Busy on Many Financial Fronts
Boy, have I been busy these past two months. The activity has kept me from posting as much as I would like, but it is more important that I get some of these things done. I don’t have time to go into all the detail, but will share just a little bit. The good news is that I will have additional material for posts in the future.
These are the items that have consumed the majority of my time away from work:
1. Canceling a Timeshare Contract
There is a lot to this story and I will share every detail later on when I have more time. Actually, I might just end up copying and pasting some of the letters that I have sent. The short version is that my wife and I got sucked into a presentation while trying to get discount show tickets in Vegas. We left unsure about the purchase after signing paperwork. We tried to cancel and they tried to run the transaction anyway. We finally got it cancelled. No money has yet changed hands, but I do have a few loose ends.
2. Refinancing Rental House Mortgages
I have been working to refinance 5 rental houses. Of course, this involves a ton of paperwork, signing a bunch of stuff, arranging appraisals with the tenants and contacting everyone so we are all on the same page. The plan is to decrease the interest rate, decrease the term and decrease the monthly payment. So far, all is going according to plan but one of the appraisals came in lower than I would agree with. It means more money at closing, but the savings will be big.
3. Negotiating Purchase of a Business
I have also been working to negotiate the purchase of a local business. This occupies some time as I have reviewed the books, met with the owner and spent a weekend back and forth negotiating points and creating a framework for our agreement. The next step is to meet with the banker on the Monday after I get back from a South Carolina golf trip. I am really looking forward to the trip as the time away will be very relaxing.
Going forward, two of these items will no longer occupy a bunch of my time. Now if we purchase this business, I will have to spend some time each week looking over and reviewing numbers and signing checks. But even if it is five hours per week, it should still be worth it. I can share more details later as well.
Here are the most recent carnivals in which my blogs have participated.
CFM is Cash Flow Mantra (which is this blog)
GPM is Grand Per Month
PT is Penny Thots