What's been happenin'

We had our sons 1st birthday party this past weekend. It was very nice. I can't believe he's ONE and will most likely be walking (on his own) any day now.

So most of you know I took and passed my real estate license exam and have just been procrastinating on sending in the paperwork for my licensing. Part of me just doesn't want to go down that road but another part of me thinks it's a necessity. I absolutely need access to the mls - I need to get comps, market analysis', run queries, etc all in a timely manner. My RE agent has been great but I just need need things faster! Soooo, I'm going to tell her today or tomorrow that I'm getting my license. I feel like this is going to be a really awkward conversation and am not sure how to approach it?! I want to continue to use her for listing properties (at least for now) but as far as submitting offers and getting all the info I need I will be able to do that myself. As a reminder, I did ask her for mls access and she said no. I also need to get my hands on a HUD key and she will not give me a copy of that either. Maybe she will change her tune when I tell her I'm getting licensed?! The other thing I need to decide on is whether I should talk to her broker about hanging my license in his office. Would that be too weird?

Okay, I've been talking to a local bank about refinancing the condos to get me out of the high interest unsecured LOC and he can do it but only for 90% of the loan. In other words I will still have about $13k on my unsescured LOC. I guess that's better than what I have now... It's eating away at every penny of profit I have on the place.

We have secured the downpayment for our HUD property. I did break down and ask my parents. I haaated doing that but sometimes you just have to put your pride on the backburner to get things done. Hopefully everything will work out with this!

We got another offer on the 2/1 in Lake Geneva. It is scheduled to close on 10/2 so I can't tell you how much I need everyone to put me in their thoughts and prayers to make sure this closes. We'll be seriously screwed if it doesn't work out.

Looking at a bunch of other properties but haven't submitted any offers. I would really need a slam dunk right now since we have so many balls in the air. I'm hoping to hit things really hard again mid to end of September. I just need confirmation that things will truely be closing.

I think that's it for now.

Closing delayed

HUD needs to delay closing and for the first time this is working out to my benefit. We shouldn't have a problem getting the 20% down with this much time but I guess we'll see how it all plays out. I called my realtor to see if we can get the utilities turned on so my buyer can inspect prior to our closing. This way he will not have to delay his closing.

I'll keep ya'll posted.....

Closing... maybe?

Well the HUD closing is scheduled for Thursday, yes that is the day after tomorrow! Actually I was told yesterday that HUD might need an extension b/c they still need to get a special assessment paid off or something. My bank is willing to do the loan but only with my 20% downpayment. Great... I don't have that since it is all tied up in my other properties. Okay so now what? 1.) I called some of the Platinum credit cards I got way back when (and never used) but they were all canceled... because I never used them. Suggestion to anyone reading this blog, keep you Lines of credit open in case you ever need them. 2.) I have some money in my 2 business LOC and 1 of my other credit cards but not enough to cover the full 20% (not to mention I don't think I would get them in my account by tomorrow. 3.) Use an HML that is asking for MORE information than any bank has ever asked for and still is not confirming he will fund the deal. Also, IF they did the deal it could take them up to 2 weeks to close. 4.) Ask my parents. This is the direction I will most likely take today but I have to tell you I hate, hate, hate asking them for anything. They are wonderful people and have told me from the beginning if I needed anything just ask but I'm a stubborn person and believe in making things happen for yourself. So there you have it....

I guess there isn't anything else I have to share except that today is my sons 1st birthday! Time flies people, I can't believe he is ONE!

Everyone have a good day!

When does persistence turn in to stupidity?

Real quick, I only have a few minutes...

Did anyone watch the new show "Shark Tank" the other night? One contestant wanted money to put computers or something (it wasn't computers) in doctors offices. The "sharks" did not like the idea and turned him down. They asked him how much of his own money he put into this idea and he said "Everything, I re-financed my house - twice, pulled money from my 401k, used my kids college funds" and then he started to tear up. It was really hard to watch but, for me, I kind of saw myself in him. Don't get me wrong, I haven't done anything he has as far as using my family's money. However, I connected with the "do whatever it takes to succeed" which is when I started thinking when do you know what is persistence is really stupidity? I haven't decided yet : )

I was home with my 1 year old M, T and W since he had a high fever. During that time I was working my ass off to get my HUD property financed. You know, the one we have a contract on? I'm still not sure my bank is going to do it but I'll let you know when I find out.

The other HUD property I was looking at had a higher bid, a MUCH higher bid. I put in a bid of $68k and they offered $110k. heehee. It was a nice house too, well as nice as HUD homes go.

