Hello everyone!! How is everyones week so far? My week is great and will get better starting tomorrow when I leave work at noon for a super long weekend! We are going to may parents cottage again to hang with the family (parents/brothers/aunts/uncles/cousins/in laws/etc). My Aunt is in from Portland, OR (my moms twin sister) for a month which she does every year and her daughter is also in with her 3 kids. We saw my cousin and her kids 2 years ago so we don't see them very often. At any rate I'm excited to get over there and visit with everyone. I LOVE summer!!!!!!!!! It makes me sad that we are in August already. AUGUST! I read Steph's post about committing to something by the end of the month. I am committing to getting another house under contract. I need to head on over and post that on her blog. There are a lot of other things I want to do but that is priority right now!
What's going on with my properties? Tomorrow I am closing on the "auction house" where I'm using a private lender. That all worked out very nicely on my end and I think it was pretty painless on her end too! Nice! Do you know what's even nicer?!? I may have a buyer! Last week I sent out an email to my buyers list and 1 guy said he wanted to look at it. He went out Saturday, called me that afternoon saying he was interested but it needed work (really?!). Honestly I did not think he was interested enought to submit a contract so my husband and I made plans to pre-hab the property and put up for sale in 10 days (which we will still do if this guy does not send over the contract). We got just about everything priced and people set up to do the work over the weekend. This morning I get an email from the potential buyer:
Investor:
I took a second look today and have to run some numbers - still have some interest... when do you close? The stuff that I think needs to be done will take some time to get done and lined up so I need to see if it's feasible or not... Let me know when you have a chance.
My response:
I close tomorrow but will need to know by tomorrow morning whether you want to purchase (sorry!). I have lined up some people to start working on it and want them to start asap. If you want it though I'll sell it to you. IMO, it's a great deal.
Investor:
We have interest in the property and are willing to write an offer (not sure if you still have Michelle doing those for you or not?) If so, let me know - haven't heard back from my lender yet, but probably could close in a month. If you accept, I would like to get in there ASAP to start doing improvements/work... let me know if that'll be an issue as well.
I will not bore you with the rest but I told him I needed my full asking price and he asked about what offer to purchase contract to use, etc. So, I guess I should know tomorrow morning. Part of me wants him to buy it and part of me wants to do the pre-hab. Of course I would make more money (hopefully) with a pre-hab but getting just under $7k for doing nothing is nice too!
What else? Tomorrow I am pre-signing for the "water house" close. The actual closing is Thursday unless the attny delays it. He is a pain in the butt. A nice pain in the butt but a pain nontheless. This has already been delayed several times so I just want it CLOSED!!!!!!
My agent asked me today where I wanted to re-list the A-Hole house. I'm going to set aside my comments on this until a future date.
I found out a couple weeks ago (not sure I mentioned it here) that my renters are moving at the end of the month. Crap. My husband and I decided to sell the property if we can. I overpaid for the property as it has a lot of problems that I did not take into account for re-sale. This totally sucks. We shall see what happens but this house is a thorn in my side. First and foremost I HATE being a landlord. Some people are great at it but not me. Our renters were fantastic but this side of the real estate game is something that puts a pit in my stomach. I'll have to figure out another way to make income. I'll keep you posted!
This post is getting very long so I'm going to end it by saying I got my RE License in the mail over the weekend. Once I'm in the system I need to start making offers directly through the listing agent so they can double dip (a KISS flipping tactic). I need to tell my realtor I will not be using her for these types of transactions and I am TERRIBLE at this type of thing. Any suggestions would be fantastic.
Okay, I need to run. Have a great rest of the week/weekend!!
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1 comment:
Great stuff, Eileen! Enjoy the time with your family this weekend.
As far as the rental is concerned, any change you can get a tenant-buyer and do a lease option on it? Then you don't have to deal with as many day to day landlord issues, you'll get some cash up front, and you'll potentially have a buyer at the end of a year (or two).
As far as your realtor is concerned...she should understand. Doesn't she already know that you were getting a license? I thought I remembered something about you telling her that before....but let's just say you haven't...the best thing you can do is tell her you've really appreciated working with her (and if she's been awesome give her present/parting gift of sorts) and now that you have your license you'll be making offers yourself.
Have a great closing tomorrow and later on this week! Snag that buyer at full price! :-)
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