AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Jul 29, 2011 10:30:45 GMT -5
I have a couple of big projects coming to fruition right now, and I can't really devote time to online fun, frolic, fivolity-- or drama.
I'll check back from time to time, but in the mean time- I'm off today to collect a check from a bank that is paying me $38,000 to take a house off their hands. That's right.
The place was valued at $70K but needed a LOT of work. So, I offered them $15,000 and they said, "Not a chance". That was about six weeks ago. Two days ago, they called me and said, "We'll take your $5K offer".
Who am I to correct them? Someone made a typo in their notes, I guess.
The closing is today- I was planning to go pay for the house. Then I read the docs and discovered there was some wind damage to the roof, and corresponding water damage that I had already budgeted for repairs-- $12K, so I had planned on paying with holding costs and incidentals roughly $20K for this place--
Anyway- the old owner filed a claim, the bank obviously did nothing with it- so, I've got a check from the insurance company waiting for me for $51,973 for wind and water damage to the house-- far more than it's going to cost me to make the necessary repairs. I figure I'm going to keep roughly $38K of it give or take a couple grand.
I'm also buying into a commercial syndication that picked up a $1.2 million building that was originally negotiated down to $325K. I'm only in it for $30K - and now that that's covered by the house, I'm gonna get into the next similar deal for another $30K. When this deal closes, we get a check from a cell phone tower lease on the roof for $111,000 plus 50% of the monthly income, a check from an insurance company for $25K with an NOI (currently) of $13,560. We are already approved for a refinance where we plan to take out $600K (debt service is $54K a year taken from the $162,720 which leaves us $108,720 a year free cash flow...of which roughly 10% is mine.
The way the final numbers come out for me is that the extras are just added back in with the $600K cash out-- so, that gives me a check in about 6 months for $73,600 - my $30K investment that I'm getting back comes to $43,600 plus an additional $10,872 a year. There is such a thing as an upward spiral, it's as hard to stop as the downward spiral. I almost can't help but make money now.
Anyway- as you can tell, I'm a little giddy and happy right now- and busy. So, I'll be back sometime around the beginning of September. Some people here know where to find me if you just can't live without me. Ask around...
Bye for now...
Paul
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Deleted
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Post by Deleted on Jul 29, 2011 10:53:11 GMT -5
Good move Paul. You're a man of fiscal dexterity. I call it "taking advantage of the unintended consequence". I've been doing it for years. For every move that the liberal left makes for social engineering there is $$$ to be made. When local acquaintances ask how I retired at 43. I just smile and say "smart investing".
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Post by jarhead1976 on Jul 29, 2011 11:22:55 GMT -5
Nice, I think this would fall under the " Are we still a capitalist sociaty thread."
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Post by maui1 on Jul 29, 2011 11:50:14 GMT -5
good job paul- i would say 'good luck' but it would seem 'redundant', as it is obvious that you have that already.
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AgeOfEnlightenmentSCP
Distinguished Associate
Joined: Dec 21, 2010 11:59:07 GMT -5
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Favorite Drink: Sweetwater 420
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Post by AgeOfEnlightenmentSCP on Jul 29, 2011 11:52:06 GMT -5
There's a generational opportunity in commercial real estate right now. It's a great time to get started in it because the window that's open right now will close fast once banks start lending again-- that's really the opportunity. I got in with an investment group because a) I don't have all the capital I need, and b) neither do they- because banks are not lending. The result is that they are willing to work with smaller investors as partners because there's no other way to get the money to buy the commercial deals out there save having all the $ yourself.
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Post by maui1 on Jul 29, 2011 13:16:05 GMT -5
so you live down here all the time now?
i have a home in the orlando area and a condo in hollywood, maybe we can meet for lunch some day
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Post by BeenThere...DoneThat... on Jul 29, 2011 13:20:41 GMT -5
...Godspeed, PBP... hopefully by the time we cross posts again, my Steelers would have taken good advantage of the pre-season, such as it is...
;D
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Bluerobin
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Post by Bluerobin on Jul 29, 2011 13:45:09 GMT -5
Paul, you are going to have to host a small business entrepreneurial seminar when you return.
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djAdvocate
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Post by djAdvocate on Jul 29, 2011 14:40:41 GMT -5
anything that keeps you off the boards gets a ringing endorsement from me.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Jul 29, 2011 14:54:48 GMT -5
so you live down here all the time now? i have a home in the orlando area and a condo in hollywood, maybe we can meet for lunch some day I'm up in Indiana for a bit- that's where these deals are. When I get back, you bet. Where in Orlando? We were looking at a deal in Windemere.
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Deleted
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Post by Deleted on Jul 29, 2011 14:57:05 GMT -5
anything that keeps you off the boards gets a ringing endorsement from me. Doesn't eliminating one side of the discussion kind of stop the exchange of ideas. Kind of like a whole room full of people continually nodding in agreement with everything that's said. Intellectually boring at best.
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djAdvocate
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Post by djAdvocate on Jul 29, 2011 15:07:18 GMT -5
anything that keeps you off the boards gets a ringing endorsement from me. Doesn't eliminating one side of the discussion kind of stop the exchange of ideas. not when the side of the discussion is about as substantive as a coke can full of rocks.
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djAdvocate
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Post by djAdvocate on Jul 29, 2011 15:08:26 GMT -5
anything that keeps you off the boards gets a ringing endorsement from me. Doesn't eliminating one side of the discussion kind of stop the exchange of ideas. Kind of like a whole room full of people continually nodding in agreement with everything that's said. Intellectually boring at best. agreed. so, why are we talking about this?
