Is everyone looking forward to the weekend as much as I am?!?! I'm glad today is Friday so this is going to be brief. Last week I mentioned we had the "water house" under contract and inspected. The inspections came out fine, foundation is fine, plumbing needs to be fixed (of course), some electrical, etc, etc. At that time we decided that we were going to rehab this house since the numbers are so nice. Fast forward to yesterday I get the following email:
Morning! Mike wanted me to ask you if you want to buy Dardis from him. He is getting the feeling that some work needs to be done to it and his crews are too busy in this area right now. What are your thoughts? I was going to advertise in the local papers. Maybe do a one day only sale. Then again if the home could get repainted etc. that may make a big difference.
Yep, the house where my realtors broker is holding the note (the one I don't talk about a lot) is not selling. Hmmm, is it because the picture on the mls has a foot of snow in it and no other pictures? No? Hmmm, did you advertise it on CL? No? Hmmm, did you advertise in the paper? No? After he basically took the listing from us, which we allowed b/c he was doing us a favor, did nothing and now wants to give it back to me. I can't buy it back from him since I still can't get financing in that area. I know this probably sounds all confusing but suffice it to say he screwed up, IMO. So instead of rehabbing the "water house" we are going to put some money in this house. The numbers are good here too BUT I have to split the profit with the guy who initially only wanted to give me 20% of the profit. Don't get me wrong, I'm ALL for sharing a profit when it is FAIR but I don't like getting screwed. I'm kind of irritated that he took control, couldn't sell it and now puts it right back in my lap and wants me to "take care of it". Just kind of jerky to me. Whatever... it shows that I have grown because I have not freaked out. Not sure if I'm just more laid back this week or if I've come to a realization that these things will happen. Maybe a little of both?!?!
Because of the short week and these problems I have not submitted any offers. I want to get another property under contract and, hopefully, put some private money to good use!
BTW, I put an ad on CL for the "water house" as a wholesale deal and have had about 10 responses so far. Hopefully it will sell quickly and we can focus on the "a-hole house". Not sure I like that name.
Okay, real quick, I worked out all week but didn't lose a pound. That's okay because last week I fit in to my size 10 jeans that I have not been able to button since my first child was born. WOO HOO! Now, the jeans were tight... very tight BUT I buttoned/zipped up so that's an accomplishment in my eyes. I will complete this goal and continue I'm sure.
Have to run hope everyone has a good weekend!!
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4 comments:
Hey Eileen, great news on the size 10 jeans! I'm working my way to that myself. Had to force myself to go to the gym this morning.
Yeah...what you were saying about the house was confusing but I think I understand what you're doing :-)
I'll be in touch soon!
I know I'm confusing, I write the way I talk. Writing as good as you would be ideal!! You get your point across so clearly & concisely. It's something I should work on but have too many other "things to work on" at the time.
At any rate, I just feel screwed on the deal. He didn't get the outcome he was expecting and just threw it back to me. I'm frustrated BUT it's a learning experience. I'm trying to take something away from every obstacle these days!
Hey Eileen, I have my third HUD house under contract now. The first two I rehabbed and flipped. I am considering wholesaling this one, and was wondering what your ad on Craig's List looked like. Did you give a price? Did you mention "cash only"? Did you say anything about wholesaling? Any feedback would be appreciated.
Hi John,
Below is the link to my CL ad.
http://milwaukee.craigslist.org/reo/1773553640.html
I always give a price, never the address and as many details as I can without scaring anyone off. I do a lot of o/o deals so if I said "wholesaling" in the ad they wouldn't know what I was talking about. I give details because otherwise I find the buyers expectations are too high and they end up telling me it's too much work. They still say that but not as much. Just my opinion.
Your house may qualify for FHA but make sure the underwriters at that bank (local, no mortg brokers) verify no seasoning.
One other thing I do is verify that the person contacting me from the ad is not a realtor (if you're selling prior to your closing). They love to tell HUD. It's so annoying. I actually had one contact me for this house... I ignored her. Just my 2 cents.
Good luck and if you have any questions just let me know.
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