8/03/2004 08:52:56 PM|||Travis|||

Back in CA

And the weather is nice out here. Same old stuff here in the old apartment. Jake still hasn't done any dishes. It still smells just a little. And my old comp is still running good in the living room, although it is in a much more aethsetically pleasing place- a glass table as opposed to the coffee table.

I came out for a real estate seminar by the beautiful and successful Lisa Kaz (lisakaz.com) and learned a great deal about confidence and real estate. I am getting into my first deal, and its freaking GREAT. Going into the conference I didn't know how some aspects of the deal were going to work out, mainly the financing, but I left feeling great and have had no trouble talking to lenders now. It looks like I am going to be able to get the option ARM super-duper awesome loan that I want. Landlording here I come!

And condo selling here I come. The basics of the deal I am getting into are something like this- buy a 4 unit apartment building and then sell out each unit as a condo. The entire thing is costing me 265,000 and I can sell each condo for at least 100,000 (probably closer to 110,000). The beauty of the whole thing is that it is going to pay for itself, expecially because of the loan I am going to get that has a minimum payment of 1.95%. That lets me ensure that I am going to be getting cash each month, even AFTER all the expenses. Then I just slowly pop off each condo. Once they are all gone, I will have made a profit of approximately 100,000 (thats allowing a 35,000 budget for misc. fees).

I need a downpayment of 30,000 and already have 10,000 ready to put in. I am looking for a debt partner to get the rest of the money, and I am willing to give a 7% interest rate or so. I am going to my family first, but anyone who wants to make some bets with me on this should just get ahold of me and I can send over the specifics of the deal. I am making a document tonight, as the Lisa Kaz group is having a conference call tomorrow and I need to pitch this deal.

This feels great, I love putting together deals like this, and Real Estate is just sucking me right in as I go further along.

On a side note, if anyone wants to go to New York for a week and hear Trump speak, go to Learningannex.com, click on New York and then find the Trump banner. Its going to kick some ass, and will finnally give me a chance to tour the big apple.

over and out

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