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Received counter offer on 34 unit!



I did the numbers on a few properties Kathy and I seen the other day with a broker. I told the broker what I was thinking 1.2 Mil on the 36 unit property, which they are asking 1.8 Mil and he said, “did you mean 1.2 Mil for the other property cause that’s do-able?” I told him that I meant it for the 36 unit, he said it would fly. So I came back later and told him, ok we could do 1 Mil for the 34 unit (that’s the one he mentions above about 1.2 Mil.) This property is listed at 1.3 Mil. He tells me, “if you can do 1.1 Mil I’m sure I can get the deal done.” Now I know I’m negotiating with the broker at this point, but the reality is I say to them “look I don’t want to offend the seller, what do you think of this offer?” So they don’t think I’m a jerk or anything, ya know?

Realistically, I think we could offer 1.1 Mil, but I think I’m more comfortable with the MAO of $1,050,000. So I countered back at $1,015,000 and told him to let me know what the seller says.

Also, had a conference call with a broker team yesterday to go over a property we saw with them. They are asking 1.6 Mil and realistically our MAO is about 1, 375,000 ish….they paid 1.4 Mil for it 2 years ago….they weren’t having it. But the broker team is super duper nice. I wish they would get us some more properties because I’d love to see them make a commission because they are so helpful, the broker I mentioned first is kind of a jerk (for now.)

I’m heading to the courthouse to see if I can somehow fanagle (how do you spell that?) a list of evictions that were awarded to landlords and they will become my new “direct mail list.” I think I really want to find MOTIVATED landlords that own apartment buildings….I know they are out there. So far only the small guys are calling me back…..I want the bigger complexes to call me too!




I have a good feeling tho that most deals will come from brokers and not what the places are listed for, but what you can negotiate fairly.

I went to Toastmasters again last nite and it was a lot of fun. I made the decision to join the next time I go and surprisingly enough Kathy told me she was going to join too! Which is really strange because she is scared crazy of public speaking and told me she doesn’t even want to get up at Tmasters. But I think she had a lot of fun there the last time I took her there so hopefully she’s coming around!

The job hunt is not going so well. Which may be a good thing? I dunno. I mean I need money BAD but I’m really not so fond of a “job” per se. I probably wouldn’t even be thinking of finding a job if I didn’t switch gears into commercial real estate. I could have definitely made a decent living from wholesaling, but switching gears into commercial real estate is like completely starting over. I mean that’s ok because passive income is where my passion is, but it is harder and taking a whole lot longer than I anticipated.

Ohhh I’ve also been working on my Gay Marriage website. I look at my adsense stats and my traffic and I see I’d be making a ton more money if I just got my traffic back up to where it used to be when I use to work on it all of the time. Plus, if I had more traffic, I could also solicit more business from attorneys and other types of companies to advertise on the site. I have a few now, but nothing major yet. So my goal is to work on that some more in the evening and get it back up in the ranks where it use to be and then start sending out emails and calling folks to advertise. I think it could be a realllll money maker if I put just a little bit of effort into it everyday (perhaps that could be my 9 to 5 job after it gets rolling while I concentrate on commercial real estate.

One more thing: we have an appointment tomorrow to meet with another potential ATM site. I made the decision to pull the machine from the newer chinese buffet place. They don’t leave the machine on all of the time after me telling them repeatedly to do so, so I told them we’re pulling it. I wonder how the small business loan environment is? Because the only think that stops us from buying up a bunch of machines and just pounding the pavements and putting them in tons of locations is money. I’d say realistically we’d need about 20 to 25 machines out there working for us to live just fine, while we concentrate on commercial real estate (well I’d be just fine, that’d still below what Kathy makes.)

So, we would need 14 to 19 more machines then…and that equals about $42,000 to $57,000. Hmmmmmm. Something to think about. Obviously, there isn’t much money coming in when you’re out developing business, of course. But after they are all placed there is. Something to think about. I don’t think our LLC has been around long enough tho. I remember last time I got LOC for my business I had to be in business for at least a year. We’ve only been doing this since July of 2009. Something to think about.

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A lot happening – networking is king – a job, maybe?



I have a lot happening lately, which is good, of course, but unfortunately I haven’t closed on an apartment building deal yet. Patience I know…and I have found out they may take a wee bit longer then your typical single family deal.

