Today we closed on a 7 unit apartment complex. It was bank owned and a steal of a deal. Wade was lucky enough to be the first one to put an offer in. The seller told us today that her had 3 people put offers in later that same day and a LONG list of others ready to put an offer in if those fell through! WE took out a construction loan almost for almost as much as we bought it for to fix it up b/c, we'll, let's be honest...It's A DUMP!!!! It has tons of potential though. They are 2 bedroom one bath units and it's less than a mile from the University. I really think it's gonna look great when we are done with it!!! Wade's brother took a semester out of college to come down and help him. They hope to be able to start renting out apartments in a month or so. We'll see about that, but one thing is for sure, I don't know a harder working man than my hubby! He will work morning and night to get this thing going and his brother has been ready to go since the minute he got here!!! Wade already has some other duplex's in the works. So we are off and running on our rental empire!!!
When ever I get nervous these investments Wade likes to make me feel better by saying that most millionaires have declared bankruptcy at least once in their lifetime. Thanks a lot babe for that moral booster!!! ;) haha! So, Heeeeeeere We Goooooooo....
9 comments:
Serious congrats honey...good luck!
Wow! Congrats! I can't wait to see the "after" photos!!!
wow! That is ambitious. We've tried at the rental thing, but haven't gotten it right yet. We may try again down the road. Good luck....sounds like fun!
Good luck Nicole! I can see the potential in them, I am sure you guys will do a great job on them!
for real. that is awesome! i am so thrilled that you have gotten this off the ground. now we have our pick of places to stay when we come visit!
Wow. He does have his work cut out for him, doesn't he? It will be awesome, no doubt.
I am impressed!! We have lived in our house for 3 years now, and we STILL only have one completed room to show for all David's hard work! Go, Wade! (Ever had the itch to come to GA for a week to do a little extra renovating?) Ha ha!
Lisa
So exciting! I know that it will take a lot of work, but I can imagine them all fixed up. You will definitely have to post the "after" photos. :)
Wow, fantastic! What a great business deal...Next thing I know, I will read that you guys are millionaires!
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