Hope everyone had a good weekend! We did a lot of nothing and it was great! Well, we did decide to grab some burgers Saturday night for dinner instead of cooking so it took some effort to get everyone in the car : )
The closing for our FHA buyer was supposed to be this Wednesday but it has been extended. I guess she could not supply her lender with proof of child support? Not sure but her mom has decided to help her out so things should be good to go. The lender has pretty much guaranteed that this will close it is just a matter of when (and he wants it done asap!).
The buyers for our second closing have their inspection today. I'm hoping they do not find anything major! We had the furnace inspection checked and it was fine. We had the water turned on last week and plumbing was NOT fine! Urrghh... These are the worst plumbing problems I've had since starting! Honestly I couldn't even give you a list of things right now b/c there are so many but it is all fixed and ready to go. The well inspection is this week and I'm hoping and praying that it comes back ok. If the well inspection comes back with tainted water our profits are all just about out the window. Dave thinks that most of the neighbors are on the same well so it should be good (this is a private street with about 5 houses so he may be right?). We'll see but I'm keeping positive thoughts. This closing is not until May unless they want to push it up.
Tomorrow is the closing of our 3rd HUD this year. This is the one I am partnering with my realtors broker. I haven't talked much about this b/c I'm not really doing anything with it (not intentionally)! I asked my realtor what price she was going to list and she said $99k which I think is way too low. If I closed on it myself, I would start it at $109k and see what happened. When she told me I was shocked and asked her why. She said she doesn't want her broker to have to sit on it. Whatever!
We do not have anything else under contract. I have been submitting offers but nothing accepted yet... bummer! As always, it seems to come in waves so I'm hoping my next "wave" will crash soon! I've been trying to get my rental refi'd with another bank so it would free up my LOC but she hasn't been getting back to me. I am going to call her this week - again - to see what's up. I also have my 30 minute call scheduled for tomorrow regarding private money getting. If I can line up private money I think my business would definately soar to the next level! I feel like I am at a hump I just can't quite make it over... YET! I'm trying to put pieces of the ladder in place in order to get over that hump! Lining up private money would certainly help!
Okay, gotta run. Have a great week!
Monday, March 29, 2010
Friday, March 19, 2010
Offer/Taxes/Closings
Not much new to report this week. The appraisal for our closing (with our buyer) at the end of the month was submitted Monday. My realtor called the listing agent yesterday to see if she had an update and she hasn't heard anything. At this point we're hoping no news is good news. If for some reason this falls through there has been a TON of activity on the property since we got it under contract. I'm hopeful we will close successfully on the 31st though!
The property I am partnering on was delayed (b/c of me) until the end of the month. It was supposed to close on the 16th but now it is set for the 30th. I will be lucky if I make a whopping $2k on this deal. Woo Hoo. BUT, as my dad would say, it's better than a sharp stick in the eye. I have to keep reminding myself of that! ha, ha.
We got an offer on our Waterford property from the guys who emailed me late last week. We have been going back and forth but I think we should have it signed by Monday. There are 3 buyers on that deal so it takes them some time to get all the signatures & fax back. We are not making as much as I thought but, if all goes well, it should definately be a decent payday.
We looked at a bunch of short sale properties last weekend and submitted 2 offers this week. There were also a bunch of HUD's that were listed this week. I am eye-balling one that could be a great payday if I can get it where I need it. It is actually a re-list so I'm hoping they will be agreeable to the lowball offer I am going to submit : ) We can't submit for over a week though due to the owner occupants getting first pick. Anyhoo, we are going to see it this weekend.
This weekend I am dedicating most of my time to tax preparation. I have to organize all my documents from the properties I bought and sold last year. My appointment is set up for Monday afternoon so I want to have the majority of my documents ready for my accountant. I'm sure I'll be missing some things but if I have most of it, I (and she) will be happy. As we all know, I lack in the organization department so I'm going to TRY and remain calm through the paperwork!
