| Rent Update, May 2012, 1 open, collected 102% of total rent. |
2012-05-31 13:44:53 |
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Rent Update, May 2012, 1 open, collected 102% of total rent.
this be the 3rd month straight that we collected over 100%, few move outs and units are filling up as soon as become available, over all renal market remain strong.
June will have few more moving out, historically June/July not the best months...
For month of May, of the 134 total units own, we closed the month with 2 opens.
SFH + Duplex (44 units), collected 104.4%, full occupancy, no opens.
Commercial Office Park (10 units), collected 84.3%, 1 opens.
Apartment Complex One (40 units), collected 105.5%, 0 opens.
Apartment Complex Two (40 units), collected 95.3%, 1 opens.
07/09 97.5%
08/09 95.4%
09/09 88.7%
10/09 91.6%
11/09 95.1%
12/09 92.5%
01/10 97.6%
02/10 104.6%
03/10 94.55%
04/10 90.3%
05/10 106.8%
06/10 93.4%
07/10 97.5%
08/10 93.8%
09/10 99.15%
10/10 100.8%
11/10 91.8%
12/10 89.9%
01/11 90.3%
02/11 95.6%
03/11 100.2%
04/11 98.44%
05/11 101.3%
06/11 97.06%
07/11 SFH 89.65%, Office 100%, Apt1 94%, Apt2 80.4%.
08/11 SFH 90.1%, Office 100%, Apt1 101.9%, Apt2 80.7%.
09/11 SFH 98.3%, Office 90%, Apt1 94%, Apt2 91%.
10/11 Overall 89.9%, SFH 90.9%, Office 90%, Apt1 90.9%, Apt2 86.6%.
11/11 Overall 92.4%, SFH 95.7%, Office 90%, Apt1 100.2%, Apt2 79.8%.
12/11 Overall 87.7%, SFH 94.9%, Office 90%, Apt1 90.5%, Apt2 77.5%.
2011 Year End, Overall 93.2%.
01/12 Overall 89.3%, SFH 96.8%, Office 90%, Apt1 91.8%, Apt2 77.2%.
02/12 Overall 94.8%, SFH 107.71%, Office 90%, Apt1 95.3%, Apt2 81.3%.
03/12 Overall 101%, SFH 102.2%, Office 90%, Apt1 103.2%, Apt2 101.1%.
04/12 Overall 109%, SFH 118.4%, Office 100%, Apt1 112.4%, Apt2 91.8%
05/12 Overall 102%, SFH 104.4%, Office 84.3%, Apt1 105.5%, Apt2 95.3%
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| levels of wealth, I think we are limited to rules of the system. |
2012-05-23 10:56:40 |
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haha, I think we are limited to rules of the system, lol, sounds like matrix now..
the levels of wealth is hard to surpass as ordinary people, unless some major life changing things happens.
from 1mil to 5 mil is one level, from 5mil to 10mil is another, from 10mil to 30mil, or 100mil, or 1 billion...
I think bypass 1mil is very easy, bypass 5mil is very hard, if one can accumulate 10mil over lifetime, is great success..
from the time I got out of school, only took 5 years to surpass the 1 mil mark, then I was struggling in that 1-2mil level for next 5, at the time, I was mainly trading, I think my skill sets would not allow me to achieve to higher level.
then I change field, walk out of trading, pour most of my money into IT and RE, IT got me much of the networking I needed, but is RE really push me to the 5mil mark.
but I been hanging on the 5mil mark since 2007, no sign of breaking thru, my current portfolio holding will get me in the 10mil level in 15 years, but also marks the end of my investment life.
so unless something life changing event happening, I'll be barely at 10mil mark at retirement. |
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| overall I been pretty lucky on eviction cases.. |
2012-05-22 21:53:43 |
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overall I been pretty lucky on eviction cases, never had problem kicking people out, usually from begin to end about 3-5 weeks....
I did had 2 problem cases on trying claim damages.
1. the one sue me for improper disposal of her personal properties, the insurance company defended me, at their cost.
2. I kick a bitch out, but when I file for damage and back-rent claim, the sit in judge is a brand new kid out of college, regular judge on vacation, of the $3300 claim, he awarded me $350. I goal is not to collect from the tenant, but try to get her ass in jail one of these days.
its a good idea to get to know the judge, its easier for me because its a small town. everyone in the court house (or the whole town) knows me, usually the security guards saw me coming in, they will tease that let the poor people go, I just reply, I am the one been victimized.
when in court room, need get right to the point, usually judge very busy, 10-20 cases in a session, don't need to tell the whole story, get a list of 123, just directly point out the reason, don't waste his time.
