Condo offer accepted...

Kinda. We put in the offer of $50k/unit for 5 units and the seller accepted. However, this is a short sale so ultimately, of course, the bank needs to accept. We all know how much I LOVE short sales. Thankfully I am not the one negotiating this deal, it is actually the seller who, "does short sales every day of the week". Let's hope he is good. We'll see...

I have been working on my goal to obtain financing for this deal and it's not going that great. I can get financing through my current local bank but they are requiring 25% downpayment w/ verifiable funds. What?! I don't have $50k-$65k just sitting around waiting to be used! I have been using my LOC which they have been happy with in the past. She explained why it needs to be verifiable but I don't really understand so cannot explain to you. In light of this I have been calling around to see if anyone else had better terms. Can I just say I hate cold calling banks. I don't know if it is truly classified as "cold calling" but I feel like I'm selling myself each time I call. So I spoke to a guy yesterday who basically said they would not be interested in the deal. Hmmm... nice. Personally I think these are no-brainers. They are all occupied with a $950+ rental income/unit. I must get these. If/when I close on these my plan is to convert all rental agreements into rent-to-owns to cash out in 2 years. Hmmm... that might coincide with something else in my life? Back to obtaining financing - I've been trying to call that other gal who I've been trying to get an appointment with for two weeks. She is one very hard woman to get in touch with. I've found if I leave msgs she does not return the call but if I get her on the phone I get great information. At any rate, I've been calling every day, a couple times a day and she's out of the office or with clients or in closings or blah, blah, blah. I'm calling again this afternoon and also calling my bank to see if they might be interested.

I put in my 4 offers and may submit 2 more. Three of the four offers were HUD properties and they countered each but were not low enough to even go view the property. I'm waiting for them to come down in price again.

Oh, I did end up putting an ad in the paper for Rent-to-own (RTO) on my 2br/1ba property in Lake Geneva. In order to complete one of my 2 year goals I need a certain number of RTO's with a minimum of $200 cash flow/month. If I sell this first, great, I'll just look for another RTO they should be easier to find. But, otherwise I'll keep and keep chippin' away at my goals.

That's it for now. Hope everyone has a great day!