31  Jul
Pay your Bills

Wyclef seems to be slipping.  He is not up on his jewerly bills from 2002-2006.  He has Jacob the Jeweler (or Jacob the Washer) taking him to court for unpaid bills of over $300,000 in jewelry.  He had bought around $765,000 and was just defunct on the rest of the bills… 

Popularity: 4% [?]

Posted by LeGo, filed under Random. Date: July 31, 2008, 10:03 am | No Comments »

29  Jul
Breathe Relax

You got to love when people are anal about things. I had an inspection done this week on a house I am selling. The buyer had it done before buying the house. I had an inspection done before I bought the home and fixed everything that needed to be fixed. So to make it worth this guys time, he had to put some items in the report that I couldn’t help but laugh at.

“There is a 2nd grounding rod that has been abandoned (right side of the house) and represents a trip hazard. The top of the rod should be removed and the hole filled to grade.”

This type of thing could stress a dude out if they didn’t know how to handle things. I also have gutter pads around the house that present a “tripping hazard.”

There was also a complaint about the A/C not cooling the house in an hour. It was 95 degrees the day of the inspection and the A/C had not been cut on for a month. It only got down to 78 in an hour and needs to have further review…

I need to replace a piece of siding, replace a light bulb, replace boiler element in oven… and a few other small things.

The last inspection I had done for a house, came back looking right, the house had piping that was recalled, roof needed replacing, cracked fireplace, siding was rotting, the bonus room the owner added did not come close to passing inspection, A/C handling unit had rotted out, hot water holding tank was leaking, and a few other things. So to know that when I sell a house the biggest problem is a tripping hazard I feel good.  Anyhow I am going to breathe and relax…

Popularity: 4% [?]

Posted by LeGo, filed under Random. Date: July 29, 2008, 6:52 am | No Comments »

One of the biggest lessons I have learned and been reminded of over the past year is that of location.  Location is key in any investment.  There are a record number of foreclosures in the US right now.  Living beside foreclosures devalues your property.  Buy a foreclosure can bring forth an opportunity, though if 50% of all the houses in the same subdivision later fall prey to foreclosure you could be out of luck. 

I had brought a home in a decent subdivision this past year.  It was the second foreclosure in the 100+ home subdivision.  It was a great deal.  Since my purchase 10 other homes have gone into foreclosure.  The neighborhood has not changed, but its reputation has.  Realtors are avoiding the area.  To say it honestly I messed up.  Could I have seen this happening?

 The subdivision was built by a national builder.  What I found out later was that Country Wide secured 90% of the loans and most of the loans were subprime.  If I would have done a little more research before I had bought I would have been in a better situation as the buyer. 

I was talking with a local builder that also helped drill location into my head.  He has the option to buy two pieces of property.  Both are 3 acres.  One is $50,000 and the other is $100,000.  He can invest $200,000 into a home on both pieces of property.  Afterwards the house built on the $50,000 lot would be worth $250,000.  The house built on the $100,000 lot would be worth over $400,000.  The difference is location.  You are not always looking for the cheapest deal.  You have to look for the best opportunity.  Location can help guide that search. 

In looking forward this year I will be concentrating on the 3 l’s.  Location, location, location.  There are some neighborhoods in Raleigh that are seeing increasing prices while all you read about in the news is the decline.  There are foreclosed houses in Raleigh that are going for $300+ a square foot.  That is what is going on. 

Popularity: 5% [?]

Posted by LeGo, filed under Strategy. Date: July 28, 2008, 9:54 am | No Comments »

24  Jul
Donald Trump Flip

Donald Trump is a household name.  Most people think of the name as representing wealth.  Others might think of all of the failed businesses and bankruptcy filings.  Either way, he is a guy that takes risk and is rewarded.  Trump bought the house shown below for $41 million.  It is a 60,000 sqft ocean front home that sits on ~6 acres.  He then flipped it for over $95 million dollars.  I am sure there is a little room in there for profit. 

