Updates

We found another renter for our 2nd condo. We should be signing the contracts this weekend. Yeah! Hopefully (and hopefully is the key word) we'll be done with these condos until next year. Or, if we're lucky, our renters will be great and want to stay another year! Each unit should cash flow $150/month.

We have another property under contract. This will be another rental for us. It was on the market a couple months ago and had an offer right away. That offer fell through and then we jumped on it again. It is right in our town, huge house, huge yard, detached 2 car garage, cash flow approx. $350/month. It is currently rented through August '10 to the same family that's been in it for the previous 2 years. I think this is a good investment and fits with my current goals.

I have been submitting a lot of offers lately. I'm trying hard to get another flip under my belt SOON! There are a few houses that have been sitting out there a long time and the bank "just wants to get rid of". However, their idea of price and my idea of price are still pretty far apart. My offers are very low b/c I want to be sure I'm not stuck with another property I don't intentially want to keep - ha, ha. So we're looking at offers in the $30's and $40's. We submitted on a property last week that has been on the market over a year. It needs almost no work, very cute house and has been sitting for a price of $104k. No one is touching it. Why? I'm really not sure but the lising agent told us to "just make an offer". Soooo, I offered $45k knowing I would negoitate a bit. Using the 70% rule I put a FMV of $89k minus $5k repairs minus $10k wholesale fee I was sitting at $47,300k. Anyway, the listing agent asked my agent if my offer was a joke and the seller (who is in FC by the way) countered at $99k! Only $5k off list price. I about fell over when I saw that. The house has been on the market for OVER A YEAR! Whatever, I told my agent I wasn't coming up if she wasn't willing to negotiate and that I would wait for the bank to take possession. I felt kinda mean saying that but, really, what a dumbass.

We were called on another property we made an offer on a while ago because the bank "wants to sell". Yeah, I've heard that before! It is listed at $84.5k and my offer is $35k. This house needs lots of work. It is another big, big house with an attached garage but, again, it needs a lot of work and it sits on a busy street with a pretty small yard. We'll see what they say.

The 5 condo deal has been brought to the surface again. It seems the other "investor" submitted an offer close to mine but the bank hasn't accepted anything yet. These properties would cash flow about $175/month/unit for this year. If I got them I would fight the assessment and get the taxes lowered so they would cash flow another $125ish/month/unit next year for a total of $300/month/unit. If I got these units I would be well on my way to my August 2011 end date! Focus, focus, focus. I really want/need a quick flip though! We'll see how it all pans out.

I just got off the phone with my realtor who has a potential "money man" for me. Someone who is looking to invest in real estate without doing much. Maaaaan, if I had access to unlimited funds at a decent rate that would be fantastic! Just fantastic. I don't know if this will pan out either but we need to go down all avenues!

Okay, I think I've said enough and caught up on my blogging. It's been over a week! We were sooo busy last weekend. My husbands sister/nieces were in from Atlanta and I took 2 days off so we kept busy visiting with relatives.

Anyway, hopefully I'll have something pop soon.

One more thing... I still have not sold the 2/1 in Lake Geneva. Crap. I'm going to list as a rental and see if anyone is interested. If not I'm going to list for a loss.