Hello DG Members,
I want to share with you more great news on our latest Deal #5. As we discussed in Deal # 4, Dean and his books inspired us to learn more around the subject of tax sales. Thus, we participated in a tax sale and, at the time, were not to sure about what to do or expect. We made a decision to make a few bids on properties. A few of the properties were commercial lots that no one seemed to have an interest in except for us. I viewed these lots as a great opportunity because they are located on a 4 lane state road. We were the high bidder on a few lots. Just today, we received the Tax Deeds in the mail on 3 of these lots! We are so happy to acquire these 3 additional assets. The cost of the lots and the attorney assistance were a little more than $2,000 per commercial lot. We did not have the money so we used a credit card to get the cash to pay for these.
Thus, I hope for future commercial development in this area. My exit plan is to sell the lots to either a neighbor on each side or a future commercial development on the road. Otherwise, my Plan B and Plan C for the lots are as follows: As more and more develops in this area, parking is becoming a problem. Thus, in the short term, I can use the back of the lots to maybe rent to a neighbor for parking and I decided to look into the possiblity of putting up a billboard to rent on the front of the lots. On one of the 3 lots there already is a two car garage which should be easy to rent.
Thus, the annual expense for the lots will pretty much only be the property taxes. I do have an interest in billboard rental from a few of the area businesses we spoke to. Thus, the billboards and parking may generate enough revenue to cover the annual expenses of these commerical lots and hopefully produce a positive cash flow.
Once again Dean delivers! Thanks Dean! So be sure to read Dean's book and apply the techniques and concepts for your next deal. Believe and Achieve! - Joe
"I am naive enough to think that I can do my part in helping change the world, and if that's a bad thing, then, so be it, the Question is....who's coming with me?"
- Dean Graziosi
YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
TWITTER - Follow me on Twitter at Joe Jurek CPA
Joe Jurek CPA