It would be ideal for people who traveled often or did not live in their residence throughout the year. In fact, owners would have the option to sublet their space.
Ted could see the money rolling in like water flowing down a stream.
Marsha thought the idea was an excellent one.
He started to put together a business plan and drafted the following letter:
Dear Tenants:
Plans are in the works to convert your apartment into a condominium; you will have the option to buy into the unit and pay a monthly maintenance fee. Based on the number of rooms you have, the asking price would vary. A three-bedroom unit would sell for eight hundred and fifty thousand dollars, two bedrooms for six hundred and fifty thousand dollars, and a one bedroom for four hundred and fifty thousand dollars.
You will receive additional information in the coming months.
Ted and Associates
He then said, "But a project like this will cost a lot of money."
Since he was barely getting by on the income from rent fees, he would have to borrow the money or take out a second mortgage on the building and would need roughly three hundred thousand dollars to get the ball rolling.
"Where am I going to get that much money?" he asked his wife.
She came up with an idea and said, "I could give you the money from my trust fund. After all, what's mine is yours, and what's yours is mine."
With a big smile on his face, he accepted her offer. A week later, she went to the bank and had a cashier's check for three hundred thousand dollars made out to Ted and Associates. He and his sisters were eternally grateful; he went to his bank and deposited the check.
In the meantime, Marsha started to jot down some designing and decorating ideas for the soon-to-be condominiums and concluded that this would be her calling: Starting a home decorating and designing business.
For the next two years, it appeared as though Ted was trying to get his condominium development off the ground. For reasons unknown to Marsha, the plan fell through. He gave her a long song and dance that there were too many legal hassles; half of the money went towards legal advice and the remaining to contractors, engineers, architects, and draftspersons for construction, renovation, and projection studies.
Due to zoning laws, the conversion could not take place. All the money was gone. It turned out to be a bad investment.
Nevertheless, his wife believed it was a wonderful plan.
"Perhaps the timing was not right," she concluded.
However, her husband had another ace up his sleeve. He saw renting out stylish and elegant furnished apartments as the way to go. With her help, he would provide empty units with contemporary furniture, high-tech appliances, artwork, imported rugs, vivid walls, and motif ceilings. Ted was cooking with gas, and Marsha was going along with the sales pitch.