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Post by Savoir Faire-Demogague in NJ on Jul 29, 2011 15:12:53 GMT -5
Eliminating or keeping the most intelligent posters from the forum, would render the forum essentially useless.
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djAdvocate
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Post by djAdvocate on Jul 29, 2011 15:13:36 GMT -5
Eliminating or keeping the most intelligent posters from the forum, would render the forum essentially useless. agreed. but what does that have to do with Paul?
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djAdvocate
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Post by djAdvocate on Jul 29, 2011 15:14:56 GMT -5
ps- you guys- you are taking the remark too seriously. i am not for censoring anyone. especially such low hanging delectables as WCPS. but if he voluteers to self censor, who am i to object? ;D
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Post by Savoir Faire-Demogague in NJ on Jul 29, 2011 15:15:39 GMT -5
Paul is one of few posters providing solid business and investment advise. The majority of the posters here, I just run right by their posts. They have nothing educational to offer. I wont name names.
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djAdvocate
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Post by djAdvocate on Jul 29, 2011 15:17:34 GMT -5
Paul is one of few posters providing solid business and investment advise. The majority of the posters here, I just run right by their posts. They have nothing educational to offer. I wont name names. well, i agree with half your post. i won't tell you which half.
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Post by Savoir Faire-Demogague in NJ on Jul 29, 2011 15:19:31 GMT -5
And you are one of the posters whose posts I ignore, because you offer nothing constructive nor education to the forum.
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Post by BeenThere...DoneThat... on Jul 29, 2011 15:20:24 GMT -5
Paul is one of few posters providing solid business and investment advise. The majority of the posters here, I just run right by their posts. They have nothing educational to offer. I wont name names. ...gee, thanks... you're probably an AFC East fan, anyway... pfft... ;D
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floridayankee
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Post by floridayankee on Jul 29, 2011 15:22:18 GMT -5
Eliminating or keeping the most intelligent posters from the forum, would render the forum essentially useless. agreed. but what does that have to do with Paul?That was too easy......
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djAdvocate
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Post by djAdvocate on Jul 29, 2011 15:24:15 GMT -5
agreed. but what does that have to do with Paul? That was too easy...... i know. i apologize. i should only engage in more challenging sport.
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djAdvocate
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Post by djAdvocate on Jul 29, 2011 18:38:48 GMT -5
And you are one of the posters whose posts I ignore, because you offer nothing constructive nor education to the forum. when are you going to start?
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djAdvocate
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Post by djAdvocate on Jul 29, 2011 18:50:26 GMT -5
And you are one of the posters whose posts I ignore, because you offer nothing constructive nor education to the forum. It is kind of funny that you are responding to someone whose post you ignore. How does that work? presumably as well as the ass kissing of WCPS does.
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djAdvocate
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Post by djAdvocate on Jul 29, 2011 19:12:57 GMT -5
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2kids10horses
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Post by 2kids10horses on Jul 29, 2011 19:28:17 GMT -5
I, for one, enjoy Paul's posts. I also do similiar real estate deals, although fewer in number. So, I know these kinds of deals are real, he's not blowing smoke. So, knowing the business, Paul gets credibility with me.
He's out there hustling, making something happen positive in his life, even in this terrible economy. (I have to say, I have done well in my own personal real estate in this down market, too.) So, all those who whine and moan about how bad it is, need to pay attention. There ARE opportunities out there.
But you will not find them by moaning and groaning.
You may not like Paul's policital persuasion. You may not like his personality. But if more people went about their day with his ATTITUDE, there would be fewer people on the public dole.
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djAdvocate
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Post by djAdvocate on Jul 29, 2011 20:04:19 GMT -5
I, for one, enjoy Paul's posts. i do too. so in the interests of time management, i hope he makes fewer of them. ;D
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djAdvocate
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Post by djAdvocate on Jul 29, 2011 20:12:22 GMT -5
You may not like Paul's policital persuasion. You may not like his personality. But if more people went about their day with his ATTITUDE, there would be fewer people on the public dole. i don't actually care much about WCPS's politics. he is closer to me than even he would admit- we are both classical liberals. where we differ is that i don't think that Democrats are satan's spawn any more than Republicans are. nor do i think that privatizing everything is the answer. i think that government has a purpose, and the sooner it gets back to it, the better. and i think that most Americans would agree and are willing to pay for that. i bet even WCPS would. where i draw the line is when it seems to me that people are putting their own selfish interests above the good of the society around them. that attitude used to be called empathy. now, it is difficult to even articulate that attitude without being called a socialist.
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verrip1
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Post by verrip1 on Jul 30, 2011 13:45:45 GMT -5
I wasn't aware that being unjustifiably called a socialist was such a painful wound. I sometimes find that the term 'liberal' is also poorly received by some who might be so classified.
Righty, conservative and tea partier are terms that don't seem to elicit much negative response from folks characterized those ways. Then there is the term teaba gger which is both used and received with the insulting connotation which made it too precious for some not to use to antagonize.
Not that I think it's an issue of grave importance. I just consider it an interesting juxtaposition, since the issue of labels was brought up.
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djAdvocate
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Post by djAdvocate on Jul 30, 2011 14:41:55 GMT -5
I wasn't aware that being unjustifiably called a socialist was such a painful wound. really? it has been akin to traitor since the 50's, pretty much. where do you live, verrip? blue state or red? EDIT: i started a thread on this.
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