Okay I don't think I completed ONE goal from last week. I take that back, I did get the email address of the mortgage lady at the bank (suggestion from Steph). Yesterday I emailed her so I can set up an appt next week. Unfortunately she hasn't responded yet. My parents spend a lot of time up here during the summer so I have sort of a built in baby sitter at night if I need to do things. I'm really, really, really hoping to get in to see her. I just read Shae's blog and they are refinancing out of a HML to a 5.5% loan - SWEET! Since I am holding the condos this is what I want to do. I've been talking to my current morgage lady and she's telling me I need to hold my units, with leases in place, for a minimum of 2 months before they will do anything with the equity. I just need to talk to some other places and get a feel for what other banks will do. I've been thinking of just taking a day off work to walk in to the banks and talk to people.
As the title says, I have been so focused on getting the rentals filled that I have not submitted any offers. I think I have both condos filled but need to get the leases signed. I saw a HUGE increase in respondents when it was advertised as just a rental vs. rent to own. I didn't expect that. Anyway, I'm now trying to get some appliances in asap so these people can move in. The one side is a little dirty and smells like smoke so I'm going this weekend to clean and air out. We already had it painted and the carpet cleaned but it still smells. Any suggestions?
We still do not have an offer on the 2/1. I am lowering the price by $5k and if we do not have it sold by the listing contract end date I'm going to rent this too. This will be good cash flow.
The bank is standing firm on the 5 condo deal in Darien. They are sticking with $70k/condo and I am at $65k. This is still a smokin' deal at $70k but I cannot commit to this until I find a bank that will finance me 100% OR be willing to refinance me fairly quickly. If I can't find a bank to finance it 100% (which wouldn't surprise me) I'm hoping I can find one who will use the equity in my condos as the downpayment. This way I will not have anything out of pocket. My current mortgage lady said they would consider using the equity in my condos after the 2 months. So if I can't find anyone to do it prior to that I guess I'll have to wait. One of two things will happen...
1.) They will be sold to someone else - wasn't meant to be (I'm trying my damndest though)
2.) I may get a cheaper deal - sweet!
Okay, I gotta go to work but I'm not sure how much real estate I'm going to get done this month. I have to focus on filling the condos and I need to re-organize my current offers, get out to see some houses, just get my shit together. I'm shooting to June to get back in "the game" as far as submitting offers.
You know, it's amazing how much I relied on my husband when he was laid off. Just amazing. Now that he's back at work my life is complete chaos - not in a bad way - just constantly busy. I'm very lucky I have great kids b/c they do a lot of RE with me. They are pretty laid back.
Anyway, gotta go.
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Eileen, from my perspective you ARE doing RE if you're working on filling rentals :-) You're just working on a different aspect. Anyway, hopefully you got my blog comment response about my refinancing stuff....I think we have it nailed down now. Not 5.5% but still less than 6%.
I think my kids will either love or despise real estate considering how many houses I drag them too :-) My 8 year old is starting to ask questions about what we do so I'm hoping to engage her a little more as she's ready.
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