Posted by Anne_ND on May 29, 2006 at 22:39:24:
Next time you’ll know to only accept a project like that if the PM will give it to you with a few months’ free lot rent.
I’ve done it a few times, probably everyone here has.
Anne
Wow, this isn’t what I bargained for… - Posted by CJ-Fl
Posted by CJ-Fl on May 29, 2006 at 20:41:49:
I’m on my 2nd Lonnie deal. Bought a 2/1 81 from the park for 1K. It was loaded to the max with trash, paint and household items. I went in thinking about 2K to detrash, paint, seal roof, new flooring.
I’m on month 2… my money is running dry and I have spent over a grand on trash removal and dump fee’s, had to replace all of the flooring, replaced kitchen counter top, painting the exterior, plumbing work, electrical work… It seems like a money pit and I can’t seem to get anyone halfway responsible to help with the work!
I’m probably about 5 grand into but have a buyer lined up who is going to paint the interior. They are putting 1,500 down and paying 675/mo (675-350 lot rent = 325/mo) for 36 months on a “Rent to Own”. which would have me still with about 3.5k skin in the deal. I was hoping to jonly leave 1-1.5k in the deal (or get all of my money back).
I think my mistake is that I bought too much of a project.
I have about 20K to invest and I was hoping to squeak out 8 deals with this money. These 10 deals would set me financially free.
Is there any other advise to be given to someone in my situation?
Re: Wow, this isn’t what I bargained for… - Posted by John
Posted by John on June 01, 2006 at 05:46:04:
Chaulk it up to education and move on to the next deal while remembering the involvment of this one.