Eviction count by year
12 4 out of 134 units (1 actual eviction, 3 back rent & damages)
11 31 out of 134 units (26 actual evictions, 5 back rent & damages)
10 11 out of 94 Units
09 9 out of 94 Units
08 8 out of 93 units
07 9 out of 78 units
06 8 out of 72 units
05 3 out of 28 units
04 4 out of 16 units |
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| Walking on thin ice, day 15, as my corporate bankruptcy progress |
2012-05-22 17:53:01 |
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Walking on thin ice, day 15, as my corporate bankruptcy progress..
Continuing from last week....
Day 15,
receive court notice, bank officially file the motion to dismiss, hearing set on June 14.
court scheduled a hearing onthis coming Friday, for all creditors, well, which we only have 2, the bank, and my attorney..lol
I spoke to my attorney, the bank is privately offer to do a lien in lieu, and release all personal guarantee, we need to decide if whether accept it or continue the case before that day..
as I don't have much cards to play with in the begining, filing chapter 11, was a major bargaining chip, this force the bank to negotiate with me, they try to prevent this going to a long and expensive process.
I been on the phone with 2 attorney all day, both my personal attorney and bankruptcy attorney, we are weighting in the best options right now.
few options I think maybe available to me..
1. deed in lieu, bank off my tail for personal guarantee. as of right now, this option is available.
2. offer the bank sizable principle payment, kick out my partners, try reinstate the loan. its a 50-50 chance.
3. go thru bankruptcy, this will buy me 12-18 months of time, which can be costly.
4. possible short sale, maybe 600k? its a 20% chance, and must be third party, I can't involve in the transaction.
The game is been fun, acually it kept me out of boredom for last 2 weeks..lol
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| Today, I lost 500k. |
2012-05-16 15:30:01 |
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Today, I lost 500k.
In my 2011 yearend post, I said, 2011 was one of my best performing years, then I also said, 2012 will be my worst, I may have to write off 500k in net-worth, making this as one of my worst investment in my adult life.
so this day came, I have to write off 500k in potential net worth today. some of you may know, I involve in many phases of real estate investments, of that, one is land development.
I was involve in this partnership, originally 33.3%, my partners are a father and son team, realtors. we developed the largest premiere development in the county, 123 lots total, together with neighborhood park and pools.
anyway, one of my partner, the son, file for divorce last year. His wife, file for bankruptcy, I end up buying her share out, hoping the bank will work with us, because the loan was up to renew in Dec 2011, and I am personally guarantee the loan.
Well, it never fail, when it rain it pours, the bank opt to non-renew on our loan. and refused my proposal of buying out the loan on a discount, thus pushed us into foreclosure, and go ready for sheriff sale.
I had never thought of it will come to this point, after consulting my attorney, I file for corporate chapter 11 bankruptcy protection.
We been doing court deposition this week, the bank file a motion to dismiss the bankruptcy pending, and willing to offer to do a Deed in Lieu.
The partnership still owns 57 lots, which value at about 1.8mil, and we owe 880k to the bank, but it may take up to 10 years to sell all the lots.
at this point, I am considering if they void my personal guarantee, I may just take the lost and let the bank have the deeds.
my total outlay to this partnership is 200k cash, so far over the 5 year course, I had gotten 290k from lot sale and 3 buildable lots worth 100k lien free from the partnership, so if I decide to give it up, I lost 500k in potential gains.
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| creating your own cash machine-- |
2012-05-16 10:15:44 |
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Creating your own cash machine--the naked truth.
For most of us ordinary people, we didn't born with freedom, with a hand down silver or gold or diamond spoon, the main reason we born to this world, is to feed the tube, and power the matrix.
How to break free, and be free. Per Robert, a cash machine is what need to pay for the basics: food, shelter, and clothing, and it is also the machine can provide you extras, such as car, boat, or luxury designer shoes and clothes.
For many people, they would rather just have a day job, let someone else create this money machine for them,
But for the few, the answer is clear, we want to get away from this Rat Race (in Robert term) and start generating our own income.
There are no such things as life time job anymore, there always be endless supply of young and energized people, willing to take over your position.
The only way to have a lifetime job, is to create one yourself. but how willingly you want to go thru the dark tunnel and to do all the necessary work to establish that cash machine that will take care of you and your family?
Creating a money making cash machine? it is all about how to you use your expertise and skills, you should always investing in yourself, retooling for either a new job or new life style.
You can use your skill, create a money machine for others, and you be feeding the tube again, or you can use your skill, create a money machine yourself, and be free.
it is difficult to quit a job to start on your own. will it succeed or not, its beyond knowledge as well.
but your mindset, the red pill/blue pill question, will you or will you not to risk everything you got, to pull the plug off your back, is the key to success.
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