Posted by Jimmy on November 07, 2009 at 08:54:16:
In Reply to: Re: Beauty of Little Banks NOW (long) posted by Kristine-CA on November 06, 2009 at 16:06:09:
the net income thing allows me time to wander around and think about other ways to generate income. I've squeezed the bottom line as far as I can (even contemplated quitTing my golf club---SAY IT AIN'T SO!!!). At some point, my topline will turn around, and all this pressure inside my self-created bottle of champagne will erupt, with organic liquidity flowing forth. until then, I have to deal with the little pinhole in the cork that allows tiny bits of pressure to escape.
dental bills. let's see. just put braces on my daughter. that sucked! I need a root canal and an implant on adjacent teeth. that little job will have to wait. my choppers still work fine, just like my beat-up 1997 Buick....
as for the elusive tenants....one little town has been hammered by a big steel mill closing its doors in 2008. the ripple effect took some time. a chicken processing plant closed early this year, aggravating the situation further. another location has problems that I cannot explain. I fired 2 managers in past 14 months. new guy has improved situation a little.
some tenants leave to live with parents.
what's really weird is the vacancy in one of the public housing developments in one town. 28 out of 82 units are empty. that has never happened there. and these tenants are 100% subsidized.