Gonna make an offer on another house here in town... too cheap not to...

One of the houses in the neighborhood that has been vacant for a year has been marked down... we're gonna make an offer on it, $500 above asking price... and it will still be less than I am paying for my car payment...

I think I already know what I have to replace/repair... and it ain't that much, but it sure does scare away a lot of folks when they start to look at houses to buy I guess...

only real issue is it will deplete my savings to less than $10K after we do this, and I will not be able to to save a bunch more until after we rehab the place to make it rentable... which, will still be a load of my spare time, but worthwhile in the long run...

After this one, I figure I will need one or two more...


How many houses in a tract do you have to own before they let you rename it...

 

Funny Bra... the tornadoes in Cali are pussy tornadoes... totally unlike the ones in the midwest or back east...

We had a tornado near my work in Rancho Cordova a few weeks back... it tore up an awning near an airfield on Mather...

 

We have renters and signed leases for everything that I ain't living in now... the last one I bought for my daughter gets the range delivered next Tuesday and she moves in on the 1st...


We are able to save about $5000 a month if I don't spend money, so the savings will return before too long... as for the house I am making an offer on, I know it will need a water heater, and one fence because it is opposite the back fence of my daughter's house... the roof looked to be less than 5 years old, no interior signs of pests or rot and when I did the walk around.

I didn't see anything like the crap we had to do at the house on Anna... that one had 17 c/yards of trash and junk and overgrowth that I had to remove before I could see all the stuff I had to do... that one closed last December, and it has taken until now to get it done right and finished except for the exterior painting, which we will do after the Spring.

 

If I remember correctly... maybe a 30/45 day lag before I'd want to rent the place because of the repairs... I don't think I will upgrade this one as I have the last one because I'm running out of kids... but I do have a few folks I know that want to rent from me.

And the main reason I am getting the houses is because the price is right, and I am in a good cash position... and it is keeping my frau interested in living and being productive... she was getting into a depression that I didn't want to continue, so when we learned she wasn't going to qualify to be put on the organ list, we decided we didn't need to have a lot of cash to pay the out-of-pocket stuff not covered by the insurance... and instead of spending/giving the money to medical folks, we can keep the money in the family in assets that WILL become 3-5 times as valuable in 5-7 years.

And another reason is, it will be another $500 mortgage... I mean who would NOT buy a house in Cali for $500 a month... property tax and insurance included.

Oh and Rae, I don't take the swats, and work ain't punishing, I have been a working person since I was 12 1/2 in San Antonio being a drywall apprentice... I prefer to be doing something, and when I don't have something to do, I want to go dancing.

 

Oh... the positive cash flow will be about $5000 annual...

The one I'm renting to my daughter is going to make about the same positive cash flow...

The three other properties being rented that we own, are ours outright... and each makes twice to three times the annual income of the more recent purchase.

We also lease some property for pasture up in NorCal, and a cabin in Calaveras County... I don't want to live in either place... I do want to use the money to be comfortable when I can't or don't want to work anymore.

And when I am no longer breathing air, all of my children will have a place to live in or collect rent from that they don't have to qualify for from some lender.

 

The house I am in right now as I type sold for $316,000 in 96... I bought it for less than $90K, and spent another $14K painting and fixing it up... the house we have got ready to rent on the 1st sold in 95 for $285,000 and I paid less than $77K (but also have $30K in improvements/upgrades/repairs) so I have about $100K thereabouts in it... but the note is only $400+ p/month... for a house in Sacramento that isn't in a swill-hole and will be relatively trouble free for the next 10 years we hope.

 

Hmmmm... maybe... was she living in a house with two other Mexican families... cause the last house I bought had 3 families living there and they weren't paying the mortgage... had nicer cars that I do though...

The one I'm looking at now was vacant when I was last looking... but it was also a little small for me for that money... now that it's almost half of what it was last year, I'm going to reconsider.

 

I've read about the "troubled" areas... the ones without much of a job market...

Where we have some lots in Arizona, we've seen that condos were going for $14K... but my frau keeps saying we won't do that, cause who wants to live in a condo...

 

Capital gains... welllllll...

Personally... our outlook is once we own the dirt, we ain't selling it.

Although... if the right commercial piece comes up...