FPI

It’s not a bad little cottage, simply and basic but everything you need. This house reminds me of my Nanna and Poppa’s house that we played in when we we’re kids. And it’s old enough that it’s someone there age would have lived in it.

It’s the second property in my goals that i have been able to purchase with none of my own money! There is a mortgage that gets paid but the tenant will pay that once rented after the renovation and it will be positive cashflow.

I’ve been away for a few months. l’ve been taking action instead of wasting time online and it’s cleared my head up as well. It saved a little bit more money and had made me focus on the renovation of this Country Cottage.

I don’t want to bore you with to much dribble. As you might know this blog is designed to showcase videos and to document my goals to purchase a million dollars in real estate in 10 years. Focusing on positive cashflow. Being away and less typing and more action was good! And I’m not sure it’s a good thing being online again. It takes more and more time away from my investments.

This video i uploaded here has no sound but i just quickly did it to show a Walkthrough of the second deal. It’s nothing flash but you’ve got to start somewhere. I will do a running commentary in another video when i get time.

In money terms this house was bought with zero of my own money. In a bad economic downturn 2009 and from what a lot of people would say was an impossible income position and the odds stacked high against me. I know because i heard plenty of naysayer tell me. Oh well i did it! Where there is a will their must be a way because i own two peaces of real estate now and I’m terrible at my English and grammar still . I will be looking forward to telling my old school teacher I’m a millionaire when I’m done :).

Soon i think i will be close to replacing the income i started investing from two year ago! In a next video coming very soon i will show you another update of what work has been done. Then once the Reno is complete a final video of how it came up.

Just going to give you a little diary entry on the second deal. On the weekend i went up to my mums to see if there we’re any adds in the paper for a garage sale or clearance sale to look for things for a unit renovation. I could not find any. I wined at mum “what am i going to do now!!”. Mum passed the paper over and said go for a drive out and have a look at this property and pointed out an advertised cottage in the paper going for a very affordable price.

I gave it a little thought and ummed and erred then we got in the car drove out to have a look. To cut a long story short the numbers stacked and i could add value via renovation, built in equity on purchase day and positive cashflow from day one of about $50 per week. My negotiations could not get the price down any lower. They wanted the price they were asking and had people hovering around the deal on the day offering.

I thought to myself the asking price was good deal anyway. In something i read from Steve McKnights book at the split second when i needed something to get this deal across the line. I remember it saying, “don’t look a gift-horse in the mouth”.

I called instantly adrenalin flowing and put the offing in right on the full asking price. I couldn’t go wrong. “It’s what the vendor wanted”. The agent called later and confirmed the offer was accepted.  if your young and don’t know always remember, “Mum’s know what’s best!”