I’m being a tad bit impatient though because I really don’t want to have to get a j-o-b! Know what I mean? I will though if I have to…I mean if it’s necessary to help take care of my family while I do the apartment thing on the side then it’s ok. That’s not the worse position to be in (it may seem like it because I’m not your “normal” type of job person…..but it would only be temporary.)

You might say “well why don’t you wholesale while working on apartments?” And I’d say that’s a fine idea, but realistically to be successful at wholesaling you’re busting your ass and networking and marketing and doing all of the things that I honestly, want to spend my time doing with apartment buildings.

Sometimes I have that conversation with my self and it makes sense and other times it doesn’t. But the big key is, just because you have a deal under contract when wholesaling does NOT mean you’re necessarily going to bring money in (deal could fall through for a number of reasons, etc.) And if that happens, well that doesn’t do the whole family bank account much good 🙂

Trust me, I am not dissing wholesaling in any way shape or form. I made some decent money as a wholesaler but I also remember that to make that decent money I worked my ass off. Not that I’m afraid to work my ass off anymore but I want it to be focused on apartment buildings. The goal: to accumulate enough apartment buildings that throw off enough passive income for me to live off of and for Kathy to live off of and quit her full-time gig (Remember my F R E E D O M post? That’s what it’s all about. ) Passive income does not happen from wholesaling.




So my idea was to get a silly j-o-b that I would just go and do my time (like a prison sentence, right? lol) and have normal set hours so therefore I could manage all of my apartment buildings activities around those set hours. And at least I’ll get a lil bit of money coming in regardless (that is probably until my ass gets fired lol because I spend too much time on real estate hehehe)

If anyone sees a flaw in my thinking please let me know. My debt, folks, is really pissing me off and really determining all of the moves I make. I don’t know if you remember, but I “borrowed” enough money to live off of for 3 months in hopes that we’d get an apartment deal by then……..well I’m tired of paying nearly the minimum on my debt and I’m tired of being broke all of the time. I know a j-o-b is not my end goal, but I think I may be considering it a stepping stone to at least allow me to put a crap-load more money towards paying off my debt while I work towards my passive income goals.

Btw, yes the atm’s are kicking it, even the new one….but still, doesn’t throw off quite enough for me to live off of completely yet.

That’s the bad news, but now for the good news. I’ve been a networking fool lately. At toastmasters, whenever I meet folks and definitely at that tradeshow I went to last week. I think I may have found myself a new private money lender at the tradeshow (we’ll see,) I found an awesome contact who referred me to a property manager and the property manager was fantabulous and she referred me to 2 commercial brokers and told me she’d keep me informed of any properties that she hears coming on the market.

A lady at karate last week saw my WE BUY HOUSES lettering on the back of my car and asked for my card. She called me last night. We spoke. They owe more than their house is worth….I told her I could probably make her an offer and do a shortsale but she’d walk away with nada. She understood and said she’d talk to me in the future when they saved enough money to move out. In the meantime, she tells me about a 12 unit apartment complex near us that she’d like to move back into because the rent was dirt cheap. She tells me that the landlord tried to sell the complex before but the deal fell through. The owner since moved into a retirement community. Of course, I talked to her about that complex and she said she’d get the info for the owner (since her mom still rents from her) and give it to me so I can call her, plus she’d pass my info along to the owner as well. Fingers crossed!

Toastmasters meeting tonite again and I’m bringing Kathy with me aka dragging her kicking and screaming with me! Afterwards, we’re going to drive by 2 properties; a 6 unit and a 12 unit that aren’t far from there. If we have some interest in the neighborhood, which I’m sure we will, we’ll make appointments with the brokers and put in LOI’s.

Friday, we have a 3:30pm appointment at Starbucks with a broker I met at the tradeshow. He knows of a 45 unit property that will be coming on the market sometime soon in our area. And I know, I don’t drink coffee…lol but I like Starbucks’ banana nut bread and their strawberry banana smoothies. Yum.

Saturday, I still have to confirm, but may be seeing a 4 unit property. Monday have an appointment to see a 2 unit property. These are all smaller than I’m really interested, but I don’t think it hurts to practice. These gave from my mailings.

Just got another fax back form from my mailings of a lady that has a 10 unit. We’ve been playing phone tag tho. Sent out 255 pieces, 9 came back undeliverable and we got 5 responses so far; 3 by phone and 2 by fax back form. Just over 2% response rate. Not as good as the last piece we did.

