All Forum Posts by: Glen Fitzmaurice

 Thank you!    I'm hoping to learn as much as possible from all of you experienced folks!!!

Hopefully my wife and I will be one of Bigger Pocket's success stories in the next few years!

 Thank you sir!

 TYVM!

 I'd be delighted to talk about planning with you!    I (think) I have an idea of what it is I want to do....but that is definitely subject to change when presented with new information or better opportunities.

 I'd DEFINITELY like to know more about this!!!     I'd like to be as passive as I can be.   After almost 26 years of dealing with people I'm ready to scale that back as much as possible. :D

I started a martial arts school almost 26 years ago.   We've grown it to 3 successful locations and I'm ready for a new challenge.   I'm shooting to create enough passive income in the next 5 years so I can sell my current businesses and refocus my energies on creating a comfortable life for my wife and I.   I'm also hoping to start my family on a path to generational wealth.

I haven't measured it but it's safe to say that it's about a 35' by 30' cape.

There is one bathroom downstairs that opens up right into the kitchen (yuck) and it doesn't have a tub.

I have an appt next Tues to sit down and talk with a lawyer about the remaining heirs.

Most of the house needs sheetrock, the kitchen has to be completely redone, it needs at least one bathroom (but it will be WAY more marketable with 2), it needs ALOT of remodeling thru the entire house, it needs all new windows, a new roof, a new furnace, the upstairs is nothing but studs, it needs to have some fill brought in, there are two trees that have grown onto the roof and the whole house needs to be sided.

Phew. Quite a list huh.

It's definitely a big project. No question about that. There are several reasons that it is so inexpensive. First and foremost there are alot of heirs to the property. Most of them have signed off...but not all.

Talking with the attorney that is handling the estate he informs me that I'm going to have to spend some money with another lawyer on "an action to clear cloud" (whatever that means) to get a clear warranty deed.

But I figure even if it runs me 5K to get a clear warranty deed it's still well worth it.

Once I am SURE that I can get a clear warranty deed I'm going to buy the property, and I'm going to see if I can find an investor that's willing to buy it from me with my intentions of making a quick $10K.

If that doesn't happen then I'm going to start rehabbing it. Even if it does run me another $40K I'll still only have $55K in it and the comps are conservative at $100K.

I'd be happy to sell it at $80K and walk away with approx $20K afer everything is said and done (I realize my numbers might be a little off and I'm still ok with that).

Anyway, check it out...

http://www.youtube.com/watch?v=sfIz4VYZn2E