Gonna make a bid tonight on a possible new home. Its a SS that needs around 30k worth of work. Its in a southern neighborhood of my farm. Has everything were looking for. No other bids yet and I’m going to offer 12k less than asking. The BPO will take place on Thursday. If we happen to get that property, my current one will become our third rental.

My current property will rent for $1000/mo. The mortgage will be $585. I’m looking at positive cash flow of $50-$100/mo. My combined cash flow will be around $400/mo. Those of you doing the math in your head will realize that I am currently break even. That is correct. I have learned a great deal over the last 18 months. I payed to much and my interest rate was to high on one property. Live and Learn.

I had a very busy day yesterday looking at two properties. Unfortunately the bank will not budge below 99k. I won’t budge above 89k. I can wait them out. The other property is off one of my probate letters. Its a 1929 brick bungalow. He wants 150-200 and has a few other offers. Depending on the repairs done to the property, ARV is 275-330k. Big range. This is in one of the top 10 desirable areas on Denver. Half of a new duplex down the street sold for 500k. This is one of the smaller houses in the area, but can be very good with some work. I’ll be talking to my coach tonight and hashing over some ideas.

I think I built a good relation with the seller and will hopefully help me out if I am close in price. The gentleman was very business savvy guy and had a ton of good things to talk about. I enjoyed my conversation with him. His concern is anyone scraping the house that has been in his family since 1958. I can understand that. I actually want to keep the structure intact. I love these old brick homes. I wouldn’t want to take something like that down. Hopefully this deal can work out for the both of us.

That’s all for now. I leave you with this quote, “Knowing is not enough; we must apply.
Willing is not enough; we must do” Johann Wolfgang von Goethe