Hmmmm, what else? Oh yeah, I never heard back from the private money blueprint people so I could set up my 30 minute phone call. I took it off my list of "to do's" because I sent the email and just realized this week that they never emailed me back. That's irritating. I just sent another email...
Okay, I guess that's it for now. Here's to everyone having a great weekend!!
The property I am partnering on was delayed (b/c of me) until the end of the month. It was supposed to close on the 16th but now it is set for the 30th. I will be lucky if I make a whopping $2k on this deal. Woo Hoo. BUT, as my dad would say, it's better than a sharp stick in the eye. I have to keep reminding myself of that! ha, ha.
We got an offer on our Waterford property from the guys who emailed me late last week. We have been going back and forth but I think we should have it signed by Monday. There are 3 buyers on that deal so it takes them some time to get all the signatures & fax back. We are not making as much as I thought but, if all goes well, it should definately be a decent payday.
We looked at a bunch of short sale properties last weekend and submitted 2 offers this week. There were also a bunch of HUD's that were listed this week. I am eye-balling one that could be a great payday if I can get it where I need it. It is actually a re-list so I'm hoping they will be agreeable to the lowball offer I am going to submit : ) We can't submit for over a week though due to the owner occupants getting first pick. Anyhoo, we are going to see it this weekend.
This weekend I am dedicating most of my time to tax preparation. I have to organize all my documents from the properties I bought and sold last year. My appointment is set up for Monday afternoon so I want to have the majority of my documents ready for my accountant. I'm sure I'll be missing some things but if I have most of it, I (and she) will be happy. As we all know, I lack in the organization department so I'm going to TRY and remain calm through the paperwork!
Hmmmm, what else? Oh yeah, I never heard back from the private money blueprint people so I could set up my 30 minute phone call. I took it off my list of "to do's" because I sent the email and just realized this week that they never emailed me back. That's irritating. I just sent another email...
Okay, I guess that's it for now. Here's to everyone having a great weekend!!
Friday, March 12, 2010
Offer/FHA Appraisal/Private Money
I guess my week isn't as bad as I made out in my last post (but I did get stuck in the mud that night at work and had to be pulled out by a tow truck - $79 - nice!). Yesterday I received this email:
"Hi, My name is Jeff I looked at this House on Tuesday March 9. My brother Jim and Phil were present.
We would like to make an offer on this house. Were do we go from here? Feel free to cam Phil at 262-xxx-xxxx or email me back."
You know I woke up yesterday morning forcing the negatives out of my mind and saying positive thoughts. I didn't want to wait until next week for things to get better. I figured I was kind of bringing on the negative myself. Soooo, yesterday was definately a better day and I should be getting an offer from these guys by the weekend. They are starting the offer low but I'm hoping to get them up about $4k. Even if they didn't budge on price, which I think they will, it's still an OK payday for holding the property for less than a month.
The FHA appraisal was started 2 days ago on the property we should be closing by month end. There is chipping paint on the soffit and trim of the garage that needs to be fixed. This should be done this weekend. I also did not have the water on so that is getting turned on today and the plumber is going to de-winterize the place. Hopefully he is going to tell me there are no major problems. Actually they should both be there in 10 minutes : ) It sounds like everything else was OK with the appraisal. Once the water is on and the painting is done the appraiser will go back out and check to be sure everything is good.
I received my Private Money Blueprint program a couple weeks ago and have been diligently going through the manual and modules. I'm currently waiting to set up my 30 minute 1 on 1 phone call to ask some more specific questions. My husband mentioned to his friend that we are starting to look at finding private investors and he said he might be interested. He said we should have dinner and discuss. I'm trying to get through enough of the manual and talk to Trevor or Patrick prior to the dinner. Hoping to have that set up in the next couple of weeks!
Looking at a bunch of properties this weekend. They are in a higher price range, less repairs, have been listed for 200+ days and are short sales. We'll see how it all pans out.
Everyone have a good weekend and happy house hunting!!
"Hi, My name is Jeff I looked at this House on Tuesday March 9. My brother Jim and Phil were present.
We would like to make an offer on this house. Were do we go from here? Feel free to cam Phil at 262-xxx-xxxx or email me back."
