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Torn Between Two Cities - Brooklyn & Woodstock
Living between two towns can open up more real estate opportunities. After surviving the WTC event and losing my job, I had to reinvent myself. I didn't have much to lose san the $3k in my old 401k, so I decided to invest in a town I knew nothing about except for the fact many of my former celebrity clients had purchased homes in the Woodstock, NY area.
With a partner, I bought a $425k house that needed some work, but it had a 1000 sqft ceramic studio I thought we would convert into a rental. I told my partner I had the cash for 1/2 of the down payment (which I didn't have). When it came time to pony up the cash, I took a cash advance on a couple of credit cards and promised myself I would live a life of frugality until I could pay them off.
I hunkered down and said goodbye to my true love - Starbucks Venti Iced Tea Unsweetened & No Water. I was able to get a small HELOC to renovate the studio now titled "The Zen Cabin" and tried to rent it out for $2000/month. I needed at least that to cover my costs until I could get the other house rental ready. I was optimistic and had absolutely no takers. My partner thought we made a huge mistake and although I was upbeat and optimistic, I was secretly quivering in my boots.
I did some research and started offering the Zen Cabin out as $100 a night thinking I could probably get at least twenty nights. Things were slow, but I started making more than I would have with a longer term rental and I was able to collect the money before they rented! Brilliant, I thought.
It was brilliant, pocket-filling and a bit exhausting. I wasn't a landlord but a hotelier of sorts and every little thing had to be just so or I would get a call from Woodstock while I was in Brooklyn. Exhausting, yes, but the travel and accommodating involved was more than worth the cash generating beast I created.
Oh yeah, I eventually paid off the credit card three years later (okay so I did without some other things too) and have now built a business around it. |
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May, 2012
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