On Thursday, I had a great meeting with a gentleman I'll call JS. He is a successful entrepreneur, and over lunch he shared some great insights.
One idea he came up with was leverage what you have -- he then followed up by asking a rhetorical question of what do I have at this point?
What do I have? A ton of love and laughter, and thankfully, the advice of someone who has been there and done what I want to do.
He pointed out that I have over a year's experience being a property manager, and a great one at that ;) My current boss is sad with my leaving, as he has hinted that he would like to have me manage the business.
JS suggested working with my current boss to open up a New Haven branch of my current company -- that way I would have support and help while starting a company, and then share the profits.
I loved the idea, and reached out to a Yale kid that I met, who bought a condo in New Haven upon starting law school. I mentioned to him that I was starting a property management firm in NH and would he be interested in hearing more.
He wrote back right away, saying that he would -- and I then spoke with my current boss about the idea -- which he also loved!
That being said, my current boss is on vacation until Wednesday, so I am swamped with what it feels like to really run something.
My entering and exiting plans are beginning to form, and I am working on a business proposal.
The one question I will need to answer, is what will be done over the summers, while Paul and I troupe around Africa. I am looking forward to figuring that out!
Monday, June 30, 2008
Thursday, June 26, 2008
When you take a step...
I am so excited, that I just wanted to post to say that everything is working out perfectly.
Stay tuned!!
Stay tuned!!
Enrichment
Today I had a meeting with someone who I have met through my work who has 2 successful businesses and sits on the Board of a 3rd.
Since I am leaving my job in July, we set up a date to talk so I could get a better understanding as to how he moved from the corporate world into being a successful entrepreneur.
What a lovely, lovely meeting. He shared what he sees as important qualities to have to succeed with being an entrepreneur:
1. Persistence
2. Patience
3. Impatience in getting things done
4. Good decision making skills
These are all qualities that I currently have, and am continuing to grow. He and I came up with a business idea for when we move to New Haven, which I am very excited about. I have to do some research and detail a plan, but I believe that this is what I have been looking for.
There are still a few details that need to be worked out, but I am confident that they will be able to be smoothed out.
At 25, this is my first real sit-down with someone older and wiser than me, someone who has done what I want to do (build businesses). This is one piece of advice that I kept fighting -- to actually sit down with someone who has the knowledge that I am looking for.
Now that I have done it once, I am looking forward to doing it regularly. And it will be an honor if someone asks me to sit down with them one day.
Since I am leaving my job in July, we set up a date to talk so I could get a better understanding as to how he moved from the corporate world into being a successful entrepreneur.
What a lovely, lovely meeting. He shared what he sees as important qualities to have to succeed with being an entrepreneur:
1. Persistence
2. Patience
3. Impatience in getting things done
4. Good decision making skills
These are all qualities that I currently have, and am continuing to grow. He and I came up with a business idea for when we move to New Haven, which I am very excited about. I have to do some research and detail a plan, but I believe that this is what I have been looking for.
There are still a few details that need to be worked out, but I am confident that they will be able to be smoothed out.
At 25, this is my first real sit-down with someone older and wiser than me, someone who has done what I want to do (build businesses). This is one piece of advice that I kept fighting -- to actually sit down with someone who has the knowledge that I am looking for.
Now that I have done it once, I am looking forward to doing it regularly. And it will be an honor if someone asks me to sit down with them one day.
Wednesday, June 25, 2008
Amazing
From CNN:
(CNN) -- Ambitious plans to build a revolutionary 420-meter shape-shifting skyscraper in Dubai have been unveiled by architects.
Each floor of the tower would rotate independently, architects claim, creating an ever-shifting shape.
The 80-story Dynamic Tower, described as the "world's first building in motion," will also be the first skyscraper constructed from prefabricated units, according to a press statement released by New York-based architect David Fisher's Dynamic Group.
Each floor would be capable of rotating independently, powered by wind turbines fitted between each floor.
"You can adjust the shape the way you like every given moment," Fisher said. "It's not a piece of architecture somebody designed today and that's it. It remains forever. It's designed by life, shaped by time." 
Watch how the tower would spin and twist »
Apartments will sell for around $3,000 per square foot, making each unit range in price from about $4 million to $40 million. Work on the tower is due to be completed by 2010, according to Dynamic's Web site.
Fisher said plans to build a second rotating skyscraper in Moscow were at an advanced stage and that the group intended to build a third tower in New York. He said developers and public officials in Canada, Europe and South Korea had also expressed interest in the project.
