New Start

This is the start of a new blog here BUT I have been blogging over at www.FlippingHomes.com for over a year now. The FH site rocks! I probably would not have done anything close to what I am doing now without this site. I'm serious. If you haven't checked it out go now... www.FlippingHomes.com. I'm going to post a link to my blog from last year so others can read it and see what I've done:

http://www.flippinghomes.com/blogs/viewblog.aspx?b=89

The above blog started last year March through today, June 11th, 2008 (my daughter's 2nd birthday!). I've closed 3 deals successfully, have another one closing June 23rd and just got another one accepted today.

So here's the deal... the property I got accepted today is another HUD owned property. As stated in a previous post (see above link) my mortgage guy told me that if a HUD property sits for a certain amount of time, they will take a net of 50% of list price. This home is not in my target area but I thought I would test his theory. It had a "significant price reduction" label so I thought, "What the hell". My initial offer was rejected but they gave me the net price they were looking for, which was 60% of list price - still a good deal all day long. We are going to see the property/sign contracts tomorrow night. According to the HUD inspection report it sounds like there isn't too much wrong, at least nothing major. The list price is for $96k, it has an as-is value of $128k (which is a bunch of bs, that is most likely the ARV) and my offer is for $62,700. I'm hoping no more than $10 - 15k in work.

The property we went to see this weekend was a piece of crap. I kept my offer at $55k but I'm sure the homeowners will decline. This is not a bank owned property. The RE agent needs to re-think his list price!

I had an offer on an REO duplex a while ago that needed a lot of work and had water damage. The bank declined over and over. I just got a note from my realtor saying they will accept my offer now. It's my turn to now say - "Declined"! I don't know what I would pay for it but it certainly wouldn't be $55k! We've had terrible rain the past week and the basement in this property probably has water to the ceiling. Not to mention the water damage in both units.

I had to re-schedule my appointment for tonight with the pre-foreclosure guy. I forgot it was my daughters birthday. How bad a mother am I?!?! We're rescheduling for next week Wednesday at 5pm. Just throwing that in in case I forget the time : )

I have not contacted First Horizon regarding the SS I needed an answer on by Friday, June 6th. The buyer wants me to keep trying but I thought I would lay off for a week and see if they (FH) got back to me. By the way, I did add him to my buyers list. He's buying up properties for rentals so I hope I can find him something soon!

Gotta run...