Chapters (37)
Ivan looked at him and answered, “A very generous percentage of the ad money, plus five hundred dollars a month for my webmasters; a nice percentage deal for my sales manager; and different small fees to my editorial manager, photographers, and everybody else.” He said, “But when you’re building something without a lot of up-front capital, you gotta be real creative in how you decide to pay the good people around you.”
He added, “Like my time, donations, and the calendar of events page I set up for you guys at the Urban League.”
Thomas laughed. “You don’t have to explain that to me, Ivan. I know how it all works. I’m just happy that you picked it all up so fast. So, how much are you trying to spend on an off-campus house?”
“Well, I could use a three-bedroom for starters. That way I can separate my webmasters, my ad sales manager, and my editorial chief in their own office rooms. Then I can set up a cubicle atmosphere in the living room and dining room areas, just like at a regular office.”
Thomas said, “It sounds like you got it all worked out in your head already.”
“Hey, man, most nights I’m up all night brainstorming. But what kind of damaged property or foreclosure deals do you think you can find for me in the hundred-thousand-dollar range?” Ivan asked him. “Because I figure we’ll have to do a lot of remodeling and painting to get the place how I’m gonna want it anyway.”
Thomas asked him, “How much do you have to put down?”
Ivan shrugged. “Forty thousand. And that doesn’t mean that I want to spend it all, but that’s what I have.”
Thomas eyed him and said, “Ivan, let me now explain how the game of real estate works. With forty thousand dollars, I would advise that we look for three off-campus deals. And if we can find three of them for one-fifty each or less, you put down ten percent on each, you remodel and paint all three of them, and you either resell the extra two or rent them out to pay for the one that you keep as your office.”
He continued, “And once you start to get a little comfortable with this real estate machine, I got plenty of information on housing development companies who are open to private investors.”
They got so heavy into talking business that they neglected to order any food. When they finally took a look at the menu, Thomas spotted Ida in the background of the restaurant. But she didn’t seem too eager to make it over in their direction to speak.
Thomas asked Ivan, “So, what happened between you and Ida?”
Ivan shrugged. “We’re still cool and all, but the business and personal sometimes…”