Yaahhhoooo! I am meeting Brian Monday to sign up for his coaching program. I'm sure you were all introduced to Brian when you read through the launch of the AskTheFlipVIP's! He is an active member and I feel very lucky to be able to work with him one one one. I also think the AskTheFlipVIP's is an incredible offering and anyone interested in getting help in any area of REI should take a look! If I had it to do over again I would have asked for some type of mentoring earlier on. Even though I have come a long way and have done pretty good for myself, I wonder how much further I would have been if I had a mentor? I do not dwell on this, however. Things happen for a reason and I feel that now is the time in my career where a mentor will really kick things into high gear. I'm really, really psyched!!!!!!
We're almost done with our updates to the rental... My realtor is taking someone through tomorrow. I'm very interested/nervous in hearing the comments. The reason I am nervous is b/c they may say more improvements should have been made. I wanted to keep the cost down to keep the price down. We can always do more if necessary...
Still haven't heard anything on the A-Hole house. This will be the last time I post an update unless something actually happens : )
Apparently HUD is making some changes. I guess they are transitioning over to a new company (whatever that means?). I know they have a new website (www.hudhomestore.com), though and it doesn't look like all the properties are moved from the old website to the new website. This should be fun! One thing I did notice on the new website is all the "New Listing"'s have a countdown of 28 days. Does that mean the house is available to o/o's for 28 days instead of 10 days?? That would totally suck! There is also a new column called "Listing Period" with titles "Exclusive" and "Lottery". It looks like "Exclusive" means the property is only available to o/o, non-profits and government agencies. Then "Lottery" means the property is only available to non-profits and government agencies - what? After that it might go to all bidders? Jeez, I hope this new process doesn't make investors wait a month, or more, to bid on a property!! There is one that just came out today, possibly a cherry pick, in my new area and I can't bid on it for 28 days. Maybe?! I have to try to find the new rules!
Back to work I go....
Thursday, October 7, 2010
Friday, October 1, 2010
Learning new market/coaching
Happy Friday! I'm happy it's Friday but I'm on call this weekend so I need to be prepared to come into work at all times. I'm cursed when it comes to call. Can you guess the last time anyone in our department was called in for an emergency while on call? You guessed it... that last time I was on call (which was about 2 months ago). Luckily we do not get called in very often but when we do it seems that I'm the person.
Anyhoo, I've spent all week learning my new market. I've been on the mls about 3 hours every day and feel like I'm really making progress. There is one property in particular that I am going to call about. It is not a cherry pick but still a potential deal, I think. I'll keep ya posted. I have also been bidding on a HUD in my current market. We are about $10k apart so it will still take some time I will watch and wait.
Earlier this week I connected with Brian about him coaching me. I told him a little about myself/what I wanted out of a coach and then he told me about his coaching program. It sounds great and, in my opinion, exactly what I need/want!! He sent me an application to fill out and now I'm just waiting to see if I am a fit for his program. He doesn't take everyone who applies so there may be a chance of this not working out. I'll keep ya posted here too!
Updates on current properties:
A-Hole House: Not much. Back in July I said I would fund the rehab and we were going to split the profits 50/50. Since then nothing has really happened and my financial situation has shifted a bit b/c of the rental. I feel pretty bad about this so I sent an email on Tuesday letting the broker/his asst/my realtor know what is going on. In the email I also suggested the broker take all the profits upon selling and the only money I want is my EMD as well as the money I have put into the property up to now. Of course I will still help with anything they need! That was Tuesday, today is Friday, and I still have not heard anything from them. Hilarious! I don't know if he's mad, happy, impartial, has questions?!?!
Rental: New roof is complete. Carpet is installed. Paint will be finished next week. Landscaping will hopefully be finished next week. New screen door, screens, outlet plates should be done next week as well. When all is done I am going to have one of the local realtors come take a look and see what they say. We'll either sell quickly or rent.
I think that's all my updates for now. Off to go research more properties.........
Anyhoo, I've spent all week learning my new market. I've been on the mls about 3 hours every day and feel like I'm really making progress. There is one property in particular that I am going to call about. It is not a cherry pick but still a potential deal, I think. I'll keep ya posted. I have also been bidding on a HUD in my current market. We are about $10k apart so it will still take some time I will watch and wait.
