I spoke to my wife’s uncle today. He never ceases to surprize me. He’s a Chemical Engineer but he’s owned business, hotels, motels and is currently into land development. He’s one of the many people who’s opinion I greatly value.
I asked him if he knew anything about oil wells and he said he owned 15 at one time. But the margins were too skinny, the development costs too high, the evironmental regulations to difficult to comply with, too much slippage in selling the oil, the life of the wells too short, and so on and so forth. He advised against going that route and suggested I stick with what I’m going at – Real Estate. He suggested I look for some convenience store business to generate my requiste $2,500/mo passive income.[Thats one of my goals for 2006].
While thats good advice, I’m not smart enough to learn from the mistakes of others. Infact I’m barely smart enough to learn from my own mistakes!!!
Anyway, I’ve found someone who’s already done a ton of research on the subject and is extremely knowledgable on the subject. I’m meeting him on Saturday and I’m taking along a friend whom I’ve partnered with on some deals. He’s the MBA-VP types and is quite smart. He’ll figure out if the deal is worth pursuing or not.
Lets see how it works out.