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Sunday, March 1, 2009

Happy Anniversary

So much time has passed. Time does march on endlessly doesn’t it. Well, lets see.. I just put the Palm Springs house into escrow. Selling price $207,000. Looks like I will net about $2,000. Unbelievable! I don’t know how this happened. When I did this deal I thought for sure this was going to put $20K in my pocket. At least I haven’t lost any capital. Lost lots of time and other opportunities, but I am pressing forward. Speaking of Press-Forward, I have just finished negotiating a deal with a seller on a 4 plex for $162K with 10% down. He is carrying back a first for the balance at 6.5% amortized over 30 due in 10 with an option to extend for 5 more years if I pay another 10% of the remaining balance. It is located in Ogden, UT and should rent for somewhere in the neighborhood of $2,000-$2,500 a month. Sounds like cash flow to me. For some reason I question if this is a good deal now that I have finished the negotiation. I have to fly back over there soon to inspect the inside. Maybe next Wed AM so I can catch their investor’s lunch. That would be sweet.
We are still sitting on the Brea mobile home. My partner referred to this as our Pro Bono work for the year. Not the business I was hoping to get into.

Lunch is going great. I think we have developed a great group of people. Everybody seems to be doing business and we have excellent discussions almost every week. I now have a gavel!!

I am speaking at the North San Diego Investment Club. I have been working on something, but not really sure where I am going to take it. So much to talk about. I was reading the earlier part of my notes and see that I started investing with a Mike C deal in Aug 06. This is my 2 ½ year anniversary!!

Oh, I also am in escrow to purchase a duplex in Syracuse, UT. Not much cash flow, but seller financing. It is in a great area and I think once the outside of the building is pimped out it will rent for much higher. I really like UT. Very nice over there. I have also been working on my books. I will try to get something done tonight. I am almost finished and I would like to get my taxes done.
Looking for the next deal!

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