Another signed contract... to buy...

I know, I know, I said I wasn't gong to submit any more offers.... This is yet another HUD property that I've been watching. It is currently listed for $95k, we got it for a net of $50k. Comps in the area for TLC properties range from $68k - $104k. It's kind of a no-brainer (don't let those words come back to haunt me - please!). AND, since it's a HUD we will not have to close until April. I'm hoping my other properties will be under contract by then.

We have a lot of interest in the condos we closed earlier this week and the property we closed last Friday. It seems the property we closed last Friday (the single family) may need more work than I initially thought, or was told. My "in a pinch" buyer looked again and told me some things my guy didn't see or I forgot when he told me. OR my buyer may just be making things sound worse than they are to get a lower price, not sure. He said he would shoot me an email with some numbers (even though I already told him what I would/could take) and if they work, they work. I hope it's a number that looks something like this... $76k.

So the pipes in the condo froze and burst. Can you believe this shit?!?! It is kind of a long story and I'm not sure who I can blame but, ultimately, I suppose it would have to be me. I'll get in to this in more detail at a later time, possibly. I am so irritated right now. It was another learning experience. More information I can take to my next buying excursion.

My mom is coming this weekend with my 2 nephews. It's going to be craaazy but fun!

Signed contract!

Yep, I took the quick nickel! I am very relieved, to say the least. As I said before, if the situation were different I would have made more money but I just can't sit on properties now. There are too many out there to be picked up... by ME! ha, ha.

We have the other HUD property on the market (that we closed this past Friday) w/ a showing tomorrow night. However, the buyer that signed on my "quick nickel" property is also contemplating this one too. I lowered my price for him just to get it sold. I'm trying to sell it as 2 houses for the price of 1! It's true. Anyway he hasn't committed to anything yet. We had another one of my buyers come look Sunday and he may be interested. He bought one of my properties at the end of '07 and expressed interest in this one too. We'll see if I get a contract out of either of them.

Okay, I was supposed to close on the 3rd set of condos this past Friday but it was delayed until yesterday. Whoever is supposed to get the HUD together/all the other paperwork for the bank did not have it ready. By the way, I pre-signed with my mortgage lady Friday. All day today I've been waiting for the HUD b/c it's supposed to close this afternoon. Lo and behold I get the "approved" HUD about 15 min ago and it's wrong, I think. It has to do with my downpayment/mortgage. I've been trying to get in touch with the lady at my bank but she is not at her desk. I'm supposed the wire the funds for my downpayment and have no idea what to wire. What a clusterfuck! It seems like the more properties I flip, the more problems I run into.

I've put a halt on submitting offers as we have all our money tied up in properties (this includes EMD $) but hopefully I'll start again next week. I'll be creating my list for my realtor.

Gotta run...

Quick nickel vs. slow dime

I called my "sure thing" investor last night to see if he looked at my property where the deal fell through. Yes, he and his wife had looked at it the previous night. He proceeded to list off all of it's faults which were nitpicking, it's really a very nice reo (maybe I am biased : ) ) After all his nitpicking he asked if I was flexible on price and I asked what he was thinking. He said he would give me $75k with a quick closing. I KNOW I can get more but I am not in a position right now to hold this property. Tomorrow we are closing another HUD and next week another set of condos. I thought I already had the condos sold before offering but I was wrong! I just hate coming down on price this much with this investor. He irritates me a little but I make money off him so I ignore it. I keep telling myself a quick nickel is better than a slow dime but just keep second guessing myself. I would really like $77k but I know he'll play hardball (as he should) and say he'll only take it for $75k. Thoughts? I'm showing it tonight to a few people so I'll see what happens and think about this other investor over the weeknd.

I was right, unfortunately

My buyer pulled her contract after her husband looked at my property. I knew it. I don't know why I had that gut feeling but now I have no contract... shit! This is when I start to freak out! I'm going to have my realtor list it just to get more people through the door. I'll probably have another 3 people looking tomorrow night but I just wanted it closed. Not to mention I insinuated (sp?) to my mortgage lady that I would have a contract on it, like, yesterday. Now I have to turn the heat on, get a plumber in to turn the water on and start paying all those utilities. Crap! AND, I thought my condo buyer was a "sure thing" to buy this house and he hasn't called me either. I hope my contractor didn't miss something these people are seeing... that's all I need now.

