So I wake up this morning to run out and check out a cottage that I have just purchased out of foreclosure. When im done with it it will sell for about $80,000 and I got it for $24,000. I will maybe stick $10,000 into it. I could be happy with a $45,000 return, and I get to use a lake house for 2 years. Then comes the 1031 Exchange. Then comes the next good deal on a lake house. So anyway on with my great day
Got a call from a realtor who is righting an offer on 5 of my properties, I have put about $190,000 into all five. (the market is bad here so homes are cheap). Anyway he sends me an offer for $60,000 a piece for a grand total of $300,000. I counter him back at $310,000.
Close on the cottage, call my contractors work starts tommorow for them. This real estate stuff is great, spend the banks money to make myself rich
Got a call from the realtor they excepted my $310,000 counter offer. $120,000 return not bad if I should say so myself.
5:00 Return home play with our child (were first time parents), good days work needs a good days play
Celebrate birthday, Im 31 thats pretty frickin old if you ask me. I have been noticing lately that people in america have no clue at how easy wealth is to build. Four years ago I couldnt even buy groceries, now I have a corvette, harley, and we just sold our boat because of time constraints, not bad for a dumb kid. (note all toys are paid for in cash)
Anyway at dinner get a call from a Realtor to buy a 3 unit for $36,000. This will be an 85k home all day long when im done plus if I hold onto it, it will generate $1300/mo in rent. If my predictions are right this could cashflow about $1000/mo
So Im leaving dinner and I bump into one of my old customers who proceeds to tell me how bad the market is right now. How slow homes are selling, How he cant believe that im still buying. Did he along with 99% of the investors I know miss the lesson in” buy low sell high”
After he finishes telling me how crazy i am too buy now, I keep it to myself that I just got an offer with over 100k in profit on the table, and that I picked up a lake home for $24k that later ill make $45k on. I also forget to tell him that just these two deals could make me over $140k. Thats $35k a year for the next 4 years, I know a ton of people that dont even make $35k a year.
These homes that I will make over $100k on, were just purchased this year, after many days on the market. Yeah its slow but it could stay slow forever as far as im concerned.
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