You know I woke up yesterday morning forcing the negatives out of my mind and saying positive thoughts. I didn't want to wait until next week for things to get better. I figured I was kind of bringing on the negative myself. Soooo, yesterday was definately a better day and I should be getting an offer from these guys by the weekend. They are starting the offer low but I'm hoping to get them up about $4k. Even if they didn't budge on price, which I think they will, it's still an OK payday for holding the property for less than a month.
The FHA appraisal was started 2 days ago on the property we should be closing by month end. There is chipping paint on the soffit and trim of the garage that needs to be fixed. This should be done this weekend. I also did not have the water on so that is getting turned on today and the plumber is going to de-winterize the place. Hopefully he is going to tell me there are no major problems. Actually they should both be there in 10 minutes : ) It sounds like everything else was OK with the appraisal. Once the water is on and the painting is done the appraiser will go back out and check to be sure everything is good.
I received my Private Money Blueprint program a couple weeks ago and have been diligently going through the manual and modules. I'm currently waiting to set up my 30 minute 1 on 1 phone call to ask some more specific questions. My husband mentioned to his friend that we are starting to look at finding private investors and he said he might be interested. He said we should have dinner and discuss. I'm trying to get through enough of the manual and talk to Trevor or Patrick prior to the dinner. Hoping to have that set up in the next couple of weeks!
Looking at a bunch of properties this weekend. They are in a higher price range, less repairs, have been listed for 200+ days and are short sales. We'll see how it all pans out.
Everyone have a good weekend and happy house hunting!!
Wednesday, March 10, 2010
2nd HUD closing of the year
Our second HUD closing for 2010 took place this past Monday, 3/8. I had many, many people interested in the house and told them all I would be showing last night at 5:30pm. I wasn't sure how many people would show but thought a minimum of 3 and a max of 8. Guess how many actually showed?? ONE! Yep, one person. Well, actually 3 people but they were together : ) I even had one guy from my buyers list say he would be there and no showed. I was pretty pissed off for more reasons than one. The guys that went through seemed really interested, said they would talk and contact me either last night or this morning. I haven't heard anything. This doesn't really surprise me since I am having the worst week EVER!! Not necessarily REI related but just a bad week. It is kind of whatever could go wrong will go wrong. Sooo I wasn't really expecting that call, "We decided to submit a full price offer, Eileen. What is your fax number?".
I'm just waiting patiently for this week to be over and looking forward to a better, more focused week next week.
I'm just waiting patiently for this week to be over and looking forward to a better, more focused week next week.
Wednesday, March 3, 2010
Guess what I gooooottt?!?!
Two HUD keys and MLS access. WOO HOO! I'm using my realtors access right now but when I get my license I will get my own. Pretty damn cool!!
Tuesday, March 2, 2010
MLS Access & Buyer update & Funding update
Tonight I am getting my mls access, I think. I know we are going to go over my options, costs, if I will be an licensed assistant or actual realtor, etc. I'm very excited. However, I can see myself spending hours and hours on the mls checking things out... all the time. I'm sure it will be that way in the beginning but will taper off.
I spoke to my buyers lender and he seems confident that this FHA loan will go through. He said he's been doing this 8 years, knows his stuff and it's a solid loan. I told him I knew FHA lifted their 90 day rule but then imposed a cap on how much an investor can make. He said yes, some FHA lenders have that cap but the one he is using allows 50% profit. I will be making less than that so everything should be ok. I'm still a little skeptical because of everything you hear but it will be interesting going through the process to see, first hand, how it all works! One other thing I'm a little worried about is the appraisal. If you read my previous blogs you'll know that my appraisal for this property came back at $65k. But this took in to account a $25k POS house. Hopefully the next appraiser will be a little more mindful of the definition of "comps"... you know, comparable properties.