That's it for now. Wish me luck on selling this thing!

Outcome of showing w/ no heat

Well, closing on my heatless property went off without a hitch. After the closing we headed over to the property and there was already a couple there waiting to get in. This was at 5pm. At 5:30pm (show time) people started coming out of the woodwork. We had many, many people walk through. Two people that night took my fax number so they could send over an offer and another 2 were very interested but they were not pre-qualified. I told them I would not accept an offer without it. So, I gave them my mortgage gals number to get them going. Both were first time homebuyers. This is a perfect house for them - minimal, minimal work and loads of equity in a sought after community! Anyway, no one really complained about the lack of heat. Thankfully it was warm out that day (in the 40's) so the house was not completely freezing. I guess I got all worked up for nothing! ha, ha. That happens to me sometimes...

Saturday rolls around and we get one offer for $5k less than our asking price, which is still okay with me. She has no financing contingency but has an inspection contingency. Her husband is a contractor and will be doing the inspection. He was out of town Friday but is coming home today and they are going through the property tomorrow at noon. I have 2 other people going through at that time too. Also, another couple tonight. I hope to have something solid by end of week. I'm just worried the husband is going to "find something" to get them out of the contract?! I guess I'll find out tomorrow...

We have another HUD closing Friday. This property I'm a little worried about flipping. We had an ad go in the paper yesterday and only 1 phone call so far. This is NOT good for me. I'll try and be patient but it is difficult.

We're submitting another 10 offers or so this week. A couple may be pretty close so I hope to have another one under contract by the end of the month. Have to stay on track!!

Oh, real quick, my realtor's brokerage can now make as many copies of the HUD master keys as they "need". Hmmm, maybe I'll find one somewhere on my person soon. Or maybe this will be my "gift" after the next closing (or soon thereafter). I just hope it's soon!!!!!!!!!!

One more thing - I've been working out but no results just yet. Haven't started with the personal trainer, maybe next week.

Gotta run.

Freakin' Frustrated!

So we're finally set to close on the HUD property tomorrow that we were supposed to close 2 weeks ago. My ad went in the paper about a week and a half ago (b/c we were supposed to close 2 weeks ago, remember?) and I have had many, many phone calls on the property. I set up a group showing after closing tomorrow night at 5:30pm, closing is at 4pm. Okay, up to speed? I have been telling my realtor over the past week or so that I've been getting lots of phone calls, that I'm showing the property after closing, etc., etc. She met my husband out there yesterday to check out a couple things and I made sure the electric will be on (so people can see the house) and set up an appt with the gas company so we have heat (so people are not freezing). I scheduled the gas to be turned back on Friday morning so we would have heat in the evening. Is this too much to ask? Sooo, I talk to my realtor yesterday and tell her the gas guy will need to get in Friday morning and I will just need the door unlocked (remember HUD uses a master key system around here). Either she could open the door Thursday night or Friday morning. She said, "no problem Eileen, I will take care of it". I get this email this afternoon:

" I talked to the listing agent to see if he was going to pick up the padlocks because I was going to have him do it in the morning so We Energies could get in there. He does not want you to have anyone in the home until after closing. HUD makes him nervous as well. Actually he lists a lot of HUD homes. He is the guy that disperses the keys so he may actually like HUD! Sorry about the inconvenience. Do not forget to wire your share of the proceeds today. See you tomorrow at 4:00!"

Sorry about the inconvenience?!?!?!? You KNOW I have numerous people coming to view it after closing! Seriously, what if this was my personal property and I wanted to get in over the weekend and I had no heat?!?! What if my lease was up and had nowhere to live?! This really, really pisses me off. Urrghh, I am soo mad. Here is my response to her (I know, very bitchy. I should call and apologize):

"You know..... this is a big deal! I am showing this house to NUMEROUS people on Friday night and the house is going to be freezing. UnbelievableIt's my own fault. Try to be proactive and I get bit in the ass all the time - whatever."

So anyway, enough complaining.

On a happy note, I closed w/ my buyers on my 2nd set of condos last week. Woo hoo. First of '09.

Gotta run... damn work!