I start looking into buying a nice big home after renting out a penthouse condo in the middle of the city when I ran into a speed bump.Buying too many luxuries, whether you're paying cash or financing them, can hurt your business as an entrepreneur in the long run. 

I ran into a potential purchase my good friend is selling me at 260k and valued at 360k.  

The city of South Bend, population 101,190, is the economic and cultural hub of a multi-county, bi-state greater region, population 858,055 (seven counties), with a labor force of 415,426.

But I ran the numbers and it looked good, so we did the deal.Also, tell everyone you meet what you do.

After I visit, I always sit down with them, I fill up my renovation cost form, sometime I bring comps, and I do all my calculation in front of them so they understand the price I'm offering.The only time the seller felt insulted was an old Haitian women that sought I was racist, but that was mostly a cultural problem.

There is a renter culture due to so many people moving her from somewhere else that its possible to get tenants that enjoy renting rather than renting just because they can't afford to buy.  

Aspiring to leverage portfolio as it develops towards local community and cultural improvements that go hand-in-hand with top-notch financial performance.

I ran into an open house very accidentally and I was so fond of that house that I signed an offer right on spot!

I ran the numbers on all 5 properties together and this is what I got:Monthly Income: $6,050.00Monthly Expenses: $4,887.45Monthly Cashflow: $1,162.55Pro Forma Cap Rate: 7.28%NOI: $29,862.00Total Cash Needed: $174,000.00Cash on Cash ROI: 8.02%Purchase Cap Rate: 10.74%Down Payment:$31,000.00Loan Amount:$247,000.00Loan Points:$0.00Loan Fees:Amortized Over:30 yearsLoan Interest Rate:5.000%Monthly P&I:$1,325.95I over estimated for repairs and other fees and underestimated cost of rent.

Our culture of having things now instead of delaying gratification and working toward something when we can afford it has crippled our people.