Monica Main’s Apartment Building Cash Flow System – Day 56
In my last post about my progress with Monica Main’s Apartment Building Cash Flow System, I told you about the first deal I submitted to Monica, and how I learned that the 126-unit complex was overpriced…and the seller wasn’t willing to come down on the price.
You know how the holiday’s get a little crazy, what with all the baking and the future in-laws to visit? There were a lot of days were I didn’t have the time I wanted to review properties. I’m big into using my time as productively as I can, especially during all that time that’s usually wasted — you know, while you’re waiting for your doctor to honor his time commitment to you, or when you’re waiting for a second post office employee to get back from lunch. So during those little scraps of time I managed to read a small volume by Dan Kennedy called No B.S. Time Management for Entrepreneurs: The Ultimate, No Holds Barred, Kick Butt, Take No Prisoners, Guide to Time, Productivity, and Sanity (Self-Counsel Business Series)
I also did an exercise [pdf] that’s supposed to be way more effective than the standard New Year’s Resolutions. My word is “visionary.” You’ll understand what that means after you do the exercise.
Once things settled down, all my pent-up desire to get back to reviewing properties kind of exploded, and, within a few days, I had three potential deals:
- a 192-unit property that cash flows at $24,353 per month
- a 134-unit property that cash flows at $14,283 per month
- a 164-unit property that cash flows at $18,185 per month
I’ve sent them to Monica and am awaiting word.
But now that I’m awaiting word, I don’t just sit around fantasizing about what precisely I would do with $56,821 per month. I’m still reviewing properties and talking to brokers. Today I talked to my first seller.
He owns a 115 unit property and wants to sell because he has three kids in college right now. They’ve got properties all over the country, so he figured he’d just sell off one of them to pay his kids’ tuition. My question is: why would his kids want to waste four or five years buying a permission slip for an entry level position when their father already knows how to generate a passive income? Anyway, he’s going to send me more information so that I can use Monica’s spreadsheet to see if it would be a good deal or not.
If you haven’t already done so, I encourage you to get your copy of Monica’s apartment building course here.
I’ll let you know what Monica says about my three deals when I find out.