But some have expressed skepticism. Fisher has never built a skyscraper before. He says he has teamed up with reputed architects and engineers in the United Kingdom and India.
Although he has received a development license for construction in Dubai, in the United Arab Emirates, he has not disclosed the site of the building. The Moscow mayor's office said it was looking into the project and a decision had not been made.
Fisher has called prefabricated construction techniques the "future of architecture" and says they will radically transform 4,000-year-old "brick-on-brick" building methods.
By using preconstructed parts, Fisher said each story could be built in just seven days, resulting in environmentally cleaner building methods.
He said just 600 people on an assembly site and 80 technicians on the construction site would be needed to build the tower -- compared with around 2,000 workers for a traditional project of a comparable scale.
"It is unbelievable that real estate and construction which is the leading sector of the world economy, is also the most primitive, Fisher is quoted as saying on Dynamic's Web site.
"Most workers throughout the world still regularly use trowels that was first used by the Egyptians and then by the Romans. Buildings should not be different than any other product, and from now on they will be manufactured in a production facility."
Dubai is currently experiencing a construction boom with the Burj tower set to claim the title of the world's tallest building when it is completed in 2009. It is already home to the world's largest mall and -- despite being in the Middle East -- it boasts the largest indoor snow park in the world.The Deal Deferred
Tomorrow night, Paul and I have a date to analyze our next set of RE deals. I am so excited!
In the meantime, I wanted to share why the deal that we put a bid on didn't work, and the specifics of it.
The deal was a 2 family, with a vacant, build-able lot, close to Yale in a safe area. It was origionally listed at 399K and had been dropped to 324K. We came in at 225K because it would also cost 400K to build a 3 family on the vacant lot.
As an aside, we had checked with the building and zoning departments, a 3 family in that area would have been allowed.
With a 3 family, with 3 bedrooms each and each bedroom renting for 600 (low estimate, most are rented for 650-700) that would be income of $5400.
Going above the 225K price (plus 400K in building) would have been cutting it too close for our (newbie) comfort.
That being said, there are a million deals out there, so we will continue looking.
In the meantime, I wanted to share why the deal that we put a bid on didn't work, and the specifics of it.
The deal was a 2 family, with a vacant, build-able lot, close to Yale in a safe area. It was origionally listed at 399K and had been dropped to 324K. We came in at 225K because it would also cost 400K to build a 3 family on the vacant lot.
As an aside, we had checked with the building and zoning departments, a 3 family in that area would have been allowed.
With a 3 family, with 3 bedrooms each and each bedroom renting for 600 (low estimate, most are rented for 650-700) that would be income of $5400.
Going above the 225K price (plus 400K in building) would have been cutting it too close for our (newbie) comfort.
That being said, there are a million deals out there, so we will continue looking.
Monday, June 23, 2008
Another goal: Accopmlished!
I have wanted braces for a loooooooooooooooong time.
In July of 2006 I paid the 5K and got them on. Friday, they came off! I went to the dentist afterwards to get a cleaning -- so all in all, a long day that ended with a headache. But the braces are off! And I am thrilled with the results.
In other news, we are still scouring through RE listings and now we have a (new) short list. We will be going over that again and setting up appointments for either some point during the week, and Paul will go up on his own, or on Saturday.
An idea that came up yesterday is, if we do not find what we are looking for in terms of investment/living at the place as well, in our time frame, to rent month to month, in a furnished apartment. The effect being two-fold.
1. Hello, motivation!
2. Not having to "set up house" -- move everything in to move everything back out.
But, I am focusing on finding a place so that does not even have to be broached.
In July of 2006 I paid the 5K and got them on. Friday, they came off! I went to the dentist afterwards to get a cleaning -- so all in all, a long day that ended with a headache. But the braces are off! And I am thrilled with the results.
In other news, we are still scouring through RE listings and now we have a (new) short list. We will be going over that again and setting up appointments for either some point during the week, and Paul will go up on his own, or on Saturday.
An idea that came up yesterday is, if we do not find what we are looking for in terms of investment/living at the place as well, in our time frame, to rent month to month, in a furnished apartment. The effect being two-fold.
1. Hello, motivation!
2. Not having to "set up house" -- move everything in to move everything back out.
But, I am focusing on finding a place so that does not even have to be broached.
Thursday, June 19, 2008
What I am learning
Follow instincts.
The guy who I wrote about yesterday was fired today. From the moment I met him I was uneasy, and today he was let go.
Translating this to the future, I am going to interview and interview until I find exactly what I am looking for.
