Episode 44.45.46 – The Handyman Special

So far both of my projects has turn into handyman specials. I'm not sure if it makes complete sense but that's the way things have been unfolding so far. My business model is slowly developing and solidifying. I now understand it doesn't have to fit exactly to other models I've read about but so far it's pretty close.

My anxiety level is not as high as it was with the first project but it is still there. I am learning so so much. I'm surprised sometimes that I haven't yet run away from real estate investing screaming and crying. Although sometimes I want to, well maybe not the crying part. :)

Project Rocky

So yes project Rocky will most likely be another handyman special similar to project 192. I had previously thought about selling it after completing all the necessary renovations. However, I recently had the rude awakening that the costs of complete renovation is quite expensive. I am grateful to have brought another investor out to the site to do a walk-through.

The quick estimate is around $10K with labor being a huge part of the cost. Initially I had thought about getting more financing. While it is still an option, turning this into a handyman special will cut my costs drastically. This is because I can obtain materials on cash/credit and not have to worry about generating cash for labor fees. How? My plan is too get free labor. How will I get free labor? I'm looking to sell, again with financing, to a handyman who is looking to own his own home.

This is of course a theory right now. I have not yet posted the ad for this deal. I'm currently waiting for superbowl weekend to end. I'm worry that the superbowl is a distraction to my ad, even though I have no data to back this up. So we'll find out about this strategy next weekend.

Other News

I'm quickly approaching episode 52, the end of my first year in this adventure. I had previously thought I would be so much more knowledgeable and successful but I think reality is a little different. I learn quite a bit so far already, but something I discovered over this last year is that you will never know enough. It is a continual process, and the more mistakes and deals you go through, the better the deals you will acquire in the future.

That's all I really have for this post. Thanks for reading :).