Thread: Action Takers - What Are You Up To?

To "revive" one of my favorite threads...

It is August 1, 2007. All you action takers, what are you up to?

What got done in July?
What are August goals?

Also, I'm a little late, but we are just over half way through the year. What were your goals for the year, and how goes it?

What happened in July

• Got a SFR rented. It was on the market for 6 months with VERY LITTLE interest. Decided to rent instead. We may do a land trust deal with these folks - which will increase cashflow.
  
• Set up some checks and balances for communications with the lessee's in the motel we acquired in June. So far so good on that deal, but we are pretty new to the game.... waiting for what might hit the fan....
  
• Applied for financing on phase III and IV of a Self-Storage facility. Should close next week.
  
• Ordered the kids curriculum and started prelim plans for upcoming year
  
• Bought chickens, keets, bunnies, planted a garden, and actually got it watered on a regular basis.

August...

• Close on land for another self-storage development
• Start Phase III on existing property
• Get commercial *house* leased out or sold
• Finalize curriculum plans for the year
• Keep the animals and plants alive
• Formulate a more concrete plan for internet biz idea

I'm having a hard time remembering what happened in July...not much I think.

July...
SFR was emptied...had it painted and cleaned. Put ad in paper yesterday.
Opened optionsxpress account.
Applied for financing for land for a small strip mall with friend. Formed LLC and finalized operating agreement.
Shot 95 with accountant and above friend.
Went to Cedar Point with kids.

August...
Close on land Aug 10th.
Increase funding in optionsxpress. Plan on enough for portfolio margin by end of year.
Plan on renting above SFR.
Few more rounds of golf with goal of breaking 90. Usually play well for 15 or 16 holes. It's those random 2 holes that do me in.
Few days alone with wife.

Action Takers - What are you up too?

I started this forum!

I finished fitting out the first store in my chain. Preparing to stock it, staff it and open it (hopefully) within a week. Mentally preparing for running it and opening the second store at the same time. Also finishing my MBA (full time) which will be done in November. Also in the process of redesigning my whole life, and changing how I think about what I will do when I hit the fast lane.

Daniel.

My main priority in the next week is to get this forum redesigned and off the "default" design setting.

Working on setting up a couple of LLCs for investments that should be closing late this month or early the next one.
Also, reading the book I've been summarizing in the RE section "The Millionaire Real Estate investor" (intent to keep posting mini-reviews about it here in the forum).

Next week have two meetings with advisers to review and verify the strategy for my next deal.
Also, two potential partners want to discuss my strategy and maybe bring money for the next deals.

July:

• Baseball! We made it to the state tournament (final four teams in the state) and lost. It was double elimination; we came in 3rd. We went 1-2. We lost the game I pitched to the team that eventually won the state and is currently 1-0 in regional play. Damn errors...
• Learning! My original goal was to begin investing in real estate. However, that's rather tough when you're 16 (although I believe there's someone around my age who owns some real estate on this forum). Instead, I just decided to continue reading and learning by whatever means available. Forums have been a great help!
• Relaxing! I have a break from school for awhile. I'm not one who subscribes to the "strive to do well in school" theory, but I do acknowledge that some things they have to offer can be of use. Regardless, I still don't feel it's the best use of time.

August:

• Lightbulb! While at my friend's house, his father, my friend, and I brought up the idea of an online store for his retail pet supply business. After discussing it for a little while, my friend and I decided it was well worth a shot. That's been my main focus for the past few days.
• Preparing! I've never started a real business before in my life (not surprising...again, I'm 16), but I'm getting ready to now! I've been thinking about this nonstop. I've been contacting website designers, brainstorming ideas for every aspect of the business, and preparing for our opening. I should be getting my computer back today, so I will then begin preparing some financial projections and I'll write out a full business plan.
• Opening!?!? Towards the end of the month, we'll see how far we've come with our business. If we feel that we're ready, we will open the doors and begin taking orders! If not, we will wait until we're ready. We're both new at this, but my friend and I are both confident in our idea. We feel it can really be a success. And if it's not? It will be one helluva learning experience for two 16 year olds.

