All Forum Posts by: Peter Grabas

Hi I'm Peter and I want to help my friend,
and this question is about my friend Tom.
He bought a building - 2 apartments - nine years ago for 98K. 
Houses in that neighborhood are now averaging 40-65k.
He wanted to sell it for 110k, "to make a profit."
I tried to explain that he already did, since he had the income from the property at 1000/mo. (averaged over 9yrs). With the sale of the prop at his now new lowered price at 70k and his nine year income, he has made profit. He doesnt see it that way. "I paid 98k and now I am losing about 30k"

Been empty for a year plus, since he says its easier to sell empty. More income loss.

I think I am not presenting this to him the right way, so, any good ideas on this?
Prop is in Kenosha WI.  

I responded first to Paul, but wanted to make a general thank you all for your interest and time. Some great advice here, so thank you again. Let me know if there is something I can do for you all.

 "There is opportunity all around us."

Paul, thank you. That was so filled with useful info -- I feel like I overate! I'll follow your thoughts today and celebrate tonight. Thank you again for your time and response.

Hello all,

I live between Milwaukee and Chicago and am focusing on Kenosha as it is the closest viable city. But this is my starting point.
I have been to Detroit and see quite a bit of opportunity. 

Basically I need all the input I can get. 
I want to grow rich, and make people rich along the way with me.

Anyone know SE Wisconsin? Kenosha?

Thanks a whole bunch on this success story. You may have broke even, but you still have gold--experience. I have yet to make a deal and will be using what I read here. Again thanks.