Monday, July 30, 2018

Week 15 of Financial Independence

I'm gonna have to get a job! No, not really...yet anyway. This week was the less-sexy version of being financially free. More paperwork in preparation for a loan closing for the Hudson Storage Garages project to kick off. We find out we're going to need to bring a little more money to the table there. Okay, no problem. 
We also got notice that in order to close for the loan on Building 5 in Houlton, we'll need to bring a LOT more money to the table. We were thinking it was going to be closer to zero than the number we were surprised with. We didn't need to bring any money to the table for Building 4 due to the amount of equity that we'd built into the property. We assumed that Building 5 would be the same or similar. Not so much. 
So at a time when money feels like it's flying out of our pocket, we are trying to keep focus on the fact that soon we won't have any more money coming out of our bank account as we'll have the construction loans to keep progressing. But let me tell you, it's been an interesting week, if not slightly slow toward the end of the week. I feel like we are in the lull before construction starts and I think at this point, we pretty much have that part down. There are busy periods of time but until the buildings get closer to being done, the contractors take care of the bulk of it. I'll be spending my time getting permits, ordering signs, and lining up contractors. 
Oh yeah, another swing of financial fortitude came in the way of the consulting gig getting pushed off for now. I'm sure it'll still come about but the timing was really good this week to handle this work. I'm sure when it does come it'll be less convenient, but no less welcome so we'll take it in stride. 
One interesting point with all this is thank goodness for the rainy day fund. We get worried about extra expenditures but it allows us to focus on how we're going to solve the problems rather than sitting around fretting. Maybe we're getting accustomed to this but a little experience and a rainy day fund has really allowed us to stay focused on the end goal. Don't get that confused with thinking I don't think about quitting or abandoning ship or selling a property or any other version of giving up, because that stuff crosses my mind all the time. But in the end, I'd rather push on and go back to work knowing that our real estate projects are what is going to be our future at some point. 
I really don't want this to be a sob story, because it sure the hell isn't. It's more along the lines of this stuff went wrong, we're rectifying it and I'll keep you in the loop to see if we can come out the other end on a positive note. I'm pretty confident it's going to work out. 
Later in the week we spent a lot of time talking about one or both of us going back to work. The part I liked about the conversations was that I feel like we were both on the same page. Things were getting tight-ish faster than we expected and we're both willing to do what it takes to make sure we can feel confortable in this process. I don't think we really NEED to do this, but I feel like we are both willing to put our ego aside to do what it takes to make this work. But like I said, we should be done spending money now that the loans will kick in but you just never know. Either way, we're 100% committed and that is exciting....no matter how much self-doubt creaps in!
Other fun real-estate related stuff also popped up. I tried contacting a homeowner of a house that recently had a fire in Woodbury. That would make a good rehab project. I noticed they have had some real winners of tenants over the past couple years. They might be interested in parting ways. Also talking with helping another builder get their project going, and helping others find garages of their dreams. These are more hobby than side hustle but they are fun for me nonetheless and keeps me current with real estate as an industry. I also try to help others with their self-storage investments on Bigger Pockets' website. Fun stuff. 
For next week: Big money, big money, no whammies!

No comments:

Post a Comment