Next week we close on another HUD in a town called Waterford. I've had some interest from my CL ads and I just got an email today from one of my buyers. Haven't heard from this guy since I tried selling a short sale back in the day. See, never write someone off unless they ask to be written off. Who knows if it will work out but now I know he is at least reading my emails : )
The 3rd HUD we're closing 3/16 is in a town called Menomonee Falls. This is the one where we didn't have financing (my realtor found a lender that would send in our "HUD approved pre-approval letter"). I have been trying to get this thing financed by myself but was not having much luck. Two weeks ago my realtors broker said he would finance the property. Cool, right? Terms... I get 20% of the profit. YEP, 20%! Nice! You get totally screwed when you don't have any money. I've known about this for 2 weeks but was unable to type it out because it infuriates me so. I know, I know, I should be grateful he is willing to loan me the money. I should be grateful that I am not losing $1k of my EMD. I should be grateful that he is taking the risk. Yes, I should be grateful. And I AM grateful. But 20%, really? Oh well, something is better than nothing and I'm certainly not going to say no and let the deal fall apart!! Now with that said, I spoke to the lender today that changed their policy to only work in their county. I told him we have a contract on the Evansville house (they have the loan) and if they would consider lending on Menomonee Falls? I kind of asked tongue in cheek but he said it's already on the agenda to talk about at their Thursday meeting! I'm not counting on getting them to loan it but if they can that would be great! I am going to see the broker tonight so I'm going to talk to him about this and see if we can work something out if the bank finances me. Maybe I'll give HIM 20% for helping me out!?! We'll see how it pans out.
P.S. Remember... head on over to Stephs blog for my interview. I'm pretty proud of it myself. I didn't sound like a complete idiot!!
P.S.S. Everyone have a good day!!
I spoke to my buyers lender and he seems confident that this FHA loan will go through. He said he's been doing this 8 years, knows his stuff and it's a solid loan. I told him I knew FHA lifted their 90 day rule but then imposed a cap on how much an investor can make. He said yes, some FHA lenders have that cap but the one he is using allows 50% profit. I will be making less than that so everything should be ok. I'm still a little skeptical because of everything you hear but it will be interesting going through the process to see, first hand, how it all works! One other thing I'm a little worried about is the appraisal. If you read my previous blogs you'll know that my appraisal for this property came back at $65k. But this took in to account a $25k POS house. Hopefully the next appraiser will be a little more mindful of the definition of "comps"... you know, comparable properties.
Next week we close on another HUD in a town called Waterford. I've had some interest from my CL ads and I just got an email today from one of my buyers. Haven't heard from this guy since I tried selling a short sale back in the day. See, never write someone off unless they ask to be written off. Who knows if it will work out but now I know he is at least reading my emails : )
The 3rd HUD we're closing 3/16 is in a town called Menomonee Falls. This is the one where we didn't have financing (my realtor found a lender that would send in our "HUD approved pre-approval letter"). I have been trying to get this thing financed by myself but was not having much luck. Two weeks ago my realtors broker said he would finance the property. Cool, right? Terms... I get 20% of the profit. YEP, 20%! Nice! You get totally screwed when you don't have any money. I've known about this for 2 weeks but was unable to type it out because it infuriates me so. I know, I know, I should be grateful he is willing to loan me the money. I should be grateful that I am not losing $1k of my EMD. I should be grateful that he is taking the risk. Yes, I should be grateful. And I AM grateful. But 20%, really? Oh well, something is better than nothing and I'm certainly not going to say no and let the deal fall apart!! Now with that said, I spoke to the lender today that changed their policy to only work in their county. I told him we have a contract on the Evansville house (they have the loan) and if they would consider lending on Menomonee Falls? I kind of asked tongue in cheek but he said it's already on the agenda to talk about at their Thursday meeting! I'm not counting on getting them to loan it but if they can that would be great! I am going to see the broker tonight so I'm going to talk to him about this and see if we can work something out if the bank finances me. Maybe I'll give HIM 20% for helping me out!?! We'll see how it pans out.
P.S. Remember... head on over to Stephs blog for my interview. I'm pretty proud of it myself. I didn't sound like a complete idiot!!
P.S.S. Everyone have a good day!!
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