Yesterday on the radio there was a bit about people buying items from the back of a van. They then got home with their new flat screen TV, opened up the box and found a bunch of bricks. Several hundreds later.
What you buy, who you hire, these are important decisions that should not be made in haste, or from the back of a van.
Tomorrow -- a surprise! I will not be posting, but there will be a surprise picture on Monday.
Change is acomin'
The guy who I wrote about yesterday was fired today. From the moment I met him I was uneasy, and today he was let go.
Translating this to the future, I am going to interview and interview until I find exactly what I am looking for.
Yesterday on the radio there was a bit about people buying items from the back of a van. They then got home with their new flat screen TV, opened up the box and found a bunch of bricks. Several hundreds later.
What you buy, who you hire, these are important decisions that should not be made in haste, or from the back of a van.
Tomorrow -- a surprise! I will not be posting, but there will be a surprise picture on Monday.
Change is acomin'
Wednesday, June 18, 2008
Sheep in Wolf's Clothing
My hometown is a sleepy, small farming community that barely makes it on to the map. The town is known for having more cows than people.
The landscape is beautiful, but in general, it is a conservative, Republican area. In case you missed it, I am a liberal lefty with a bit of libertarian mixed in. That being said, 2 of my best friends are conservative Republicans and we love to have a great political debate.
Since I am leaving my job in a month from today (!) I am training my replacement. For the most part, we have nothing in common. I have no idea how he will fit in to the company that I am leaving, but I hope it works out well, as I love the people I work with.
Yesterday we were driving around and I was showing him the buildings that I manage. We started to have a political debate and he clarified everything by saying that he is as liberal as they get.
Ahem.
Sir, you are not. Just because I was there to interview you and have the boss's ear on firing you does not mean that you should lie to me to ingratiate yourself.
The more I see it, the more I feel sad when people lie -- it seems like such a waste of time, and I feel empathy for them that they are not secure in themselves enough to say whatever it may be.
Anyway, this is the side observation for the week.
The landscape is beautiful, but in general, it is a conservative, Republican area. In case you missed it, I am a liberal lefty with a bit of libertarian mixed in. That being said, 2 of my best friends are conservative Republicans and we love to have a great political debate.
Since I am leaving my job in a month from today (!) I am training my replacement. For the most part, we have nothing in common. I have no idea how he will fit in to the company that I am leaving, but I hope it works out well, as I love the people I work with.
Yesterday we were driving around and I was showing him the buildings that I manage. We started to have a political debate and he clarified everything by saying that he is as liberal as they get.
Ahem.
Sir, you are not. Just because I was there to interview you and have the boss's ear on firing you does not mean that you should lie to me to ingratiate yourself.
The more I see it, the more I feel sad when people lie -- it seems like such a waste of time, and I feel empathy for them that they are not secure in themselves enough to say whatever it may be.
Anyway, this is the side observation for the week.
Tuesday, June 17, 2008
Day 2 -- no celeb gossip!
And the heading pretty much sums it up -- I miss it a bit, but am doing many more things, which are more important. Over all, it has been a great change so far.
One of the great improvements has been a realization.
Last night, I was at shoe making class (the mules are coming along very well) and the TA was asking me what I was going to do in New Haven. I sighed and said that I wanted to rehab houses, but that I didn't know.
On my walk to home, I realized at that moment how silly I was being -- if rehabbing houses is what I keep saying that I want to do when we move up to CT -- then I should be rehabbing houses. It is pretty simple.
I'm not sure why I didn't see this before, but I am happy to have had the realization now rather than later.
With that out of the way, I spent a good part of the day (that used to be devoted to celeb gossip) searching out RE groups in NH and reading the different blogs I have been following, and adding a few new ones to the list.
Then, after a great day, where I hooked a gf up with a potential new and excellent job, my boss asked if I would be willing to work remotely for a few months for him, up in NH.
All in all, it has been an awesome day.
One of the great improvements has been a realization.
Last night, I was at shoe making class (the mules are coming along very well) and the TA was asking me what I was going to do in New Haven. I sighed and said that I wanted to rehab houses, but that I didn't know.
On my walk to home, I realized at that moment how silly I was being -- if rehabbing houses is what I keep saying that I want to do when we move up to CT -- then I should be rehabbing houses. It is pretty simple.
I'm not sure why I didn't see this before, but I am happy to have had the realization now rather than later.
With that out of the way, I spent a good part of the day (that used to be devoted to celeb gossip) searching out RE groups in NH and reading the different blogs I have been following, and adding a few new ones to the list.
