Last year we bought a home from the landbank. It has been a crazy process of inspections, contractors disappearing and break ins but we are finally there. We turned a piece of crap into a gem.
All in we have 30k in this property. The property is worth 50-60k. Will rent for 900 a month.
Just yesterday we bought a triplex. This triplex will need about 30k in work and each door will rent for about 7-900. Total revenue on that triplex is about 2400.
So I’m sitting here thinking. We can Keep the Oakman house, we can sell it for 50 or we can refinance it.
One one hand I want to sell it and be done with it. We can then take our 50k and use 30 to rehab the triplex and 20k to rehab a duplex we own. Those five cash flowing doors plus our current 3 would give us 8 doors paying us 700 which is about 5600 in gross rents – not bad.
If we keep it and do nothing we will just have a bunch of money stuck in a deal. Not smart.
The key here though is that we are able to sell and rehab two or refinance and rehab three and then fund the duplex rehab. Ownership gives you options.
Ownership also puts you under the pressure to find solutions. Before signing triplex docs I had no idea how we would rehab it without new money but now that we own it all of a sudden I have all these ideas. This is why doing is important. There is a certain level of genius that reveals itself when you are playing the game that you don’t see on the sidelines. That genius, that creativity is where the wealth comes from. Fear keeps you on the sidelines, fear keeps you from finding your genius. Fear keeps you from reaching your goals.
This speaks to a principle I stand on and that is that your assets and small deals can propel you into big deals. Four green homes is one hotel for a reason. The homes fun the hotel not you. There are steps you must go through. Every successful investor started out buying what they could buy. They don’t talk about the ugly homes they once owned but they have all owned them.
Now they buy what they want. I am also to the buy what I want to lane but I got there by buying what I could buy not what everyone says I should be. Be great and level up.
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Be great, invest well,