Another Great Month of Real Estate - August 2024
My last post was over four months ago! Since then, I got a job, lost a job, gained clarity, lost clarity, and much more.
Selling Our Latest Project
After an embarrassing amount of time, our latest project is finally on the market (it’s been 9 months since our original planned completion date). This investment was originally intended as a long term rental but after dealing with a bad contractor and wanting the capital for other projects, I’ve decided to sell it. Even after the contractor issues and extended holding time, we should net a profit.
Emmy’s Quick Tip: Always make a “Lessons Learned” note after each project AND review those lessons before tackling the next project. I could have easily avoided the issues with this project had I reviewed my notes regarding paying contractors and reviewing work.
New Construction
Marcus started his first new construction project in McAllen, TX and this was the motivation I needed to do the same. Our RV garage conversion project was a hit with tenants and I’d like to replicate that for our first new construction. I’m currently working on plans with an architect and once the house I mentioned before is sold, I’ll begin searching for land and closing on a construction loan.
Emmy’s Quick Tip: I don’t feel comfortable giving building tips yet. However, taking a leap and buying a set of plans offline was an easy low cost first step that got the ball rolling.