1. This has been a quiet year in my real estate investments. While offers were going out at lightning speed in the winter time, I did not get the pricing I was expecting. Perhaps too early to the party, but I will probably do another round of offers ... unless I ...

2. Sell some of my existing properties and 1031 them into a larger property ala SteveO style

3. I passed exam for real estate test, but am trying to determine where to hang the license. If I go the route of #2 above, I wont even bother hanging the license.

4. Restructured the business and are pursuing a new warehouse facility to accomodate more just-in-time inventory which will ultimately reduce expenses. Also doing more guerilla marketing and will test other types of marketing strategies.

5. Pursue a new retail business that I have been doing dd on. I would like to do this correctly and open minimum 4 locations within 2 or 3 years.

6. Participate more with local Chamber of Commerce Organizations (there are 3 of them) to get chummy with bankers and VCs now that money will be tightening for future endeavors

7. Continue learning about the liquidity crisis and compare the current difficulties with the 1998 LTCM crisis. This will help me understand when to buy non-agency debt again. (I did buy a lot of AHR yesterday and today as a start)

8. Re-negotiate a lease on one of my retail sites to get more favorable terms.

All right action takers...

September is almost over... What have you accomplished?
October is next... what are your plans and goals?

Accomplishements:
- Completed the financing for an investment that will be closing by the end of this month.
- Ordered a book about the topic for my next project (man it is a big one)

Goals:
- Read the book and outline the plan for that project
- Get professional advice and start executing that plan.

I did not post my goals for September but would like to start for October. I have to admit, I love the public posting idea....takes it one step further than just writing them for my own eyes.

• Complete refinance process on 3 investment properties (CH, RS & 6)
• Purchase or have under agreement 2 additional investment properties
• Set up all properties as Assets in Quickbooks - be able to print full B/S out of QB
• Sign one new JV partner
• Interview at least 3 more banks and select one
• Gym/run at least 4 days per week
• Come up with a clever halloween costume

We are rolling into another month and another quarter....

Did you meet September Goals?
What's up for October?

I missed posting my September goals... but here is the conclusion on my August goals...

Originally Posted by AroundTheWorld

August...

• Close on land for another self-storage development
• Start Phase III on existing property
• Get commercial *house* leased out or sold
• Finalize curriculum plans for the year
• Keep the animals and plants alive
• Formulate a more concrete plan for internet biz idea

• Close on the Land. Check
• Start Phase III. Check
• Get commercial house leased or sold. Check
• Curriculum plans. Check
• Keep animals and plants alive. Well. Kind of. Lost some chickens to the neighbors dogs. Frustrating. On the other hand - we have managed to keep the baby bunnies alive.
• Internet biz idea. Slow going. It was put on the back burner due to all of the above... but it is moved to the front now.

So.... What's up for October?

• Put together a deal involving my MIL house, a Mexican Villa, and a car.
• Begin construction on the property we closed on
• Pull the sailboat out of the water
• Due Diligence on a property under contract
• Get web site up for internet biz

Personal stuff...

We've been busy building a house for my son and his new bride.
http://brentonandkellyshouse.shutterfly.com/action/

We started construction (well...excavation) in mid-June.
Our goal for September was to get it enclosed, which we did.

By the end of October, we should have it sided, and the plumbing & electric in.
Additionally, we hope to have the insulation well underway by the end of the month.

For the most part, we're just doing this on the weekends now (too dark at night).
With temp electric soon, we'll be able to work most evenings again.

Our goal is to have the house finished so they can move in before the end of the year.
Maybe that will free up some time for other things.

Rental Property...

We'd hoped to have the rental property remodel done by the end of September, but...
...it isn't always best to try to do it yourself.

Lesson learned.

We hired some help to finish it starting this morning.
They got a ton done today, so we'll only miss by a few days.

We already have a tenant lined up to move in on completion, so the place will be fully rented.
It will also have about half of the building remodeled.
Hurrah!

New Investment...

I'll be making a formal offer on the 6-unit I've been looking at.
By the end of October, my goal is to have closed on the place.

I've been re-invigorated and am working on getting a couple vacant units ready. Had a couple move outs and such..... Still working to create more value so we can sell when the price is right. Feels good to get things done, doesn't it? With that being said, I shouldn't even be on here, so I'll go get back to work!