Super Jiggy E Made Me Sick!!!

I know it has been a while since I have written, but I am blaming my absence on the Super Jiggy E. you see, I read his blog about how the flu his family had would not go away. The very same night I read that, I got sicker than dog shit, throwing up so hard that I 1) lost my voice due to a swollen throat 2) bruised some ribs because of the ferocity of the heaves.

With that said, I am back on my feet finally and am now battling the cold portion of the flu. I can deal with that. but you can keep the puking. I hate that shit.

Congrats to E-Bone, who finally won a game in our fantasy football league. Not only did he beat one of the better teams, he waxed their ass by 64 + points, and scored the second highest score in the league this year behind, of course, the L-Quad Dudesters. Damn E!!! where did THAT come from?

As for me, I suffered my second defeat, which puts me back into 2nd. The one time that the 1) bears suck and 2) michael vick decides to play like a normal person, it happens this weekend. Considering that I have 1) vick as my quarterback 2) bears kicker 3) bears defense and 4) merrian (from da bears) as WR, I lost by 7.5 points. The game of the week is this week, sportsfans, in week ten. My team, the L-Quad Dudesters, go up against perennial number 1, the Master Slackers, in what could decide the number one seed in the playoffs.

If I beat the master slackers, then we are both tied record wise, but I move into first with more points scored. Even if I lose, I stay in second because of most points scored and still earn a first round bye. This game, my friends, is a prelude the championship game. You heard it here first.

Most of you are not going to believe what I am about to tell you, but I’ll tell you anyway. I’ve started a new company to hold my future real estate investments. To make a long story short, I bid on a 244 unit apartment complex this past Friday to the tune of 6.3 million. Do I have that kind of money? Hell no. but I know where to get it. I found out today that I am in the final 4, so we’ll see. I don’t know if I’ll get it even if I win the bid because we (my team and i) will be asking close to 250,000 dollars in rebates to help convert the current boiler heating system and window AC’s to central air. Not sure if they’ll take that, but hey………the worst thing they can do is say no and we move on to the next deal.

It looks like I will be making an offer on a fully occupied five tenant strip mall in Chesapeake. Asking price is 7.3 mill, with 4.3 down and the assumption of a loan at 7.7%, amortized over 30 years, but due in 3. here’s the kicker, dudes. Instead of assuming the loan, I can get the loan defeased (thrown out) to the tune of 730K, depending on the day and interest rates. What that means is I can pay the down payment, and pay 730K or so to have the loan released and the property released as collateral.

So I finance 80% of the asking price of 7.3 mil, which is 5.84 mil. Pay the 4.3 mil DP, plus the 730K defeasement fee for a total of 5,030,000. subtract that from the original loan amount of 5.84, and Quad walks away with 810,000 cash, tax free (debt isn’t taxable). After all that, the property will still cash flow to the tune of around 6K per month, with every tenant in for long term leases (5 years or more). That’s what I am talking about.

So that is what Quad has been up to since his sickness. Hang in there, folks. There’s more to come.