Having over two million dollars at twenty five years old is a blessing. It all happened after my rich uncle Henry died and had me in his will. I was a single guy living alone in a one bedroom apartment and had a job working for a building contractor as a handyman. I gave my boss two weeks notice and quit the job. Now it was a challenge to go on to bigger and better things. With no business experience I had to learn the hard way and that was to go into a small business and hope for the best. I read the business opportunity sections every day and personally examined a few businesses that were for sale. I then found one that interested me, and bought it for seventy thousand dollars cash.
The guy that sold me the house explained its potential. He said that each of the ten furnished rooms could easily be rented for five hundred dollars a month. That would give me an income of sixty thousand dollars a year. The neighborhood was bad but that made my investment more promising. All I had to do was come around once a month and pick up the rent. He said if I put up a sign on the front door saying that rentals were available there would be no problem getting tenants. I was happy to have made such a good purchase and shook his hand at the closing of the sale.
I put out a sign on the front door saying that furnished rooms were for rent. A few hours later I had a customer, he was an unshaven guy about forty years old. I told him that the rent would be five hundred dollars a month. He said he lived on a small disability check and could only afford three hundred dollars for rent. I said that I could not rent it at such a low price. He sadly walked away. The same thing happened all day long. Nobody could afford the rent. After a few weeks, I finally found ten good men that agreed on the price of my rentals. They all moved in on the first of the month. Now all I had to do was come around once a month and collect the rent.
The first of the month came around and I happily arrived at my small business investment to collect the rent. Seven of the rooms were empty, the occupants were gone without even leaving a note. Two others said that they were broke and that they would make it up to me in the following month. The last one I saw gave me three hundred bucks and said that was all he could afford.
I sold the house for twenty thousand dollars and chalked it up to a bad learning experience. I still was a wealthy guy and it was time to move on. I picked up the business opportunity section of my local newspaper. It was on to the next small business adventure.
Melpol http://www.associatedcontent.com/melpol
About the author:
http://www.associatedcontent.com/melpol
Article Source: http://www.Free-Articles-Zone.com
