Back to work...

Yesterday was my first day back to work. It was okay. Actually it's more relaxing here than at home with the 3 little ones- ha, ha. I'm just lucky that it has been pretty slow, I haven't been running my ass off. A good way to get back in to the swing of things!

Okay, our closing went smoothly this past Friday. No hiccups, yeah! We're going to clear about $11k. We've had the property since May so it certainly was no slam dunk but I'm out of it and can move on.

We had our offer on the 2 condos accepted. In ends up they accepted $134k for both units ($67k/condo for us slow at math). My realtor wanted to initially market them for $109k but my thought was $99k (I like to always be under $100k). The cheapest condo in the whole county is $99.9k and the cheapest one in this town is $174k. However, there are 2 more units up for grabs and if I take less on these 2 I can submit offers on the other 2. Sooo, I'm thinking of starting them at $89k?! I would probably clear about $10k/condo. But if I wanted to hold on to them a little longer I may clear $15k/condo. I don't know, I'll see what she says.

Anyhoo, as I've said before, this will be my first condo flip so I hope I'm not getting into anything horrendous. It's all about buying them right and I think these are a phenomenal deal (4 years old with zero work?).

I called the local bank I used before and she said the same thing, "just send me over a signed contract and we'll get things moving. We already have everything on file". Again, how cool is that? I haven't asked her how many I can do at one time? I'll have to find that out b/c I'm still eyeing that HUD property that needs to be reduced one more time before I can buy.

I'll keep you posted!

Closing

We are set to close this Friday at 10am for the Jefferson Street house. Rural development was given the money so everything should be ready to go. I never think it's a "done deal" until the deal is actually done! ha, ha. But, this is a good sign!

The offer for $35k was rejected so we submitted a $40k offer as best and final. Still haven't heard back but while waiting I have been rethinking this purchase. We'll see what they say and then decide.

We got a counter on the condos but not close enough to accept. The listing agent told my agent if we came up a little the bank would probably take close to $140k. I love these kind of listing agents. Just tell me where I need to come in. If it works for me we have a deal, if not no deal. Ya know?! So we countered back yesterday and still haven't heard.

I submitted 2 other offers. One the listing agent called my mortgage guy asking for an updated pre-approval. Isn't that weird? Wouldn't he normally go through my agent for an updated letter? No biggie, my mortgage guy sent it to him but I thought it a bit weird. Whatever...

I think that's it for now. I go back to work Monday... can you believe this?! I have mentally prepared myself though so I'm not dreading it AS MUCH. I'm meeting friends from work Friday for a few cocktails and am a little nervous : ) I haven't been out in a loooong time BUT I'm looking forward to it.

I put in 4 more offers this week. The property I talked about in the last post was reduced $20k to $54.9k. I guess the bank took to heart what we said about structural issues. So we resubmitted an offer of $35k. We'll see what they say. They came down $20k when it was sitting at $74k so maybe they'll do that again?! ha, ha.

There are a bunch of condos in foreclosure that the bank is giving away 2 for 1 according to my realtor. Each is assessed at $173k and they are selling both for $159k. They are 4 years old and need ZERO work on the inside. The only thing needed on the outside is landscaping and some driveway work. Seems too good to be true but we submitted an offer of $135k for both units. We'll see what happens. If we get them my realtor wants to start them out at $109k for each unit. The cheapest condo in this area is currently $174k so the price is right! There are 2 more ready for sale but I do not want to take too much on right now. IF I get these and IF they sell like my realtor thinks I will bid on the other ones.

I put an offer on a HUD property in IL that is in my old condo subdivision. It is a sought after complex so we'll see.

We are tentatively scheduled to close on my prehab next week. My buyers are going through the government rural program and they are waiting for funding (the rural program). Who funds them? The government... crap. They SAY they are getting the money for sure it is just a matter of time. Who knows though with everything going on today. Keep your fingers crossed for me!

Nope... no deal

The bank declined our offer of $33k. They said the best they could do "right now" was $51k (which was my original offer). I sent them pictures of the structural problems too but I guess they are going to wait for an uneducated buyer? They should disclose the problem now but... who knows? So I'm back to waiting until the price is dropped. At least I know my lending bank is on board! Hopefully they'll drop the price soon so we can get in another offer.

I submitted 2 offers so far this week. Each is on a property where the price came down $10k. We'll see what they say.

Hope everyone had a good weekend!

Accepted Offer?

I was looking through the REO's earlier this week and I saw one that I hadn't put an offer on. I saw it listed and even inquired about it with my realtor but never put an offer on it. Weird? So I told her to put in an offer of $51k. It is listed at $75k and ARV is $120k. Two days later we got a counter from the bank for $53k - SWEET! I thought, "Finally!". Today I went out with my contractor and there are some issues - CRAP! The house needs to be jacked up to replace some rotting wood in the basement. He seemed to think it wasn't that big an issue, $5k - $7k but it would definately need repair. The bathroom also sags so reinforcement is needed there too. We did not see this stuff when we went through yesterday (me and my realtor) so I'm glad I have him check out all my houses. This is the first big thing he's seen in all the properties we've gone through - worth the money to me!

So I had my realtor submit a counter at $33k. My contractor thinks the major repair will be about $20k (max) and I think the cosmetic/interior work will be about $20k (max) so there is my offer. I do not think they will take this offer but I can't afford to sit on a property with structural issues. Either way the bank will now have to disclose this issue and fix OR come down drastically in price.

Nothin' else happenin'... All my other offers were rejected : ) I still have that auction next week to look forward to - ha, ha.

Oh yeah, for the above property the bank is requiring proof of financing 7 days from acceptance. I wasn't sure I would be able to submit this BUT I called the lady from the local bank I used for the last flip and she said no problem. They still have our information from before. How cool is that?!?! She said as long as it wasn't falling over it wouldn't be a problem!

Somthing comical... I put an offer on a property a long time ago for $51k, the bank rejected. Since then the bank has lowered THREE times and each time I submitted an offer. This past time their counter was close but not close enough. Today it was relisted for $54,900 - ha, ha! I'm surprised the listing agent didn't call my agent to see if I was still interested?! Anyway, we're submitting another offer at $40k just for shits and giggles. The listing agent told my agent they would probably reject... whatever. Screw 'em.

That's it for now, everyone have a good weekend!!

We went to look at 3 houses last week. Two were the HUD homes and the other was a bank REO that wanted a 'best and final'. All 3 properties were actually pretty nice and I would love to get all 3, if possible. However, right now the HUD homes are still too high, they will not come down any more at this time. I have to wait until they are reduced again. If they are still available I will submit another offer. The 3rd we're still waiting on a response but I don't think they are accepting.

In the meantime, I have been submitting more offers. Oh yeah, I'm going to my first auction on the 16th. There is a property we looked at a couple of weeks ago but the bank decided to list it with an auction house. The first auction resulted in no sale and this will be the 2nd auction. My dad is going with me and I told him I can only go up to $50k. We'll see what happens...

My realtor told me that on 2 offers I submitted the listing agent was trying to "push through" the sale. Apparently they thought the offers were fair but the hard headed banks were not willing to listen. They'll just wait long enough for my offer to go even further down so they can make less money. Whatever... they're stupidity is my reward.

Otherwise, nothing else yet. I've met my goal of 4 properties this year but I told myself I would like to get 2 more done. I'm workin' on it...