Tomorrow we are going to a Chamber of Commerce mixer to see what we can make happen. It’s $10 for non-members. We still don’t know which chamber to join yet. So we’re just going to the free events and any of the cheaper events for non-members.

And today, I’m going to have Kathy call our next potential private money lenders to set up a lunch appointment with them tomorrow or Friday (those were the folks who were excited to do real estate deals with us but went on vacation.)

Soooo things are definitely moving along, but I don’t foresee an apartment deal by next month, so that’s why I mention the j-o-b thang.

Over and out for now.

P.S. If you haven’t check it out yet, do me a favor and check out my shorter private money pitch and tell me what ya think!

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Private Money Pitch – Short

Ok so you remember the longer private money pitch that you saw on video, right? Well this is my shorter private money pitch. And I know the video says I’ll be using it tomorrow at the convention, but I actually recorded that video a few days ago….so I used the pitch all day yesterday at the convention.

I think I even shortened it and went into detail if folks asked questions. At first, I have to admit that it was a little intimidating being in a huge convention center with soooo many people and not knowing how to approach folks or what to say, etc. Because of course, I just wanted the opportunity to try my pitch. After a while I started to get the hang of it and felt more comfortable talking to folks. After a bit I would randomly sit down next to folks just to ask what they do for a living lol

I got 1 guy who told me he thinks he’d be interested and to definitely email him. Another couple seemed interested but they didn’t have any contact info, so I gave them my biz card (probably never hear from them.) About 1 or 2 other folks seemed like they may know folks that may be interested. I got biz cards and I put EVERYONE into an excel spreadsheet today, along with some notes on the back of their biz cards. I’m going to stay in touch with everyone, but definitely with the potential private money folks.

Met a couple of new mortgage brokers and commercial real estate brokers. Had a free lunch, free dinner and an open bar (I don’t drink so I just had 2 sodas.) Also attended a free seminar on financing in today’s market. All in all it was a pretty good day.

So….what are your thoughts on this private money pitch vs. the longer private money pitch?

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Networking, Toastmasters, Private Money & Offers



Attending Dave Lindahl’s Private Money/Syndication Bootcamp has really made me realize how super important networking is. It was actually one of the speakers there that really made it sink in. His name is Joel Brough. I first was introduced to Joel at round table discussions that Dave had. Joel was speaking about Property Management. He gave some awesome information about how to network with property management companies to get information from them and to then get information from other folks.

Joel then came up on the last day of the Bootcamp to talk about networking (grant it, he was trying to sell some software that apparently he and Dave created) but the reality was a lot of stuff he was saying made sense. A lot of times we network with folks at perhaps REIA meetings or seminars and bootcamps and we collect tons of business cards but we don’t stay in touch with folks. Sometimes we may not even make contact again after getting their initial business card. Well that was wasted networking efforts. Why put the time in to get the business cards if you aren’t going to take advantage of them?

Anyway, he says not to go to these events with business cards. He says “it’s not about you! It’s about them!” He says to have your “elevator speech” ready to give to folks but don’t hand them a business card, just get there business card. Then come home and put them in your database and stay in constant contact with them, etc. Obviously he went into more detail but you get the gist of it, I’m sure. I really liked Joel.

So now I’m totally excited to network. Dave and others gave us great ideas and examples for our elevator speeches and I’ve been practicing mine since Friday night. I’m ready to use it on everyone. And who knows…perhaps I’ll get a bunch of
private money commitments!




I am going to a my first ever Toastmasters meeting next week. Not because I am afraid to speak in public, cuz I’m not, but I’m sure I can learn some great techniques there, but I’m going because it’s a networking opportunity and this particular chapter meets at a country club hehehe so hopefully there is money there that I can eventually tap in to.

Kathy and I will begin to meet with a few folks that we know for a fact have money and have even spoke to us about either investing with us in regards to the money angle or investing with us in regards to buying properties (this guy we’re going to try to convert to a private money lender tho.) Plus, after I get my speech and presentation really down good….I’m going to meet with a high school friend’s father who I know has money and I know knows lots of folks with money.

