Just a quick note to say that we have sold the 52 acres in Sanford. The 20 Acres + Farmhouse that we sold on Contract for Deed (seller financing -if you prefer), will more than likely be sold to the same developer in January. If so, we will receive the balance owed on the 20 acres + farmhouse. Pretty cool either way: Monthly income or Cash on the Barrelhead.
Main is gathering speed. This long, twisted, torturous project is finally on the last leg. Enclosed, roughed in electrics, HVAC and plumbing, and now prepping for drywall. We are guesstimating a late-January or early-February finish. (Please let it be so. Please let it be so. Please let it be so. Please let it... Oh. Sorry.) Depending on the local market, we will then either sell -now estimated in the 430 to 450K range, or we will rent the beast until we get to a point where we feel comfortable selling. Due to the looooooooooooooooooooooooooooooooooooooooong nature of this particular project, we are in a break-even-ish proposition. But okay. Buy the ticket and take the ride. Not every project will be a home run. If you can't stand the heat, get out of the kitchen. And other numerous cliches about having cajones or not. The good news is either putting all that cash back into the Box Bend mixing machine, or generating a pretty good little rental income out of this project. Speaking of which...
We still contend that this market is overdue. Our particular area may ride out a recession a little bit better than other areas with 65+ net people moving into town every day, but even a place like Raleigh can become too ________________ (you name it.) So, our best free advice* is to stockpile the cashola, kids. Because when the recession does arrive, everything, and we mean everything, will be ON SALE. That being said, if you get a good deal, take it. Don't let a pending recession or some half-baked blog stop you. It's not stopping us. We won an auction last week. Granted, it is "Subject To," but subject to is better than no seat at the table at all.
Stay tuned race fans.
*Please consult your magic 8-ball, lawyer, magician, cat, accountant, banker, pastor, preacher, spouse, financial advisor, guru, or own guilty mind before engaging in, or staying out of, any investment. Caveat Emptor. Buyer beware. Box Bend, Box Bend Home, Box Bend Crew and this blog are not responsible for your ability to read and think. Nor are we responsible for your cutting corners and not consulting experts. Past blog posts are no guarantee of future posts or performance. INVEST OR NOT AT YOUR OWN RISK. And hug your loved ones. Thanks.
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