Well, TMP bought another house in our ongoing investment strategy to achieve wealth slowly. This house is in the Greenville, South Carolina area, specifically Laurens. Greenville is roughly halfway between Atlanta, Georgia and Charlottsville, North Carolina.
Here’s a map with Greenville in the upper left and Laurens in the middle.
TMP equity was down slightly, about $3K this month. But there are some questions about the methodology due to the fact that we added $40K to the original TMP $100K for the new purchase. More on that later. Stocks, Gold, and Oil are competing for second place with Stocks winning again this month.
Here are the last three months of estimated value for our four TMP/TMP2 houses.
We bought the Myers Lane house in the name of TheMonopolyProjectTwo (TMP2) for $323K, putting down 25% and taking a loan for $174,323. We are looking at rents around $1,600 to $1,800 per month. With typical expenses, at the 7.75% loan rate, we will be about breakeven in monthly income.
To account for the additional $40K in capital (that doesn’t count Jeff’s half), we subtracted out that amount from the total TMP/TMP2 equity. That is not quite the right way to do the calculation. We will update the figures with a more valid method next time.
In the meantime, we are planning more purchases, maybe even using a 1031 exchange, in the Greenville area. Jeff has already scheduled a trip there for later this month. Stand by, TMP is on the move.
Speaking of Jeff, here he is with his impressive new associate, Chase, discussing the “July 2024 Real Estate Market Update for Greater Phoenix – Let us dispel the myths about the market!”
To summarize: “Join Jeff Sutherlin and Chase Waldren of “The Jeff Sutherlin Team” as they break out what is really happening in the greater Phoenix market. Do not listen to the famous personalities on YouTube who are looking for clickbait. Real estate is local, and every real estate market is different. In this episode, Jeff breaks down why listing prices are slowly declining and why the second half of the year will be a great time to buy in Phoenix. Please call Jeff or Chase for a free non-obligation consultation! For a look at all of Jeff’s offerings, please go to this website: www.jeffsutherlin.com.”
