The listing agent that was such an ass earlier in the week has cooled his jets. My realtor told me he was much more mellow the next day. He must have found the error in his ways OR my realtor is not telling me the whole truth about his rudeness. Either way I'm content. I don't want to burn bridges with anyone. I may do a GREAT deal with this guy in the future - who knows?!?
We're all set to close on the condos next Friday. I have an ugly feeling that there is going to be some kind of snag but nothing has come up so far. This is the first time I'm closing with these investors and I was told "he doesn't back out of deals". Famous last words, right? There are 2 investors on the contract and one is a realtor. I've been working mainly with the realtor who is a complete dingdong. He's the one making me nervous. The other guy is super laid back and I get a confident vibe from him. The realtor on the other hand... I ofter question how he can run a successful business?! I'll keep everyone posted.
What else? Well, I am a nervous wreck having 4 properties under contract! I keep thinking of all the bad things that can happen, listening to the "doom and gloom" on the tv/radio, even the flippinghomes forum has had a few comments. The comments have not been "doom and gloom" but just to be more cautious, which I try to be on all purchases. Anyway, I'm questioning my purchase price, where they are located (one is on a busy street), the level on the others driveway (it's long and steep and we've had a lot of snow), etc... The selling prices will be $30k - $40k below comparable properties and 1 needs zero work. Maybe paint and carpet but definatlely not necessary. The other needs very little work but I'm still nervous. Also, they are HUD properties so I can not show them until after we close. At least I have not found a way to show them before we close. They padlock the doors by me and I would need to get the key from a realtor every time I showed it.
On to the title, "If it's not one thing, it's another"... my husbands car died. The engine seized. Right when I think I'm going to get that damn credit card paid off we need to put the money somewhere else. I hate cars! Urgh... I know the credit cards will get paid off eventually but I NEED to get my debt to income ratio down, especially in this market.
On to something fun.. me and my girls are going downtown Chicago this weekend with my family to see the Christmas windows, see Santa and go ice skating (and maybe have a couple drinks : ) . Looking forward to it!!
Have a good weekend all!
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4 comments:
Hey Eileen - 4 under contract wow! Nice work...do you intend to actually close on any of these or are you assigning contracts/LLCs to other investors? Oh! By the way, I moved my blog over to www.goodfaithinvesting.com if you're interested in subscribing. Have a great weekend!
I have yet to assign a contract b/c they are all REO's. I have done simo closings, double closings and close/sell at a later date closings. The first 2 I have under contract are the condos and I believe I am going to lease/option these. The other 2 are HUD properties and I can not show until after closing due to the "master key" issue. They are a pain that way.
Eileen, since the banks always want you to use their title company, have you been using their title company for the simo or double closings? Or are you having their title company draw up all the paperwork and then have your title company handle everything (i.e. courtesy close as I've heard on the FH forum).
Wishing you the best with these properties!
Right, the banks title company does their side and my title company does our side. Same thing with double closes. I have not had issue with using 2 different title companies. However, IF you use "temporary funding" (i.e. 1 or 2 hours such as Coastal Funding) they require both sides be done at the same title company. I don't think you are using this type of funding so it shouldn't apply to you.
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