As far as offers go, we still just have that one out there and after re-doing the numbers…as long as we use equity investors and not debt investors, I think our initial offer of $900k to $925k is good! (I thought I screwed something up with the numbers and was suppose to offer $750k to 800k!)

Kathy is meeting with a commercial broker in Odessa, Texas today and I also set up a meeting for her to meet a woman at the Economic Development Committee. She’s there for work so I figured I’d put her to work for us too! The Odessa/Midland area is an emerging market that we’re targeting for now.

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Made an Offer on Apartment Building!



Holy crap, I just made an offer on an apartment building! Now before you get all excited for me lol I didn’t put in an LOI (Letter of Intent) or an agreement of sale. I just threw a number out at a broker to see if the seller was flexible.

It’s not a huge building. Only 30 units but they wanted $1,150,000 and the numbers just didn’t work at that price. My Maximum Allowable Offer (MAO) is $950,000 but I mentioned somewhere between $900k to $925k to the broker.




Btw, I’m learning that LOI’s are the way to go in commercial deals because of all the due diligence that you have to do I guess if they accept the LOI terms. And then you write up the agreement of sale.

But I’m still excited about verbally (or well typing) giving an offer. That’s my first one ever on an apartment building.

Will let you know what the broker says. He’s been pretty cool with all of my questions and such so far and even was cool when I mentioned I didn’t want to offend him or the seller with my offer and if the seller was negotiable? 🙂

Off to do an ATM install at the Chinese Buffet (we switched the day to today….I’ll post about that cuz I’m a lil ticked off at my ATM folks.) Plus next week or so, we’ll have another install at a cash only deli (go Kathy!) and ummm guess what? We need to order a new ATM for that place lol

P.S. Rachel and Scott gave some good advice into my plugin issue…I’ll try to check it out later. Grr!

P.P.S. I know I’m pulling a Steph here with all the p.s.’s and such but just thought I’d let you know that I AM NERVOUS!

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Direct Mail List to Buy Apartment Buildings



So you know I’m working on my direct mail list to buy apartment buildings. Right? Well my first direct mail list, where I did sent out the first batch of mailings, as it turns out I screwed up the list. One of the counties that I was looking in broke down the apartments in 5+ units….sooo of course, my luck, all of the smaller peeps were calling me back and Kathy and I are looking for minimum 40+ unit on our first deal.

Anywho, while checking out Loopnet last night I came up with an awesome idea to build my direct mail list to buy apartment buildings.




I don’t know how many of you have ever checked out commercial properties to buy and looked at any of their listings. But the better brokers when they list these properties have a pretty decent sized information packet which contains tonssss of information. I mean they’ll have the actual income and expense figures, proforma income and expense figures, demographic information, job information including the top employers in the area, rent rolls, etc. etc.

But another thing that they have is Rental Comparisons. So what they do is they have the subject property (the apartment building for sale) listed with it’s unit mix, square footage, occupancy and rents. Then they show a bunch of other apartment buildings around the subject property with their unit mix, square footage, occupancy and rents too. I’ve been reading this information for a few months now but last night it dawned on me…ya know an “aha” moment lol that I should add those comps to my mailing list! I mean they give me the property, the address and their occupancy. I figure the ones with lower occupancies should go at the top of my direct mail list to buy apartment buildings, wouldn’t you agree?

P.S. My adsense is on my nerves. It keeps showing ummm I don’t want to say the word to give it more reason to show more of those ads but don’t they know that the majority of this blog is about real estate and investing and not ummm d e n t a l work! Am I the only one whose noticed that? It’s driving me crazy lol Maybe I should just make a post that just says real estate, real estate investing, apartment buildings, commercial real estate investing, etc. 🙂

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Our Quest to Buy Apartment Buildings



On our quest to Buy Apartment Buildings you know that we started a direct mail campaign. Well we sent out 278 letters and up to and including today we got 6 calls in response to our letters. Of course not all of the calls are going to help us buy apartment buildings lol but hey at least they are opening the envelopes, reading the letters and picking up the phone! Right? We got a response rate over 2% thus far.

Of the 6 responses here is the breakdown on our quest to buy apartment buildings: 2 whacko’s who well were whacky and didn’t want to sell.

1 guy who was super duper nice and said for the right price he’d sell. 1 lady who asked to be taken off our list cuz her father died 3 years ago and she doesn’t want to sell.