So that is crazy in and of itselft.  What makes the story a bit more crazy is, Trump wanted $125 for the property.  But the rumor is the buyer, Rybolovlev one of Russia’s richest, is wanting to tear down the house and start over on the property.  Story from Palm Beach Post.

Popularity: 7% [?]

Posted by LeGo, filed under Flips. Date: July 24, 2008, 9:14 am | 2 Comments »

22  Jul
House in the Hills

For some reason I thought Beckham was the only person making money in soccer in the US.  Then I saw these pics of the LA Galaxy coach Ruud Gullit’s house over at luxist.  This house is listed at $4.25 million. 

Popularity: 4% [?]

Posted by LeGo, filed under Motivations. Date: July 22, 2008, 1:20 pm | 1 Comment »

21  Jul
Lost Video Camera

Since I had lost my video camera recently while in Ecuador I decided to get a new one, quickly.  I just bought the Sony DCR-SR45.  I had the previous model and had enjoyed it.  It was easy to use and took great videos.  Here is a link to the one I just bought on amazon. 

I am now looking for a decent digital camera. I had my minolta dimage for 8 years or so. It was a great camera. Minolta stopped making digital cameras a while back. All of the decent cameras that I want cost as much or more than the video camera. Anyone have any suggestions? I want something that takes good pictures and does not take too long between pics to be ready…

Popularity: 4% [?]

Posted by LeGo, filed under Random. Date: July 21, 2008, 8:41 pm | No Comments »

20  Jul
Vacation

I wanted to post some pictures of the various things I did while down south.  Unfortunately my camera was left in a taxi (by someone).  Anyhow, it was a great trip.  These are some pics from the web that demonstrate the whale watching in Puerto Lopez.  The humpback whales swam all around the boat.  Having such a huge whale under your boat is a bit intimidating.  A fun place to visit is Montanita.  It is a place where you have to be a f’n loser to have a bad time.  I will post some of the houses that I thought were good deals soon.  It was a very relaxing trip and something I desperately needed. 

Popularity: 4% [?]

Posted by LeGo, filed under Motivations. Date: July 20, 2008, 8:44 pm | 1 Comment »

Kelsey Grammer is flipping homes.  Here is a house he picked up for $13.7 and is trying to drop off for $19.9 million.  The house looks great.  I don’t see any before pictures so I am not sure how much he put into the house.  And to be fair I am not sure how much work he actually put into the house.  Either way, there is room for profit there.  Some people are content, some keep hustling.  Check out more here, and check out the pics below.





Read the rest of this entry »

Popularity: 14% [?]

Posted by LeGo, filed under Flips, Motivations. Date: July 20, 2008, 3:26 pm | No Comments »

17  Jul
Owning an Island

Owning and Island sounds like a great idea.  There have been amazing advances in power generation over the past few years.  There are many ways to get to islands and that can be half the adventure.  Here are some islands that are owned by celebrities.  I had seen these pics posted at allpropertymanagement.  These are definitely motivational to me… 

Dorinish Island

Teriaroa

Musha Cay Island

Skorpios Island

Popularity: 4% [?]

Posted by LeGo, filed under Motivations. Date: July 17, 2008, 5:36 pm | No Comments »

17  Jul
Vacation

I have been out this week on vacation.  Internet has been sparse.  I am checking out the pacific coast of south america.  There are some amazing places here that I would love to retire.  You can get land at decent prices and live off of the land. 

I will post on some things later, like islands, whale watching, and party towns.  The most important thing is having your network setup back home so your absence will not be felt too much.  I realized that I am not there nor am I close to being there.  I can always depend on my family, but beyond them, there is not much getting done.  To be able to afford land in various places you have to have the wealth.  So I will post some motivational pics if they turned out well, but hopefully I can touch on the importance of reliable people.  Hopefully I will not be having to do so because of lost revenue, but as a precautionary lesson.

Popularity: 5% [?]

Posted by LeGo, filed under Uncategorized. Date: July 17, 2008, 3:21 pm | No Comments »

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