I have some great news from over the weekend.
My duplex deal is looking brighter as a smaller duplex (2BR, 1BA per side) in a less desirable area of town just sold for about $45,000 more than the one I purchased. The owner sold each side individually as a townhouse, which was part of my exit plan as well. Similar duplexes are renting for about $25/month more than my current rents and are staying vacant for about 2 weeksâ€¦just enough time to paint and clean I suppose.
It also looks like the owner of the fitness club is going to accept my offer to purchase 50% of the business. The business is currently breaking even, but has not even ventured into personal training, alternative fitness (pilates, yoga, martial arts etc.) and has not sold much in the way of supplements. There is a great upside potential here and I am looking forward to building it. There is one other gym in the city and the total memberships between the two facilities are less than 2% of the population. This is another reason that I expect the business to grow with a specific and targeted marketing plan.
I have also been locating properties for investors, but I have yet to hear of any progress. I have provided two potential properties the investment group and I am hoping that I they can close on one. I am hoping to use the finderâ€™s fee to invest in the fitness club.
Hereâ€™s to the future!!!