The home stretch...
The home stretch
I'm on the home stretch right now on my duplex. I think if all goes well, I'll have the for rent sign up by next weekend. Really all that is left on the north unit is to paint the living room and kitchen area, and possibly one bedroom & then cleanup. Bear in mind by paint, I mean repaint all the trims from a very dark ugly brown to white (2 coats primer, 2 coats paint, plus holes filled/sanded), and then all the drywall fixed. Theres some cracks and lots of little pin holes, etc. Then the ceiling in one room has lowered ceilings which look horrible. Overall it should look pretty good.
How will I fix the south unit?
The south unit is worse, but I don't think it will take me any more time to redo it, since there were major plumbing and siding work I've done already that were included in the time it took to redo the north unit. So hopefully 3-4 weeks or so and I'll have that side done. What I'm wondering is how I'll come up with the cash to fix it, things are already very tight and I haven't done much christmas shopping. Hoepfully I can get 1st months rent and damage deposit in, which would be 850-900 dollars depending on how much I decide to rent it for, and that will give me plenty of budget to finish the south unit.
Overall things are looking up
Although I'm never at my computer store, (working on rentals all the time) my business is increasing. If the phone rings I drop what I'm doing and meet people at the store, and can be there in a minute and 15 seconds. So it feels pretty cool to be working on my passive income and then if there is business, I'll go down there and take care of it. The good thing is I'm not sitting there going crazy waiting for customers, and I feel like every single moment is productive now. There is never any dead time where I'm not making money or working on something which will make me money.
The flip side of things
I have a couple of partners interested in flipping houses with me, so as long as one of them moves ahead it looks like I'll be going into real estate full time; at least for a few months anyway. When I cut my teeth in the real estate business just 6 months ago, I never dreamed that I'd be doing this full time quite so fast. I mean, I had some ideas that after I had 20 rentals that maybe I could quit my day job/business and just focus on real estate... but getting thrown in head first this fast was a bit shocking, but frankly it feels natural already.
Go with what you are good at
One thing I'm learning is that you have to run with your strengths. To me, I've always been great at fixing things and working with my hands. So real estate using my mentors business model has been an ideal fit for me. With my auto body and car repair background, Its really easy to paint, do plumbing, electrical, roof, whatever. I've basically done a little of everything now (framing and concrete work, plus the aforementioned items), so I am starting to feel pretty confident. Sure theres a lot I haven't done, but I feel like I could buy any old house and A-Z it myself with very little help from any professional contractors. That is a cool feeling really, to be in control of my costs and production schedule. But my point is that life doesn't have to be this resistant path to success. If it is, perhaps you are doing something wrong or in the wrong business. I struggled like hell in the game industry, only for a lot of let downs. Barely getting going at real estate, and I'm making money and building equity right away. So I'm just going to run with it and see where it takes me. So far its been an awesome ride!
I'm on the home stretch right now on my duplex. I think if all goes well, I'll have the for rent sign up by next weekend. Really all that is left on the north unit is to paint the living room and kitchen area, and possibly one bedroom & then cleanup. Bear in mind by paint, I mean repaint all the trims from a very dark ugly brown to white (2 coats primer, 2 coats paint, plus holes filled/sanded), and then all the drywall fixed. Theres some cracks and lots of little pin holes, etc. Then the ceiling in one room has lowered ceilings which look horrible. Overall it should look pretty good.
How will I fix the south unit?
The south unit is worse, but I don't think it will take me any more time to redo it, since there were major plumbing and siding work I've done already that were included in the time it took to redo the north unit. So hopefully 3-4 weeks or so and I'll have that side done. What I'm wondering is how I'll come up with the cash to fix it, things are already very tight and I haven't done much christmas shopping. Hoepfully I can get 1st months rent and damage deposit in, which would be 850-900 dollars depending on how much I decide to rent it for, and that will give me plenty of budget to finish the south unit.
Overall things are looking up
Although I'm never at my computer store, (working on rentals all the time) my business is increasing. If the phone rings I drop what I'm doing and meet people at the store, and can be there in a minute and 15 seconds. So it feels pretty cool to be working on my passive income and then if there is business, I'll go down there and take care of it. The good thing is I'm not sitting there going crazy waiting for customers, and I feel like every single moment is productive now. There is never any dead time where I'm not making money or working on something which will make me money.
The flip side of things
I have a couple of partners interested in flipping houses with me, so as long as one of them moves ahead it looks like I'll be going into real estate full time; at least for a few months anyway. When I cut my teeth in the real estate business just 6 months ago, I never dreamed that I'd be doing this full time quite so fast. I mean, I had some ideas that after I had 20 rentals that maybe I could quit my day job/business and just focus on real estate... but getting thrown in head first this fast was a bit shocking, but frankly it feels natural already.
Go with what you are good at
One thing I'm learning is that you have to run with your strengths. To me, I've always been great at fixing things and working with my hands. So real estate using my mentors business model has been an ideal fit for me. With my auto body and car repair background, Its really easy to paint, do plumbing, electrical, roof, whatever. I've basically done a little of everything now (framing and concrete work, plus the aforementioned items), so I am starting to feel pretty confident. Sure theres a lot I haven't done, but I feel like I could buy any old house and A-Z it myself with very little help from any professional contractors. That is a cool feeling really, to be in control of my costs and production schedule. But my point is that life doesn't have to be this resistant path to success. If it is, perhaps you are doing something wrong or in the wrong business. I struggled like hell in the game industry, only for a lot of let downs. Barely getting going at real estate, and I'm making money and building equity right away. So I'm just going to run with it and see where it takes me. So far its been an awesome ride!
posted by Joel Huenink at
12:02 AM
1 Comments:
All sounds good mate
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