Well, the weekend has arrived so I thought that I had better give an update!
The duplex purchase is coming to a close and the possession date is scheduled for July 1, 2006. I had a hiccup with the previous owner not wanting to return the damage deposits, so I had to set that straight. He agreed to return the damage deposits to me without concession as this is considered normal practice when buying rental property.
I am off this weekend to visit 4 different properties in the city where my in-laws live. The 12 unit, a tri-plex and two four-plexes are on the list of potential candidates. All seem to be profitable according to the information that I received from the owners (I’ll definitely double check everything).
I am sitting in cash right now as the stock markets are very volatile. I am glad that I stuck to my sell rules as TGB has basically fallen off the face of the earth!
I have also inquired about two different franchises that I believe would be very successful. One would be located in the city where I currently live, while the other in the city where I grew up.
I am going golfing tomorrow morning with my “money guy”. He is a gentleman looking to sell his business and invest the proceeds as a silent partner. It is my luck that he appreciates my enthusiasm and would rather help build another business than invest in the markets. He doesn’t trust the stock market…Some days I can’t blame him. It seems the most successful people focus on what they know and don’t worry about what they don’t. This guy can definitely build and business and I am glad that he is on my side.
It looks to be a busy long weekend for me!