1 guy who left a message today who was super duper nice and said he hadn’t thought about selling but if the price is right he would consider selling both of his properties and he asked me to call him back.

And 1 more whack-job who called me yesterday and I actually picked up and he said….(Scott, wait til you hear this one! lol) So he said: “Hi my name is blah blah blah, you sent me a letter saying you want to buy my property.” I said “yes, I did sir. Do you have a property to sell?” He said “well, do you know anything about my property?” I said “well I’d need you to tell me about your property if you are ready to sell it, however, is it ok if I call you back in a little while as I’m getting ready to go into the oral surgeon’s for a follow up after getting my wisdom teeth out?” He said “Sure you can call me back.” I said “Ok can I have your phone number?” He said “nope.” I said “uhhh well what’s your property address?” He said “I’m not gonna tell you.” lol I said “ok well if you won’t give me your number or tell me your property address how am I suppose to call you back?” He said “send me another letter like you did this one.” I said “ok sir, I will send you another letter.” He said “ok thanks.”




Excuse my language but what the fuck is going on with these people? lmao I just want to buy apartment buildings. I think it’s pretty clear. If you want to sell, call me. If you don’t want to sell, then don’t call me. It’s not that hard is it?

So I got Kathy a lil more involved with this whole let’s buy apartment building thang. Mostly because we didn’t have much choice cuz I literally couldn’t speak properly and I needed her to make call backs to folks that called after getting our letters. She was nervous and did not want to do it. Ya know? Like most of us who haven’t done something before and have a fear of it. But ya know what, she sucked it up and she did it. She called 2 people back and they were nice to her. 1 didn’t want to sell (why he called, I have no idea) and 1 guy was super duper nice and we’re going to check out his property when Kathy gets back from Virginia.

Now here’s the deal with the super duper nice guy. We aren’t so much interested in his 1 property (7 units) but he has another property that we want to get details on and Kathy talked to him for almost an hour and a half and built a pretty good rapport and she said she thinks that he has $$$$$$$$$$$$$$$$$$$. So we were thinking that if we could get in good with him that he may be an awesome private money prospect. 🙂 So we’re gonna meet him.

We went and looked at a 19 pad mobile home park yesterday. Without having the exact figures I think it’s definitely over priced. But I always ask for the actual expenses and income info because I want to practice actually “evaluating the numbers” so I can make buying an apartment building much easier.

Monday or Tuesday we’ll be meeting with a commercial broker and thanks to ChrisBuysApartments who commented on Scott’s Struggling Investor post about my blog here, I got some awesome insight as to what to say to this broker and more brokers.

Oh and a thank you to Scott from Struggling Investor for listing me as one of his Top 5 Up and Coming Investor blogs to watch out for. I appreciate that Scott and I promise, I’ll be giving you reason soon to make it worth you putting me up there!

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2 More Calls From Our Direct Mail Campaign



Woohoo! We got 2 more calls in from our direct mail campaign of 278 folks.

The next call we got, I had already gotten my wisdom teeth out so I was in no condition to answer the phone. So I let it go to voice mail. His voice mail message went a little something like this:

“Oh Carey. It sounds like you’re a woman, that’s good because if you were a man I would have been pretty angry. So you want to buy my property? Do you know anything about it? Do you know how much land it has? Anyway, you can call me back at this number.”

What the heck is going on with these folks? lol Does someone wanna tell me? I’ve always told other women that it’s an asset in this business (actually any type of sales related venture or in-person type of business, I think it’s a huge asset to being a woman.)




Then today we got another call. Again, I can’t really talk too well, especially when I’m doped up on my pain meds. So it went to voice mail as well. His message went a little something like this:

“My name is blah blah blah and you don’t know me because you sent the letter to this company name, which is the name of the company that holds some of my property. I don’t know if you’re looking for a single family home or what? But I have 2 apartment buildings and I’d be willing to talk to you about selling them but I’m not trying to give them away. Call me at this number or I will call you back this evening.”

Sooo that one was a little better, huh? Making some progress. I think I’m going to have to tweak my letters a wee bit. I’m using Dave Lindahl’s letters straight from his course, but I may have to say I want to buy your Apartment Building instead of just your Property! Wouldn’t ya’ll agree??

