​ Episode 40.41.42.43 – Procrastination & Progress

Episode 40.41.42.43 – Procrastination & Progress

I've been procrastinating for a bit, to say the least. While there wasn't much news in the last few weeks, I still should have wrote something. In any case, here I am. The holidays slowed me down a bit and getting back into the groove was difficult when waiting is all I do. Things have happened recently though, on both of my projects and it was exciting.

New Routine

Last episode, I wrote about a morning routine and how I was going to read and exercise more just to make myself more productive. Well, that didn't happen. I totally failed. I think I was being rather unrealistic about it all. I am still trying but now I have shift things around to make the new habits stick easier. Reading, for example, has now move from breakfast into lunch and my goal is only to read about ten pages a day, to start of with. Exercising? To be determined.

Project 192

The sale has been completed a while ago and technically all responsibility is now belonging to the tenant-buyer. However, since I didn't know what I was doing and was too eager to put someone in the home I may have not selected the best tenant-buyer for the situation. The couple are paying but they are not as handy as they needed to be. Something I'm going to remember for Project Rocky in regards to picking tenants.

Recently, the pipes needed insulation because the temperature drop and the park owner wanted it done fast. End results? I spent some money to get a handyman to insulate the pipes. Then, we also replaced the damage water heater and floor board it was sitting on. The most surprising thing that came out of it that I didn't suspect was how easy it was for me to find a handyman and one that was quite good. Maybe it was luck that I met him but he was fast, professional and quite knowledgeable.

I'm ok with with spending that money because what I've come to realize is that this model of business for this particular project, at least, is a three way relationship between me, the park owner, and the tenant. I need to strike a balance between whether or not to fix something and the tenant-buyer deciding to stay or leave in the middle of the night. Right now, everything is peachy and I'm ok with that. However, we still one major repair to do and that is the roof repair. Once that is resolved though, there is really no other infrastructure expenditure I can foresee.

Project Rocky

So finally the mover moved it. Hooray!! I'm not sure if I will ever use this particular mover again. I'm not even sure I will ever move a mobile home again. It was painful and something I will remember for a long while. In any case, I have scheduled a week off from my day job just to get some time to meet with this park owner.

What's different about project Rocky versus 192 is that the park ­ of project Rocky is a GC and has a crew and what seems to be all the handymen that I will need. I'm a little tensed over the how much repairs will cost. I do have some ideas on how to go about getting the cash but none of it is truly attractive. In either case, after this project I will have quite a good baseline on how much everything costs to rehab a singlewide.

What I'm focusing on for now is infrastructure. Once the roof is repaired, I want to know that the electrical and plumbing is good to go. Once that is complete, everything else is basically presentation and usability. The kitchen will cost some money and so is the bathroom. However, I'm considering just doing the bare minimum and again sell it to a handyman type. We'll have to see how everything play out. Generally I'm a little less lost than before, however, I'm still scared to death. :) .

Other News

I was going to write about financing but I think I'll wait until I actually figure something out rather my plans and ideas. Look for it in my upcoming posts as most of it will be around project Rocky, how I am going to fund the repairs and what mistakes I'm making. While one of the objectives is still paying down consumer debt, it is something that will be address after project Rocky goes through the sale phase.

So I recently attended a meeting at the local REIA and as always went away quite invigorated. What was interesting is that we now have quite a few newbies looking to do what I'm doing. Of course, biggerpockets was my first answer and John Fedro's name come up a few times. I felt odd being the one who is answering instead of asking. I mean, what the hell do I know.

Well, I think that's all I have for this episode. As always, thank you for reading if anyone is reading. Happy New Year and may 2016 bring you much success!! Cheers.