Back From California Vacation - Ready To Work!

I am back from a ten day trip to California for a family reunion - both my wife's side and my own. My wife has a lot more family than I, but it was a very, very good time to visit those I haven't seen in thirty years and those whom I have never met. It was a great time of food, family, and fun!

Although it's great to take some time away from the grind of work, work, work ... there is something exciting about returning from that time of refreshing and getting back to the work that brings fulfillment. For me, that is real estate investing!

There are many challenges that I face as a new investor. Some are expected and you work to overcome them. They are the obvious things like negotiating with the bank for the greatest price discounts so that your numbers "work", getting bids from a variety of new contractor sources until establishing your "inner circle" of trusted vendors and contractors, networking with like-minded investors to build relationships and potential business deals, etc. But these are the known and expected challenges that we face as investors with every business transaction. I'm talking about unexpected challenges like the two I have faced recently. For example, as you know from my previous posts, I am working for the most economical solution for the repair and maintenance of the steel windows in my project in historic Rosedale Park - a beautiful neighborhood located in the north-west portion of the city of Detroit. I made the mistake of purchasing this home without knowing that the area had been designated historic just three years before. Shame on me! But I will overcome the challenge and move on.

Another challenge has popped up today. My project in Mt. Clemens is coming along just grand! (pun - it's located at 125 Grand Ave. in Mt. Clemens) The exterior work is almost complete (a few minor details remain) and now the interior work is well underway. The rough plumbing is being done but the water department didn't want to turn on the water until the supply line was pressure tested. Sure enough - it failed the test indicating that there is a likely break in the supply line under ground between the street and the meter in the basement.

CAN'T I CATCH A BREAK?!

Fortunately, this is likely the only "surprise" I am to encounter as this is mostly a straight forward rehab. I am waiting to hear from the plumber what the proposed cost will be to dig up the line and replace it. I have some room in my budget for contingencies, but not a huge amount. I'll wait for the quote before making any decisions on what adjustments to make elsewhere.

With regard to the above question - can't I catch a break? - the answer came just today a few hours later. My current (and only) tenant called me today to ask if I had anything available for a friend who needs a place to rent. It's quite possible I may have a renter for this property well before I have it renovated and ready for occupancy. That would be awesome if it can work out. I look forward to talking with this person to see what their need is. I'll do my best to help.

So may vacation is over and, in two short days I am back into the thick of things right up to my neck - just the way I like it! (Feel the rush?)