Property West

With my business separation from Sha all but done, I've looked to Joe Dockers for help with fixing a property and so far he's delivered. He may have also given me the opportunity I've been waiting for all year.

When I first hired Joe, he told me about a property he was working on on the west side of Smalltown. Both the west and the south sides of Smalltown are supposed to be bad areas, but there are still some very good neighborhoods in those areas. Out of curiosity, I decided to drive there and get a look at the exterior of the property and the area. From the looks of it, the west side property will need some work. It's a 2 unit and it needs a new roof, the garage might need to be torn down, and the next door neighborhood said the plumbing needs to be done throughout. That's the bad news.

The good news thankfully outweighs the bad. The neighborhood is absolutely beautiful and across the street from a elementary school. The price the owner is asking is also cause for excitement: 20k! It almost made me kick myself for spending that money on my credit and property Chi, but it works out either way. The refinances and the income coming in should have me at 20k by August.

The west side property, let's call it property West, can be the launching pad to success. Property West, if bought, will be mine free and clear with no mortgage. After fixing it up, I can rent it out and make $1400 a month-- almost double the amount of profit that I get from properties Alpha and Beta together. That, combined with the two jobs and the income from the other properties, would have me at 4k a month. By June of 2012, I'd have well over 20k, a property that is completely mine, and good enough credit to buy the big 5 or 6 unit property that I had wanted to buy this year. And, let's say that I get tired of holding on to property West. I can sell it for at least 60k and have enough to buy another bunch of fixer-uppers and continue like that.

It's safe to say that I'm very excited about this property. I have to have it. Property West has its issues, but it's in perfect location and the repairs are affordable. I had a chance to buy a property like this 2 years ago. It was a 3 unit in a nice neighborhood, going for $14,500. At the time I only had 6k and empty promises to the owner that I will eventually buy it. Eventually, however, he couldn't wait any longer and sold it. The new owners did some minor repairs and it's now worth 72k -- that's a 500% return!! I can't screw this up again. The clock is ticking. Time to get to work.