Monday, December 28, 2009
Real estate investing has been a challenge for me in the past few years. But now I think I have a clear plan for what I want to do, I just need to rinse and repeat as often as possible. In some ways I am looking forward to 2010, but in other ways I am scared. But fear produces results.
Talk to you all soon! And thanks for everyone's comments. I don't usually get notified if someone comments on my blog, but when I do see a comment, know that I appreciate it! That means you, Steph, you are a huge motivator for me!
Thursday, December 17, 2009
Also, my Realtor sent me a new list of properties to look at, so as soon as we get a buyer for this one, we move on to the next. I am hoping the whole process of finding a cash partner goes much smoother this time around. I'm looking forward to a great FOCUSED 2010!
Merry Christmas to you all!
Tuesday, September 22, 2009
Hi folks, here is a short blog update. I have placed this house under contract in New Castle, PA, and I am actively seeking a cash partner for the deal. Your investment total will be under $20k, and that buys you 50% co-ownership of the house. I will purchase the house, rehab it, and put a tenant in there, as well as manage it myself for the duration of our partnership. The return on your investment is amazing! These houses are inexpensive, and the rental market is strong.
If you are interested in making more return on your money, please let me know by calling me at 207-651-5536 or emailing me at firstname.lastname@example.org. I will provide you with a full breakdown of the numbers.
We need to close quickly on this one, as in a couple of weeks at most, or this deal will slip away!
Saturday, September 5, 2009
I am sitting here in New Castle, PA, near the Ohio border. This area is a great place to pick up rental properties. I flew in yesterday and have already looked at a few dozen houses. I have a long list of more houses I want to look at, and will make several offers on these. The houses here are older stock, a lot of them are boarded up, in need of repair, and vacant. The population here are largely rental oriented, and finding tenants should not be too hard.
All I want to do is follow my mentor, Linda, and see what she and her husband have done here for the past 3 years. I am aiming to pick up one house to start. I know I have been out to Cleveland twice, and have not successfully closed on a house yet. But PA is different in that I don't have to escrow rehab money with the city. I can just buy a house and start fixing it up.
I did look at several potential deals today, all REOs. I also met with a contractor who knows what I am trying to accomplish. Tomorrow I meet with a realtor who knows what I need to do.
I am hoping, praying, expecting to buy a housed from this trip. I have to. I can't keep going on these trips, pretending to be an investor, and wasting time and money. I need to close on a house and start generating income from it. The biggest hurdle is finding investors. The deals are awesome, and I just need to explain them to potential investors.
I will keep you updated on my efforts. If I can close just ONE deal, then the rest is easy. It's just a matter of repeating.
Wednesday, August 26, 2009
I finally had a minute to sit down and look at airfares for a trip to western Pennsylvania. I bought tickets today and am planning to be in PA from September 4-7, next week. I have a lot of preparing to do, looking at listings, making a spreadsheet of houses I want to look at, possibly calling realtors, etc. I NEED houses. Hopefully this trip will be extremely productive and I can get to know the area. I plan on making many offers while I'm there.
Honestly, I am tired of the CAD contract work. I need some passive income in my life. I have had it before, and it was nice. I think I took it for granted, because back then when I owned rentals, I only thought of the bad side. I never gave much thought to the steady income they gave me. I have no steady income now, just erratic income when my clients decide to pay me.
Anyway, I will let you all know how my trip goes. Wish me luck!
Friday, July 31, 2009
Anyway, the REIA group thing has been going great! We had a networking meeting in July at a local restaurant, and 20 people showed up. I had expected maybe 10 tops. But we had some more new faces, which is great. We have another networking meeting coming up on August 12th. It's funny because there is a Robert Kiyosaki RichDad seminar right down the road that same evening, and afternoon. I am thinking of attending the afternoon session and passing out business cards for people to come to the REIA meeting.
We also have an upcoming CRUISE! Boston Harbor cruise for a bunch of New England REIA groups on August 13th, which should be awesome. I need a date, so if you know anyone......;)
I am preparing an offer on a house in western PA right now, if my computer and printer will cooperate with me. It's a rehab to rental, but the cashflow numbers look really good. My first option, as always, will be to try and wholesale it. I will need to find a partner to put up the cash, but this should be a good deal. I'm planning a road trip out there sometime in August. Then it's just onto the next.
Other news, we got back from a week at camp up north, or as Maine comedian Bob Marley says "We're goin' upta camp!" It was great, I took the girls boating, fishing, swimming, biking, etc. I am also on an aggressive plan to lose weight. I finally saw my doctor last week, and he is concerned about my blood pressure. So since then, I have been hounding the gym, and eating right. No more sweets, desserts, etc, no soda (just water all the time), curb the pasta, etc. I am buying more fruit and veggies at the supermarket, and enjoying them. I haven't weighed myself this week, nor will I. I'll just see how the pants fit every day. Goal is to lose 100 pounds. Though 140 lbs would be ideal and put me in perfect physical condition. That's a ways away. One of my role models Rush Limbaugh has lost 80 lbs in 6 months! But in the meantime, I am already feeling much better. Breathing better, less appetite, sleeping better, more energy, etc.
Until next time!