When I visited the Mt Clemens property I realized that Mr Seller was renting out a storage room as a studio, and he had included that revenue in his numbers. I then used those numbers to make my offer. Since it’s not practical to plan to re-rent a potentially illegal studio, I re-ran my numbers and as you’d expect, removing that revenue significantly impacted the profitability of the property. And not in a good way.
Tag: Landlording
Michigan Real Estate Investing TV: Why Not Increase INCOME Instead??
Why is it that everyone always focuses on cutting expenses when they’re in a financial crisis? There are TWO parts to an income statement – expenses and REVENUE. Why not work to make the size of the pie bigger and have an abundance mentality instead of a scarcity mentality?
Michigan Real Estate Investing TV: Where Do You Find Time To….
A good friend asked me how I “found” the time to write my book and have a second one in process. I thought that was a pretty funny question.
Michigan Real Estate Investing TV: I’m Feeling Like Juan Valdez
An incident recently reminded me of an old coffee commercial on TV.
Michigan Real Estate Investing TV: Newcastle Update
Went back and forth this weekend on this property. The challenge isn’t finding deals – the challenge is finding the RIGHT deals to do.
Michigan Real Estate Investing TV: How I Do My First Walk Through
Mike Dundon attended my seminar last weekend, and on Monday I had a bunch of emails from him about properties to see. A couple looked promising. So we met at the first one this week and I decided to video the walk through. It’s longer than I normally spend in a house, but you’ll get the idea.