Then, after a great day, where I hooked a gf up with a potential new and excellent job, my boss asked if I would be willing to work remotely for a few months for him, up in NH.
All in all, it has been an awesome day.
Monday, June 16, 2008
Better Choices
This past weekend was just what we needed -- a lot of lovely, lovely family time. The organizing of the finances, into Quicken, was not done, but it is on the list.
Another important lesson was learned instead. Paul and I both love to read -- we both read pretty much everything, but for leisure reading, he loves comic books and I love celebrity gossip. We were talking about how he gets a little sad when he reads depressing comic books (some of them are really dark!) and how I would prefer if he stays away from those kinds of stories, since we are what we focus on, right? For the most part, he agrees and promises to stay away, which made me think of my leisure reading and what impact it is having on me.
After reading celeb gossip, I never feel uplifted, inspired or motivated. Instead, I feel a little sick, like I have eaten too much chocolate. WAY too much chocolate. So, as of this weekend I have given up visiting the celeb websites and will focus that time on my education and self improvement.
It was my way to chill and zone out, but really, nothing positive has come out of it. I would rather use that time to do yoga and analyze RE deals.
That being said, this morning as I walked into work my fingers itched to check out what had happened in the celeb world over the weekend. Instead, I went to check out the New York Times and begin my day.
This first step does feel good -- I have tried giving up this reading before but have slipped back. I believe that this time will be different because I am really starting to recognize it as the time drain it is.
Another important lesson was learned instead. Paul and I both love to read -- we both read pretty much everything, but for leisure reading, he loves comic books and I love celebrity gossip. We were talking about how he gets a little sad when he reads depressing comic books (some of them are really dark!) and how I would prefer if he stays away from those kinds of stories, since we are what we focus on, right? For the most part, he agrees and promises to stay away, which made me think of my leisure reading and what impact it is having on me.
After reading celeb gossip, I never feel uplifted, inspired or motivated. Instead, I feel a little sick, like I have eaten too much chocolate. WAY too much chocolate. So, as of this weekend I have given up visiting the celeb websites and will focus that time on my education and self improvement.
It was my way to chill and zone out, but really, nothing positive has come out of it. I would rather use that time to do yoga and analyze RE deals.
That being said, this morning as I walked into work my fingers itched to check out what had happened in the celeb world over the weekend. Instead, I went to check out the New York Times and begin my day.
This first step does feel good -- I have tried giving up this reading before but have slipped back. I believe that this time will be different because I am really starting to recognize it as the time drain it is.
Friday, June 13, 2008
A little wake up call
I was reading the Millionaire Mommy Next Door yesterday and loved the posting:
The first step, according to the blog, is to weigh yourself every day, because it makes a significant difference since you see any little weight gain. The writer then goes on to say that this is the same with your finances -- if you are checking up on them every day, they will go the way you plan them to.
Since this is a blog about my journey to financial freedom (and clearly, education on the way!) I am a little embarrassed to say that I have become pretty lax about my finances. And grateful that I read the post on the Millionaire Mommy when I did, so I take a better look at what we are doing.
I am down to my last "Bad Debt" credit card, which will be paid off on July 4th. I have savings set aside for when we make the move, along with "seed money" for real estate investment. That being said, I want to focus more closely on organizing my finances so that I can grow them more effectively.
Part of my weekend project will be to organize my finances better and more clearly. Paul has mentioned Quicken several times, so with the inspiration of the Millionaire Mommy, I will venture down that road to set it up. Another great website which I adore is www.mint.com which links all your accounts.
In other news, we decided to hold off on counter-bidding on the house that we submitted a verbal bid for, last Friday. The seller is anxious to sell (I would be too in this market) but the pricing does not work out at what she is looking for. We will watch the property for a month and see where it is, and if she is more willing to negotiate at that point.
We are going to continue to look at properties and go from there. I think that we will be able to close on a deal that makes sense before moving up there.
As a side note, last Friday I took a kitten home from the shelter (Adina -- Addie for short). Right now, both she and the older kitty (Pixie) are a bit sick. With a lots of love and their favorite foods, hopefully they will be back up and running shortly. It is now kitten season at the animal shelters!
Have a great weekend.
Want to Lose Weight, Reduce Debt, Increase Net Worth? Here's An Easy and Effective First Step
an excellent read if you have the time.The first step, according to the blog, is to weigh yourself every day, because it makes a significant difference since you see any little weight gain. The writer then goes on to say that this is the same with your finances -- if you are checking up on them every day, they will go the way you plan them to.
