Sunday, April 24, 2005

Wake up

Click on the link and put in 1102 and Colorado to see pictures of the inside of the 2 bedroom apartment. ! got up this morning, had breakfast then went back to bed. ! need a lot more rest than ! manage to get. So once ! finally get to sleep the phone rings. #1's toilet and tub are backed up and there is a pool in the basement. No relaxing for me. There was indeed a pool in the basement and a pool in her bathroom. The plumbers came out and did their thing. You know how plumbers are about working on weekends. !'m still waiting to hear back how many weeks !'m going to have to work to pay this off. ! did some calculations. IF (in really big letters) all the apartments were rented all year and no repairs or other expenses came up ! would clear just over $100/month. Taxes and insurance are $500/month. ! pay nearly $100/month just on advertising in the paper w/vacancies and of course no rent from them. That means ! have to work another job to provide a place for them to live plus pay for their repairs before ! can spend anything on myself. Basically !'m paying a few $hundred every month to work a part time job. If ! manage a big gain when ! sell it in 2 years it will be worth it. The last owner bought for $400k and sold for $700k after 4 years. All w/out fixing anything. The same rate of return would get me about $1.4 million. that would be nice after all the improvements and repairs !'ve made. ! still don't understand why some people can put no effort into a project and profit mightily while ! bust my ass and spend a bunch of money and go backwards. One day....

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