The improvements keep on coming! Yesterday, Lee and I signed the lease on the Villa Park casita. Now that was a project with huge ups and downs. It’s a real relief to get that property finally bringing in money and not just sinking it into a deep pit of mud caused by the endless water main problems we had with the property. It really feels like the struggles of last year, when everything was like pulling teeth, are letting up.
It turns out that the rent on the main house pays the mortgage on the property, and the income on the little house can go for other things.
Our personal business is now in okay shape, as we’ve acquired a couple of other properties with some other investors that will be bringing in money monthly. A house we financed for another investor friend should close any day now, and make all of us money. We can use these income properties for the cash flow to live on while we do the rehabs to build wealth. We are now building up our reserves for inevitable property repairs, as well as our funds to invest in more projects. It apparently is how things are supposed to work, and I guess they are working!
Being a small business is not for the faint of heart. But it IS for those of us who educate themselves about the risks involved. Remember that real estate investment is not like on television. It’s a lot of work, and you’re not always hauling in tens of thousands of dollars every week.