Since this is a blog about my journey to financial freedom (and clearly, education on the way!) I am a little embarrassed to say that I have become pretty lax about my finances. And grateful that I read the post on the Millionaire Mommy when I did, so I take a better look at what we are doing.
I am down to my last "Bad Debt" credit card, which will be paid off on July 4th. I have savings set aside for when we make the move, along with "seed money" for real estate investment. That being said, I want to focus more closely on organizing my finances so that I can grow them more effectively.
Part of my weekend project will be to organize my finances better and more clearly. Paul has mentioned Quicken several times, so with the inspiration of the Millionaire Mommy, I will venture down that road to set it up. Another great website which I adore is www.mint.com which links all your accounts.
In other news, we decided to hold off on counter-bidding on the house that we submitted a verbal bid for, last Friday. The seller is anxious to sell (I would be too in this market) but the pricing does not work out at what she is looking for. We will watch the property for a month and see where it is, and if she is more willing to negotiate at that point.
We are going to continue to look at properties and go from there. I think that we will be able to close on a deal that makes sense before moving up there.
As a side note, last Friday I took a kitten home from the shelter (Adina -- Addie for short). Right now, both she and the older kitty (Pixie) are a bit sick. With a lots of love and their favorite foods, hopefully they will be back up and running shortly. It is now kitten season at the animal shelters!
Have a great weekend.
Thursday, June 12, 2008
Financial Education
This morning on my drive into work I was listening to z100 -- a very popular NYC radio station. They were talking about money, and the head of the radio show (Elvis) was arguing that people dislike talking about money and how much they make. He clearly makes more than the others who were having the discussion.
Elvis went on to say that money did not make you successful or happy; investing your money well made you rich, it wasn't how much you made, and happiness can not be gained from money.
Another on the show then said, "Yeah, but give someone who is making 30K a 100K paycheck and they will be happy!".
Everyone laughed and the show went on.
Elvis made a great point about investing -- if you make 30K and have been investing as much as you can for the past 10 years you are better off than someone making 100K who has never invested.
It was interesting to see the "Every-Beer-Guzzling-Man" character make the comment about the 100K paycheck. With a current salary around 50K, I imagined suddenly waking up one morning and starting to earn 120K -- what would I do?
First off, I would totally go shopping. I would spoil my family and friends -- and then? And then I would most likely get bored and think I wasn't making enough, and then start living through credit cards, and on and on.
Money isn't the answer, it is what you do with that money that makes all the difference.
Elvis went on to say that money did not make you successful or happy; investing your money well made you rich, it wasn't how much you made, and happiness can not be gained from money.
Another on the show then said, "Yeah, but give someone who is making 30K a 100K paycheck and they will be happy!".
Everyone laughed and the show went on.
Elvis made a great point about investing -- if you make 30K and have been investing as much as you can for the past 10 years you are better off than someone making 100K who has never invested.
It was interesting to see the "Every-Beer-Guzzling-Man" character make the comment about the 100K paycheck. With a current salary around 50K, I imagined suddenly waking up one morning and starting to earn 120K -- what would I do?
First off, I would totally go shopping. I would spoil my family and friends -- and then? And then I would most likely get bored and think I wasn't making enough, and then start living through credit cards, and on and on.
Money isn't the answer, it is what you do with that money that makes all the difference.
Wednesday, June 11, 2008
Aside from RE....
Tonight (Wednesday) was shoe class! It was so much fun and my shoes are coming along.
These days are sooooo long, but they are also so enjoyable. I'm up around 8.15 for a 9 AM start at work -- the day goes until 4 and I am home by 4.15 to chill until 5.15 and then off to class, and back home around 10 or so.
Each day, I am uncertain how I will make it through. There are so many balls in the air at this point. Aside from the "Aside from RE" title of this, Paul really liked the NH property he saw on Tuesday.
At this point, we are considering 3 different projects, all of which have their own twists -- and risks.
These days are sooooo long, but they are also so enjoyable. I'm up around 8.15 for a 9 AM start at work -- the day goes until 4 and I am home by 4.15 to chill until 5.15 and then off to class, and back home around 10 or so.
Each day, I am uncertain how I will make it through. There are so many balls in the air at this point. Aside from the "Aside from RE" title of this, Paul really liked the NH property he saw on Tuesday.
At this point, we are considering 3 different projects, all of which have their own twists -- and risks.
Tuesday, June 10, 2008
And then!
Each day is more exciting than the last!
Paul is working on the numbers for the 1st option we have, so we can properly counter-bid.
