Week 26/27 – Drag

Last week I took a small vacation and went visiting the parents out of town. It was quite nice and I did not even try to accomplish anything. I did feel the need to keep things moving forward but didn't mind taking the break. Both of my projects are dragging but progress is still happening slowly. Timelines that I previously had in my head are somewhat unrealistic against the timelines in reality.

At this point I'm quite certain that only one out of two of my project is a good deal. Project Rocky will at most be just an ok deal, although that's at least better than a terrible deal. Project 192 is nearing completion of the sale side. Had some callers for my ad but only a few applications. I spoke to the tenant/buyers today and will be running their application soon. Once it comes back and meets both mine and the park's approval, the only thing left is the sale/closing meeting.

I won't be getting the numbers I want but at least it will only take approximately 12-14 months recuperation time. Going by John Fedro's formula, this is a little longer than 10-12 months but I'm okay with this. Considering that it was a basically my first deal without any contacts or process in place, I think it's as good as it gets.

Project Rocky is still waiting to be moved. Apparently weather affect the moving process. OMG. By the time the thing is settle down, I'm already in way too deep. Then I still have to repair the darn thing. My plan is to do just what the park requires and then take my time to complete the bigger projects. At the moment I'm already looking at the roof, bathrooms, floorings and god knows what else. The only thing good from this project is that it has offer an insane amount of knowledge and lessons that I wouldn't have known before hand.

Once it's finished the recoup time will be even longer than project 192. Yikes. My main concern is that this project is hindering my growth. My plan at the moment is that once I have some incoming cash flow I will then restructure my current debt and expenses which hopefully will still allow me to grow. We'll see what happens in the future episodes. :)

In other news I am still networking and recently met some new investors who I had some lengthy conversations with. It was very pleasant and encouraging to say the least. I also met a park manager who will be quite useful as resource in the future. This particular park manager happens to work in several parks and one of them is in definite need of homes. For those who stumbles in their adventures I highly recommends podcast 87 since the investor that was interviewed made some mistakes in the beginning that were quite interesting.

That's all I have this time.. See you again soon. Peace.