Since I found out that my finders fee wonâ€™t be materializing, I have spent a lot of time over the weekend trying to figure out a way to purchase the building myself. The current owner was willing to take a second mortgage on the property of $50,000, but that still left me with too much out of pocket to qualify for financing and cover any unforeseen expenses. This is yet another set-back in my quest for wealth. I may still try to locate partners to help fund the deal, but I donâ€™t want to spread myself too thin.
The franchise operation is slowly chugging along as I think I have located a potential partnerâ€¦finally. I hope that he appreciates the potential and approves of my business plan. This franchise is the number one potential wealth accumulator on my plate right now and I really hope that I can get this investment up and running.
I spent the long weekend at the lake where I participated in a beach volleyball tournament. In case you were wondering, beach volleyball is a ridiculous sport. Two people playing on a full volleyball court, in the hot sun, in sand. This is a recipe for disaster; not only do you have to cover more ground because there are only two of you, but trying to jump in sand is an exercise in futility. I have a new respect for beach volleyball players.
OK, back to investing. The reason I brought up the volleyball is that this is where I met a gentleman who is currently on vacation and using this vacation to travel to different destinations looking for recreational property to purchase and invest in. It is his contention that there are a lot of people his age (early 50’s) that are looking to invest in cottages, cabins, and other recreational property. They are either looking for second homes, vacation homes, or retirement homes near lakes.
This made complete sense to me and the basic economic principle applies â€“ Supply vs. Demand. The number of retired individuals is becoming greater as time goes by and these individuals are looking to recreational real estate as a place to use their money and spend their time relaxing, hunting, or fishing. As an investor, we must focus on the activities of this demographic because they have disposable income and are reaching the age where it is time to spend it!
The trend is your friend, listen to what he is saying!