Then today, a RE investor that I met in New Haven called about a deal that he has in the East Rock area -- remember, the very nice area that is a bit too expensive to buy in. He has a 1 family in that area, so not exactly what we are looking for, but in an area we would love to buy in.
Paul drove up today to check it out. From what he saw, it sounds like a flipper project instead of a long term investment. On the East coast, the whole "single family house" thing is challenging to make work, financially speaking.
These days seem to run one into another; they are so much fun, and so much is happening all at once.
Till tomorrow.
Paul is working on the numbers for the 1st option we have, so we can properly counter-bid.
Then today, a RE investor that I met in New Haven called about a deal that he has in the East Rock area -- remember, the very nice area that is a bit too expensive to buy in. He has a 1 family in that area, so not exactly what we are looking for, but in an area we would love to buy in.
Paul drove up today to check it out. From what he saw, it sounds like a flipper project instead of a long term investment. On the East coast, the whole "single family house" thing is challenging to make work, financially speaking.
These days seem to run one into another; they are so much fun, and so much is happening all at once.
Till tomorrow.
Monday, June 9, 2008
The Numbers
Today and yesterday were such a whirlwind of activity. The rest of the week will be as well.
On Friday, we put the bid in. We offered 100K less than the asking price. The sellers countered with 25K less than the asking price, said it was their final offer, and the property would be as-is.
Our final numbers indicate that we can go up another 25K -- and then that is it. As much as I am looking forward to buying, having a place of our own and being on the road to wealth, I want to make sure that it is the road to wealth and pay the right price.
My gut instinct, with this being our first deal and all, is that these sellers really want to sell because they want to move to FL and want to be liquid. It also seems that there are no other serious buyers on the horizon and we have indicated that we are serious by submitting our pre-qual mortgage documentation.
So, I am praying, that when we offer our next counter bid at some point this week (after we verify a few more numbers) they accept it.
As a side note, we will not be buying anything "as-is". If the walls need to be painted, fine. But if there is a termite infestation that is a different story.
I never got such a rush as when I negotiated to buy my car (Daisy Mox) after graduating from college and I feel very similar now. I identified so much with Trump in his book "The Art of the Deal" -- to paraphrase him, I get my kicks out of negotiating. The hair is a different story.
So -- that is where we are. I feel so tired, but so fulfilled. I am loving taking my classes over the summer, and I am so excited to move to New Haven to start a new chapter in our lives.
Please keep us in your thoughts over the next few days as we tie this one up!
On Friday, we put the bid in. We offered 100K less than the asking price. The sellers countered with 25K less than the asking price, said it was their final offer, and the property would be as-is.
Our final numbers indicate that we can go up another 25K -- and then that is it. As much as I am looking forward to buying, having a place of our own and being on the road to wealth, I want to make sure that it is the road to wealth and pay the right price.
My gut instinct, with this being our first deal and all, is that these sellers really want to sell because they want to move to FL and want to be liquid. It also seems that there are no other serious buyers on the horizon and we have indicated that we are serious by submitting our pre-qual mortgage documentation.
So, I am praying, that when we offer our next counter bid at some point this week (after we verify a few more numbers) they accept it.
As a side note, we will not be buying anything "as-is". If the walls need to be painted, fine. But if there is a termite infestation that is a different story.
I never got such a rush as when I negotiated to buy my car (Daisy Mox) after graduating from college and I feel very similar now. I identified so much with Trump in his book "The Art of the Deal" -- to paraphrase him, I get my kicks out of negotiating. The hair is a different story.
So -- that is where we are. I feel so tired, but so fulfilled. I am loving taking my classes over the summer, and I am so excited to move to New Haven to start a new chapter in our lives.
Please keep us in your thoughts over the next few days as we tie this one up!
Friday, June 6, 2008
The Deal
Last night was our last call with our Rich Dad Coach. I am praying that all this help and guidance over the last few months pays off in the acquisition of our first property.
We went over some great questions to get the answers to before we put our offer out. Paul is working on getting those answers today (he is so wonderful!) and then...we should be all set. I am nervous, but in a removed way.
I had been saying for a while that 2008 will be the year of change, and funny enough, there are 8 major issues circulating.
1. Moving to New Haven
2. Putting together this first deal
3. Leaving my job
4. Taking classes at FIT
5. Family stuff
6. Engagement Party and Going Away Party (something that will be so fun, but we also need to plan for it)
7. There were two other things when I went through this list last night :)
Lots of changes, all at once.
