Well, it is officially June 1, 2006 which means that I have to start paying my student loans back. AS I mentioned in an earlier post, the 8.25% that the government of Canada wants to charge me for this is simply unacceptable to me.
Therefore I am planning on using the little cash that I have left over from the duplex purchase to pay off my student loans.
I am hoping that the investment group will come to a conclusion on a purchase for one of the properties that I scouted for them. I will then use that money to invest in the Fitness Center. According to the deal that I had proposed, I would be a partner in the Fitness Center by August 1, 2006. I guess the pressure is on to find the necessary funds for the down payment. The financing has been worked out through a government sponsored young entrepreneur loan program. Another form of financing that is an option are unsecured loans which are becoming more popular and easier to obtain and The Thrifty Scot can search over 400 personal loan plans to find one that suits you.
I visited the location that we were looking at moving the Fitness Center to. This place was an absolute disaster. I might get a professional to check it out, but even I can see that it needs a LOT of work. I guess we will see. Check out the Picture.
P.S – If anyone is interested in Triple Net Lease properties in Manitoba, Canada, I have a couple long-term leased properties on the line with 8-10% CAP rates.
Have a good one!