There is another REO that looks promising so we're going to put an offer on that too.

Dave's sister is getting married this weekend and the whole family is standing up in the wedding (except me, I am doing a reading at the church). We are going to be running like a bunch of lunatics this weekend.

I think my home computer has a virus or something. I need to take it in. It is running so slow I barely want to use it anymore. Literally it takes me 10 minutes to log on and open my email... pathetic.

Okay, I gotta run but hopefully we'll have some good news on something next week!

Have a good weekend!

This business will be the death of me : )

It will be the death of me with all these ups and downs and ups and downs and ups....

I took Shae's advice and emailed my buyers list which isn't super long but, who knows? I asked who was still actively buying and, specifically, what their criteria was. I told them that I was streamlining (sp?)/tailoring my business for them. Did I suck up too much? I'll give you the outcome next week as I just sent the email. Also, there is another HUD property in a very sought after area where one of my buyers looks so I sent him a 'teaser' email to see if it was something we would go crazy over or not? I did not give too much away since I do not have it under contract yet. We can not submit an offer until Monday. I'm sure there are a lot of investors waiting for the open bid.

We ended up getting an offer on our HUD property that is supposed to close on 8/20 and he wants to close on 9/12. Wish it was sooner but he will be out of town for 2 weeks after I close and he can't close on the 20th. This is good. I'm still nervous about him backing out but he seems solid so we'll see. It makes me happy we have an offer. Hopefully it will help me secure financing. HA, yeah, I don't even have financing lined up. Flying by the seat of your pants isn't all fun and games!

As for the 2/1 in Lake Geneva, the backup buyer is no longer interested - shocker. However, we have sllliiiim hope of getting someone in to buy it with bad credit. My lender is calling him. If the loan does not work out he want to rent to own. We'll see how it goes. It may not be the best scenario but it will be something.

One more thing, I listened in to Bob Nortons KISS Flipping webcast last night (until my sound stopped for some reason?) and I soooooooooo want to do that. I think having a mentor to go through flipping from A - B would be priceless. Of course, I do not have the money right now to get it. Hell, I don't even have credit to get it (not that I would go that route you Dave Ramsey fans - ha, ha). At any rate, I hope he continues to take students in the future b/c as soon as I DO have money I will be signing up for his course.

I think that's it for now. Hope everyone has a good weekend!

Only gettin' worse

Seriously, I don't know that I am cut out for this RE "stuff". I know it is the only way to my personal dreams and ambitions but nothing, and I mean nothing, is going right these days. I hear y'all saying, "if it were easy everyone would be doing it". Got it. I know there are ups and downs but I only seem to be dealing with the downs lately. Last week gave me a glimmer of hope that things were looking up but then, BAM, the pendulum swung the other way, down. I am as close to giving up as ever and I can say I have NEVER thought of giving up before. After almost 2 years of REI you would think that I would have gotten better at things. Nope. It seems I have only gotten worse. I am not sure how that came to be? Okay, here is what's going on:

* The buyer for the Lake Geneva property backed out. Thought this might happen but hoped like hell it wouldn't. This was my shining star when I was getting down on myself last week. Now thats gone!

* There were 2 people that went through my HUD property (that I am supposed to close 8/20) and both claimed there are foundation issues. I had my contractor out to look before signing docs (3+ weeks ago) and he said it was fine. To make a looong story short we are all going out there again Saturday to see what's going on. I may lose my EMD if there really are foundation issues. I can afford to lose my EMD like I can afford a big, gaping hole in my head.

* We are flat broke - again! I thought we were digging ourselves out, well we WERE digging ourselves out with the flips but then it all came to a screeching halt. Day care is just killing us with no extra income. Just killing us.

* The thought of having to work past my 8/2011 "end date" makes me want to cry. Actually I did cry all the way into work this morning. This thought does make me want to perservere but I truly don't know if I have the energy/guts to keep going.

My current uplifting things:

* I can refinance my condos to include my unsecured LOC that's killing us.

* I am putting the condos up for sale w/ the renters. I don't think they will sell for what I want but I'm just putting them out there hoping for that one buyer.

* We are putting the Lake Geneva property back on the market w/ my realtor at $69k. I am going to lose another $3k probably, making it a $6k loss, or so. If no contract in a month I am going to put another for Rent ad in the paper - maybe I can sell it as a rental?

I basically want to wipe the slate clean and start all over........... I gotta go to work - urgh. Thanks for letting me vent.