Anyway, I gave Kathy the bad news that she’s going to have to call these 2 folks back. She’s having a slight panic attack. Mostly because she doesn’t know what to say and I informed her but at least you can speak normally right now lol plus I told her that I don’t know what to say either. We just gotta follow the script from the book. I am must better on my toes than her, but oh well…..there’s gonna be times where she’s gonna have to make calls too and now is one of them.

I did look up everyone’s property information that called us though. They are mostly 2 to 6 units. Not all that exciting for us, but heck I’m still gonna call (or make Kathy call) because it’s practice.

Plus, get this. When Kathy was a little kid her father owned an apartment building but his wife at the time made him sell it. Anyway, we drove by there today and it’s for sale!!! I just looked up that info on the MLS too. We’re probably gonna check that out too.

So I’m super psyched about everything that’s moving along and I can’t wait to not look like a chipmunk anymore and to be able to eat properly, talk properly and not be in pain, because I got things to do!

We had to move our Cash Flow Game session from tonite til tomorrow nite because I’m just not quite feeling up to it yet. Kathy assures me that I should start to feel better tomorrow. We shall see?

Now, I’m about to pass out as I just took an oxycodone. I’m surprised I’m not so loopy and that I could actually make this post.

🙂 Over and out for now…….I’m off to la la land.

P.S. I almost forgot, we heard back from 2 commercial real estate brokers. We’re gonna meet one of them either on Monday or Tuesday and the other one we’re still waiting to hear from.

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Received 1st Response to Direct Mail Campaign



Woohoo! We received our first response to our direct mail campaign that we sent out. Now my neighbor, Becky (and her family,) stuffed envelopes, put return addresses on them, hand addressed the envelopes, sealed them and put stamps on them all for .10 an envelope. They did 278 envelopes when all was said and done and she took out the duplicates.

I paid her yesterday by check and put all of the envelopes in the mail yesterday. This afternoon I got my first call.

Now, first of all I wasn’t expecting the call (but even if I was I’m sure the conversation would have went the same lol) I was helping Joe study for his science test and my phone rang. So I answered it. The guy on the other line says: “you sent me a letter?”

I said: “I sure did sir. Do you have a property that you’d like to sell?” He says: “Yeah. How much will you give me for it?”

I said: “Well first let me get a little information from you sir.” He says: “What kind of information?” I said: “Just your name and number in case we get disconnected.” Then he says: “Well how much will you give me for my property?”

I said: “Well why don’t you tell me a little bit about your property? How many units is it?” He says: “You don’t know anything about my property? You sent me a letter.” I said “I sent out a lot of letters to apartment owners and if they are interested in selling they will call.” He says: “Well I don’t know why you don’t know anything about my property?”

I said “Well I know you have an apartment building in either Montgomery or Chester County sir because that’s our target market.” He says: “I have 3 in Chester County.” I said: “Great! Tell me about the one’s that you’re interested in selling.”




He says: “No, I think you’re just fishing. I’m hanging up.” Click.

Soooo that didn’t go so well, but I think he was just a whacky type of owner. I’m sure we’ve all talking to those types before. But I was thrilled that we got our first call. That’s promising, eh?

Kathy and I have emailed several commercial brokers and we’re trying to see if any of them will meet with us this weekend to feel them out and to see which one we feel the most comfortable with and which one would be willing to work with us newbies.

I’m super excited and there’s a whole lot more research that apparently goes into buying these apartment buildings properly. Some of these commercial brokerage sites though are a wealth of information with research. I could spend all day on them just reading their research.

Anyway, I gotta hit the hay as I’m getting my wisdom teeth taking out tomorrow (I wonder where I’ll get my wisdom from now?)

Wish me luck!

P.S. Kathy surprised me when she got home from the airport today. She had a Movado bag for me (ya know the fancy watches?) I loveeee those watches. They are my fav. So I look in the bag and there are 2 watches wrapped up. She took my 2 Movado watches in 2 weeks ago to have batteries put in them ($41 a battery!) I was like “OMG, I just called the Movado store yesterday to find out how much it would cost to replace both of my batteries!” (And I’m not kidding either…I figured I was going to “dress the part” while meeting with brokers and apartment owners. Ya know the whole “fake it til ya make it” thang??

Anyway….ain’t my baby a sweetheart? I tell you…..I can’t tell you enough wonderful things about her. Well I could, but you’d probably get sick of it and puke. 🙂

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