A GOOD DAY
Just thought I would share one of my good days to help balance out one of my earlier posts of "Had a Bad Day". In that post I told how on January 1, 2016 I borrowed a friend's brand new trailer and went and bought 50 squares of shingles that were on sale. On the way back the ball broke off the trailer and in the resulting crash I lost many of the shingles and totaled the trailer for total damages of about $16,000. Well two days ago I sold a property that I had only owned for about 2 months. I originally went to help someone else buy it and they backed out. They had no problem with me buying the property so I closed on the same deal that was previously made. I strongly believed it would make a great rental for me, but needed cash and was worried about our local market crashing. The end result is a net profit of $20,000. To make things even better I am positive my buyer will also make money after fixing it up, I did nothing but some clean up and yard work. I also sold a small piece of farmland I had owned for about 20 years for about a $50K profit. We have had a bad drought and I simply did not have the time to plant and irrigate it to get back into good condition. A wonderful young couple bought it and will enjoy it immensely. Last but not least I also sold off one of my big problem properties. Someone had tried to join 2 mobile homes together and it was a mess. It has a nice garage and nice shop. After 2 people tried to buy it and defaulted, and same with renters, I finally sold it. The profit was only about $10K but it has paid for itself over the last 15 years so it had no mortgage. All in all while the start of the year was horrible, I have used the extra money to pay off a small mortgage increasing my cash flow, and I have paid off some big ticket repair items like replacing a sewer line and putting new roofs on 4 properties. I have great cash reserves for looking for new properties. Things ebb and flow in this business. It is good to be able to post good and bad. Have a great day all.