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.
Carnivals
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
Wow busy guy! Having just completed my main residence mortgage I can’t even imagine the stress and pain having to do 5 rentals!
Good luck
Evan recently posted..We Finally Bought a House!
Thanks, unfortunately it isn’t going to work. I will be writing about it today.
Wow all of that sounds really awesome! As someone who has helped in the facilitation of a business sale I can totally understand the time-suck it can be. I wish you the best of luck with it
I sounds like you’ve been doing quite a bit to restructure your cash flow and that’s always time intensive and again I hope it’s all for the best. Can’t wait to see your more detailed posts on what you’ve been up to.
Nunzio Bruno recently posted..It’s W-2 Season
Thanks. I have been trying to get with the banker, but our schedules haven’t been working out to this point.
Super busy! I am sure it will all be worth it. Hope you find some relaxation soon!
Things will wind down. Then the next set of issues will need to be dealt with.
You sure have been busy! We’re heading to Vegas this spring, and my sister-in-law has warned me to not get sucked into a time share purchase. Turns out she bought into one a few years ago… and has regretted the decision ever since. Will they still give you the discount show tickets if you say NO to the time-share sales pitch?
Julie @ Freedom 48 recently posted..Do You Need a Will?
Don’t get sucked in. You will still get the tickets, but it would be better to find one of those ticket kiosks on the side of the road. I regret not doing that. We have gone with Tix4tonight in the past and it works out OK. We should have done that.
Wow! You sure have been busy lately. Hope that your small business works out. What kind of business is it?
Brett @ wstreetstocks recently posted..Why Caterpillar Is Worth Owning
It is a printing business. I hope it works out as well, but the longer it drags on, the less optimistic I become.
Tells us more about time share deal. It would be frightfully interested to read about it.
I can see that you are juggling with so many assets, things at the same time.
How do you stay motivated? As most of the things are long term run (like rental properties) bringing no immediate benefits.
Financial Independence recently posted..Key Performance Indicators (KPIs) for Financial Independence
I will share more about the time share in a future post. It is difficult to stay motivated and keep with the rental properties since it is such a long term investment. I do have some patience in that regard and plan for the future in that way. Not sure exactly “how” I do it.