General Update
March 25th, 2009 by KenricToday I met with my CPA for about 2 hours to go over my 2008 taxes. I’m really hoping to pay no taxes for last year. He was very intrigued by my online businesses. He kept asking if I had any other start up costs. I guess it’s pretty odd to start a business that does almost $100,000 gross and have start up costs of under $1,000. I need to start buying desks, office furniture and more computers next time.
The ebusinesses are very slow. I think it’s the economy, but not in the way that most people mean. What I mean is that the economy is making my competitors lower their prices. I’m not lowering my prices so I’m getting less sales. I’m not sure if I will lower them or not. I’m going to wait a few more weeks and see.
My second SLC townhome has been empty since December. I’ve lowered the rent from $1195 to $1095. I had 3 showings yesterday so I hope someone takes it. I really need to get it rented.
My Chicago condo will be available in July. I’ve been putting ads on craigslist and have only gotten 2 inquiries. In the previous years, I would get a ton of calls. I had someone who wanted to see the condo this week, but I found out my tenants are in Mexico for Spring Break so they can’t show the condo until next week.
Don’t remember if I mentioned this before but the house I used to live in and sold 2 years ago, SFH#1 is bank owned now. I sold it for $385,000 and its listed at $229,000 right now. There are pictures of it and it looks like people who bought from me travertined the whole first floor. So they definitely put some money into it. There are no pictures of the pool, but I bet its pea soup green. Other than that, the house is in pretty good shape.
I am seeing some pretty good deals out there though. There are a few 3 bedroom, 1.5 bath, 1200sf homes that are listed at $69,000 in Avondale in Rancho Santa Fe. These homes rent for $800/mo and are in decent neighborhoods and close to the city. They will definitely cashflow!
And one thing that is just a bitch in Arizona… driving a my new convertible through a big dust storm. Not fun. And yes I know you can pullover and put the top up, but by that time the dust cloud has passed.
Posted in General | 5 Comments »
Stumble it!
The cash flow deals are all over the place. I have also been looking at Avondale, under $70,000. A number of other places offer similar deals.
Not surprised about the Dysart Ranch house. Will it sell at $229,000? That price in that part of Litchfield Park might still be a tad high. We will see.
North Peoria is really hopping. Decent foreclosures sell within a few days. All the low priced inventory has been snapped up, effectively raising prices. Even the builders are moving inventory. Wish I’d bought in Westwing or Vistancia a few months ago.
There’s a ton of pent up demand and the $8,000 first time buyer’s tax credit is having a huge impact. Add in the low mortgage rates, and people are hopping off the fence and into the market.
By Another Investor on Mar 25, 2009
$100K gross? Was this from your online store? How much of that was profit?
By ubu50 on Mar 27, 2009
Yes it was from the online store. Profit margins were OK. Nothing like 50% or anything, but not razor thin either.
By Kenric on Apr 3, 2009
AI, sorry I forgot to respond to this. I have a friend who is a first time buyer. She’s looking at a $65k 3/2 with the $8k credit. Can you imagine getting a $57k house in a good neighborhood in a large metro city?
My old house is still on the market at $229k. It will probably stay until it hits 190k, that’s what it was priced at intially during new construction. A similar home is at $189k without a pool right now.
By Kenric on Apr 3, 2009
As long as mortgage rates are low and the $8,000 tax credit is available, the inventory will fly off the shelves. I see the Republic finally noticed the change in the market this morning (April 4th). They got smacked in the nose by the record sales in March. Where did all that money that was pulled out of the stock market go? Right into real estate.
I saw one 3/2 in Rancho Santa Fe at $69,900 on the MLS. It’s long gone. Not many good neighborhoods in Avondale, but that’s a nice area, with Litchfield Park schools and good access to the freeway and lots of high quality shopping.
By Another Investor on Apr 4, 2009