And speaking of changes, Paul just got off the phone with the Tax Assessor -- and, New Haven is in year 2 of a 5 year tax assessment! That adds an additional $240.50 a month to our expenses. Paul is calling Michelle now, to go over everything with her.
Hopefully, everything will work out.
Have a great weekend!
We went over some great questions to get the answers to before we put our offer out. Paul is working on getting those answers today (he is so wonderful!) and then...we should be all set. I am nervous, but in a removed way.
I had been saying for a while that 2008 will be the year of change, and funny enough, there are 8 major issues circulating.
1. Moving to New Haven
2. Putting together this first deal
3. Leaving my job
4. Taking classes at FIT
5. Family stuff
6. Engagement Party and Going Away Party (something that will be so fun, but we also need to plan for it)
7. There were two other things when I went through this list last night :)
Lots of changes, all at once.
And speaking of changes, Paul just got off the phone with the Tax Assessor -- and, New Haven is in year 2 of a 5 year tax assessment! That adds an additional $240.50 a month to our expenses. Paul is calling Michelle now, to go over everything with her.
Hopefully, everything will work out.
Have a great weekend!
Thursday, June 5, 2008
Ping Pong Ball
I feel like I am bouncing between work, school, sleep, work, school, sleep. Somewhere in there, Paul and I debate about the limit offer that we would present to the seller of the house we are interested in.
We got the expenses yesterday, which is great. We are going to talk with our Rich Dad Coach about everything tonight, to hopefully get some more insight and ideas about strategy. Once we have that conversation, I think we will be ready to present an offer tomorrow. Best case, is the seller will think about it over the weekend (while we pray!) and accept on Monday.
Then we can get all the mortgage hoops out of the way and move on and in! That, of course, is the best case scenario.
The contingency plan, if this does not work out, is to rent month to month until we find something that works.
And now...the work question. I want to be off until September 1st, so we can travel, paint, move in to our new home and generally get adjusted to New Haven -- where is the supermarket, for example.
From there, I have ruled out teaching. From speaking with other teachers it sounds emotionally and physically draining, and that is not my focus at this point. My inspiration is from Jay-Z:
Go with what makes sense
Since
I know what I'm up against
We as rappers (real estate investors) must decide what's most important
And I can't help the poor if I'm one of them
So I got rich and gave back
To me that's the win, win.
Now I realize that there are a lot of people who are not wealthy and help the poor - I am one of them too. But, looking at Bill and Melinda Gates, or Warren Buffett, how much more can you help others once you have built wealth.
So anyway, teaching is out. I would love to find something that I can do on a contract basis, or even remotely, so as we wander around the country and world during the summers that Paul is in law school, I have something I can step away from, and return to.
Everything, it seems, works out the way it is supposed to.
We got the expenses yesterday, which is great. We are going to talk with our Rich Dad Coach about everything tonight, to hopefully get some more insight and ideas about strategy. Once we have that conversation, I think we will be ready to present an offer tomorrow. Best case, is the seller will think about it over the weekend (while we pray!) and accept on Monday.
Then we can get all the mortgage hoops out of the way and move on and in! That, of course, is the best case scenario.
The contingency plan, if this does not work out, is to rent month to month until we find something that works.
And now...the work question. I want to be off until September 1st, so we can travel, paint, move in to our new home and generally get adjusted to New Haven -- where is the supermarket, for example.
From there, I have ruled out teaching. From speaking with other teachers it sounds emotionally and physically draining, and that is not my focus at this point. My inspiration is from Jay-Z:
Go with what makes sense
Since
I know what I'm up against
We as rappers (real estate investors) must decide what's most important
And I can't help the poor if I'm one of them
So I got rich and gave back
To me that's the win, win.
Now I realize that there are a lot of people who are not wealthy and help the poor - I am one of them too. But, looking at Bill and Melinda Gates, or Warren Buffett, how much more can you help others once you have built wealth.
So anyway, teaching is out. I would love to find something that I can do on a contract basis, or even remotely, so as we wander around the country and world during the summers that Paul is in law school, I have something I can step away from, and return to.
Everything, it seems, works out the way it is supposed to.
Wednesday, June 4, 2008
Tuesday, June 3, 2008
Tenants? Check.
The first numbers for this property are starting to roll in. The current tenants of one unit are paying $1,300. The other unit is vacant, and is where we would live.
Now we are waiting on getting the expenses. The other aspect we need to be working on is getting a sketch to the Zoning Dept for New Haven, to check on a few other issues.
Our RE agent is expecting a July closing date, if all the expenses check out well. My last day working is July 18th, so the closing has to be before then. I want to take off until September 1st to work on the house and get settled.
