getting a web site, a 24hr voicemail, and systems in place to market myself without my intervention. Sure, it will cost a little upfront, but the ROI will more than make up for the costs. I've also been engossing myself in Sub2's and seller financing, trying to get as much informaiton as I can so I can do these types of deals without blinking an eye.
Mostly, though, I've been helping my wife prepare for the upcoming birth of our twins. She isn't expected to give birth until late-January, but with twins, they can (and usually do) come early.
All that, and with the holidays, I've been busier than I am while at my JOB! ;-)
Hey, Steve!
Sorry I've been away for so long. I started to catch up on your activities and saw your entries about the multifamily property. Is that deal dead? I'll tell you what you needed on that one.... You needed a contractor who works on older houses. I think the contractor you brought in that told you the rehab would cost you $100K probably is used to working on much nicer properties. I'm sure he didn't want that job. And, to put it bluntly, you only want someone to bring the place up to just above the standard for the neighborhood. I couldn't tell a lot about that neighborhood from the pics, but it did look older and well worn. So, you wouldn't necessarily want to put in nice, new fixtures, finishes, and appliances. They'd probably just sprout legs and walk away anyway! ;-) Just a thought. I'm certainly no expert in real estate for your area, but I probably would've gone for that property. Then again, if it had major structural problems (not just subflooring issues--that can easily be replaced), I'd pass. But, you were absolutely right--that property was meant to be flipped once it was finished and rented!
Hi Trisha,
You could have very well been right about the contractor. On top of his (and a few others) concerns, I really thought long and hard about my own goals in this business. To be honest, major rehabbing is not my forte, and I would have locked up my money and my time for a good 4-6 months on this one project. I just feel I could accomplish more by sticking to my original criteria and leaving this property for someone else. Pretty soon, I'm going to post in detail what I've been doing in regards to our venture while I've been on "vacation". I still have a lot to do to prepare, though, so back to work. ;-)
Well, you're absolutely right, Steve, about locking up your time and resources on that one project. At this point, I feel like we MIGHT be able to tackle something that large, but it took a long time, plus blood, sweat, and tears to gather contacts, experience, and financial resources to just get to this point!
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