Game Plan
I spent the afternoon, brain storming ideas. Here we go.
I’m going to start working on two things.
First: I need to get investment property. A four-plex, a duplex, or even a condo. I’d prefer a four-plex because I could live in one of the units and rent out the others. And I could help out with the mortgage. That’s no big deal. I’ve decided that I’ll call lenders and find out which ones support loans for investment properties. I’m thinking that there may be different loan programs out there for investment properties versus just regular homes.
Second: I purchased a course on "How to Buy a Business". (http://www.diomo.com/) The material was invaluable and I’ve read it twice since it arrived last month. I’m going to start contacting business brokers and find out what kind of businesses are out there. I’ve already got some websites bookmarked for searching. In December, I found someone who was wanting to sell a network of ATMs in Hawaii. He had 54 machines which generated gross income around $450k. He wanted $600k to cash out. I approached my friend, who has become my mentor, and he was interested in the deal as well. The deal never went through but it was a learning experience for me.
But I learned valuable things during that time. Terms like "Due Diligence", etc. that I had never been exposed to.
Those are my two objectives.
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