Personal Purchase Update
Newest purchase took a tad longer than I expected. As I mentioned last month we had to go back through and do some further updates before we listed it for rent. It took no time at all to get a renter in there which was great, so I scheduled the appraisal with the lender. Hurricane Florence delayed us a week, but the appraisal went through and I got all my money back!
Purchase price – 55K
Rehab – 10K
All-in cost – 65K
Appraised value – 100K!!!!!!
Rent – $950/month
It shouldn’t be so easy to make this much money doing so little.
I went to Fincon 2018
Fincon has an interesting history for me. I had been hearing about it for years through people involved in the personal finance community, but it’s for bloggers. So when I started my blog, I got excited that I had a legitimate reason to go! So I prepared by redesigning the site, I got the nice logo made, business cards, and tried to step up a little bit so I didn’t seem like a total slacker.
Unfortunately when I got there I felt like a total slacker anyway. Not in a bad way, but in a motivating way. It’s good to see the effort your peers are putting into similar work, helps hold ourselves accountable. Next year I look forward to trying much harder: more preparation, better pitches and branding, more deliberate networking.
All that said, this event is FUN. I work at a bank and bankers are BORING almost universally, I was worried that hanging with a bunch of money nerds would be similar, (and it was kinda) but it was fantastic and I already bought my tickets to go next year!
I made a mistake by not going sooner, thinking I didn’t have anything to offer, or wasn’t established enough. I wish I would had gone far earlie.
What’s going to happen in November
I’m going to buy another single family home
I had intended to start this process in September but had a slight delay, all things considered not that big of a deal. This will be my 3rd complete purchase and rehab for the year and that was my goal, excited to hit it!
Residential real estate deals are getting more competitive these days for sure. Margins are tightening and interest rates are rising, I’m starting to develop strategies for alternative paths forward. Keep you posted on what happens.
Books I read this month
I only got through 4 books this month but I’m quite happy with the choices I picked, especially Yuval Harari and Richard Dawkins’ new books. I read Roger Stone’s book because I wanted to see what this guy had to say, but it was drivel unfortunately.
The Federalist Papers – Alexander Hamilton / James Madison
21 Lessons for the 21st Century – Yuval Noah Harari
Stone’s Rules – Roger Stone
Science in the Soul – Richard Dawkins
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