At this point, I am leaning towards getting a job for a while, so that we will be secure, and then starting something else up on the side. Once that side work gets strong enough, I will leave the job to focus on growing the business.
Now, what shall the business be? I really want to be doing rehabs. As soon as we close on this house, my next step will be learning everything about starting a rehab business. Where to get funding? Which areas are preferable for rehabbing? New Haven has a lot of areas that are in need of some help, so I would love to be working on that.
I am so nervous, excited, scared and hopeful. I am so looking forward to becoming an ace at doing this.
Now we are waiting on getting the expenses. The other aspect we need to be working on is getting a sketch to the Zoning Dept for New Haven, to check on a few other issues.
Our RE agent is expecting a July closing date, if all the expenses check out well. My last day working is July 18th, so the closing has to be before then. I want to take off until September 1st to work on the house and get settled.
At this point, I am leaning towards getting a job for a while, so that we will be secure, and then starting something else up on the side. Once that side work gets strong enough, I will leave the job to focus on growing the business.
Now, what shall the business be? I really want to be doing rehabs. As soon as we close on this house, my next step will be learning everything about starting a rehab business. Where to get funding? Which areas are preferable for rehabbing? New Haven has a lot of areas that are in need of some help, so I would love to be working on that.
I am so nervous, excited, scared and hopeful. I am so looking forward to becoming an ace at doing this.
Monday, June 2, 2008
Next?
Great news -- today I was pre-approved for the mortgage for the property that we want to make a bid on. We talked about each holding the mortgage, but since Paul will be on student loans, the mortgage companies that make these decisions, do not count that as income. So, therefore, the mortgage is taken out only under me -- which does open up cool options for us down the line, when we can buy another property with Paul as the only one on the mortgage, thus picking up 2 properties with 3% down.
Ahhh, the 3% down. This is the big debate. We could afford to put up to 10% down, and are approved to put as little as 3% down. The mortgage broker we are working with is emailing us over a list of options today to sort through.
Paul's Mom has also graciously offered to co-sign the loan with us, because we of our current position. This was a really sweet and wonderful offer. I am hoping that we will be able to do it on our own, to make it that much more, our own.
With the pre-approval done, now we can begin the negotiating process with the seller. This New York Times article went into writing letters to the seller. We are certainly open to doing this, but our wording would be a bit different. If we go that route, I will post the letter that we write.
The other aspect that we are pretty set on, is in the (likely) event that we close on this property, we would be living in one of the 2 units, and that unit has 2 bedrooms. We debated having a roommate, and at this point we think it makes the most sense. We can reevaluate each year as we need to, but for now, kidless, engaged, not needing that much room, it is the right move for us.
There is a lot of family drama swirling around right now, and it feels so empowering to be focusing on the next goal, and closing on this property.
Also, I was revisiting the last credit card that I have to pay off -- which is currently at: $1,590.95. I thought I did my calculations incorrectly at one point, and would be paying that off before my first date of Independence Day, July 4th. After looking at the numbers again, I am back to the 7/4/08 day, which I really like for symbolism.
So at this point, I am almost a month away from being Bad Debt Free. The future is brimming with possibilities.
Ahhh, the 3% down. This is the big debate. We could afford to put up to 10% down, and are approved to put as little as 3% down. The mortgage broker we are working with is emailing us over a list of options today to sort through.
Paul's Mom has also graciously offered to co-sign the loan with us, because we of our current position. This was a really sweet and wonderful offer. I am hoping that we will be able to do it on our own, to make it that much more, our own.
With the pre-approval done, now we can begin the negotiating process with the seller. This New York Times article went into writing letters to the seller. We are certainly open to doing this, but our wording would be a bit different. If we go that route, I will post the letter that we write.
The other aspect that we are pretty set on, is in the (likely) event that we close on this property, we would be living in one of the 2 units, and that unit has 2 bedrooms. We debated having a roommate, and at this point we think it makes the most sense. We can reevaluate each year as we need to, but for now, kidless, engaged, not needing that much room, it is the right move for us.
There is a lot of family drama swirling around right now, and it feels so empowering to be focusing on the next goal, and closing on this property.
Also, I was revisiting the last credit card that I have to pay off -- which is currently at: $1,590.95. I thought I did my calculations incorrectly at one point, and would be paying that off before my first date of Independence Day, July 4th. After looking at the numbers again, I am back to the 7/4/08 day, which I really like for symbolism.
So at this point, I am almost a month away from being Bad Debt Free. The future is brimming with possibilities.
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