365-day countdown
It’s official, I’m 29 years old now and I have exactly 1 year left to reach my 7-figure net worth goal. I’ve come a long way from where I was last year, but I still have quite a ways to go. My strategy remains the same as it was a year ago; wholesale properties until I have a positive net worth of approximately 30K and then diversify by investing in short-sales and rentals. In October of 2010, I’ll be investing with a partner in tax lien certificates. I also have an internet marketing company in the works. So the 1M won’t all come from Real Estate. I admit, my plan is somewhat vague at the moment, however I realize now that trying to calculate every move is a wasted effort. For me, it’s best that I just have a template of a plan and adapt when necessary.
1 year, 1 million dollars. Sounds like a stretch, but seriously that’s not even that much money. This time next year maybe all of my friends will truly understand why I spent nearly every weekend and weeknight for two years working towards my business. But right now, I don’t think they get it.
So on to current events…I was all excited about my brochures and my flyers until it was pointed out that there is a word redundancy within them. They have the headline, “Need to sell your your house fast”. That was kind of a buzz kill. But oh well, I honestly didn’t notice and the damn things are already printed. I brought it up to the designer and she offered to have them reprinted. But granted that she charged me about 1/3 of what she could’ve charged, I wasn’t going to do that to her. The reprint probably would’ve taken her profit and left her in the red. So we negotiated a company-credit towards the next project. I feel like that was fair.
I also met with owner of the rental property today and made an offer for her property at about 70% of ARV. The house doesn’t really need any repairs and is ready for renters so I felt like it was best to not make her an extreme lowball offer, it’s pretty turn-key. She still felt like the offer was low, but I explained my reasoning. I completely explained that to buy it ‘right now’ I’d have to pick it up at a discount. I also told her that she’d be able to get close to full retail if she listed the house with a Realtor, but I also explained that it may not sell until Spring of 2010. So I was very glad that she was receptive and understood my numbers and motives. I was most nervous about how that would go. She said that she’d run the offer past her lawyer tomorrow and contact me either way. This should be interesting.
I’m fearful that a 30% discount isn’t as ideal as a 40% or higher discount for my buyers, of course. However, my logic is that the house is ready to go. No exaggerations, renters could move in tomorrow. So, that’s got to count for something. I plan on taking a small spread on this, since I think there’s little room. What are the thoughts that yall have on this? It’s not a smoking HOT deal, but it seems pretty solid to me (that’s if she agrees and signs the contract)
Welp…365 days to go. The heat has been officially turned up. It’s time to definitely go harder in all facets of life (like I’m not already going hard). I’m about to go Lil Wayne on ‘em. Lil Wayne puts out a mixed-tape with new music almost monthly. He is one of the best Hip Hop artists to have ever done it. And he is a self-proclaimed workaholic. He inspires me…believe it or not.
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