Earlier this week I connected with Brian about him coaching me. I told him a little about myself/what I wanted out of a coach and then he told me about his coaching program. It sounds great and, in my opinion, exactly what I need/want!! He sent me an application to fill out and now I'm just waiting to see if I am a fit for his program. He doesn't take everyone who applies so there may be a chance of this not working out. I'll keep ya posted here too!
Updates on current properties:
A-Hole House: Not much. Back in July I said I would fund the rehab and we were going to split the profits 50/50. Since then nothing has really happened and my financial situation has shifted a bit b/c of the rental. I feel pretty bad about this so I sent an email on Tuesday letting the broker/his asst/my realtor know what is going on. In the email I also suggested the broker take all the profits upon selling and the only money I want is my EMD as well as the money I have put into the property up to now. Of course I will still help with anything they need! That was Tuesday, today is Friday, and I still have not heard anything from them. Hilarious! I don't know if he's mad, happy, impartial, has questions?!?!
Rental: New roof is complete. Carpet is installed. Paint will be finished next week. Landscaping will hopefully be finished next week. New screen door, screens, outlet plates should be done next week as well. When all is done I am going to have one of the local realtors come take a look and see what they say. We'll either sell quickly or rent.
I think that's all my updates for now. Off to go research more properties.........
Friday, September 24, 2010
Roots and Fruits
Todays post is going to be about my 'take aways' from Bob's bootcamp last week. First let me say that it was awesome. Each and every day I picked up a new tip or trick to apply in my market. Throughout the bootcamp Bob would pick someone's city and go through the mls to determine the opportunity market. It was great to watch him siphon through all the information! One example Bob used was Milwaukee (which was great for me!!). In all of about 30 minutes Bob was able to, pretty confidently, determine an area he would be buying/selling right now. It was really cool to watch. Actually, just the other night I was involved in a conference call with Bob and Mark to record Bob going through Milwaukee's mls and determining an opportunity market. Every time I watch him go through the process I learn something else so I highly recommend you watch when posted. In fact I will post here if allowed.
Okay, the main 'take away' for me was to focus on my roots and not my fruits. I know many of you already do this but, for me, I have been focusing on the end prize - that elusive deal! For now I really need to focus on learning my new market. I already have confidence in my current market and will be watching that as well. I also want to focus more on my health and family. All that weight I lost a few months ago (which wasn't a ton but...) I have gained back. Crap! I just feel so "all over the place" and unfocused at times which leads me into my second 'take away'....
Well, not so much a 'take away' but a commitment to ask Brian Meidam to coach me through this next stage of my REI career. I am going to be calling him this afternoon so I will update later. As I stated above, I feel as though I am not as focused as I should be if I want my end date to be next August. I need to get my act together.
Some other 'take aways' were realizing that everyone in this field has their ups and downs and no matter how long you do this, you still can make mistakes. That was really good for me to hear. I feel like I make some type of mistake on every transaction! Of course, I learn from that mistake but sometimes I put too much pressure on myself to make things "perfect".
Outside of learning how to determine a new opportunity market, the above 'take aways' were the most important to me. Of course, I met some really awsome people along the way from all over the country. Some were newbies but most were experienced investors and all had great information to share!!
My flight took off from Las Vegas at 1am Sunday morning so we were able to spend Saturday night on the town in Vegas. It was a great ending to a great bootcamp!! I would highly recommend attending one of Bob's seminars. He actually has one coming up in November but do not know the dates. If interested, please let me know.
Okay, I'm off to call my new coach (hopefully!)...
Okay, the main 'take away' for me was to focus on my roots and not my fruits. I know many of you already do this but, for me, I have been focusing on the end prize - that elusive deal! For now I really need to focus on learning my new market. I already have confidence in my current market and will be watching that as well. I also want to focus more on my health and family. All that weight I lost a few months ago (which wasn't a ton but...) I have gained back. Crap! I just feel so "all over the place" and unfocused at times which leads me into my second 'take away'....
Well, not so much a 'take away' but a commitment to ask Brian Meidam to coach me through this next stage of my REI career. I am going to be calling him this afternoon so I will update later. As I stated above, I feel as though I am not as focused as I should be if I want my end date to be next August. I need to get my act together.
Some other 'take aways' were realizing that everyone in this field has their ups and downs and no matter how long you do this, you still can make mistakes. That was really good for me to hear. I feel like I make some type of mistake on every transaction! Of course, I learn from that mistake but sometimes I put too much pressure on myself to make things "perfect".
Outside of learning how to determine a new opportunity market, the above 'take aways' were the most important to me. Of course, I met some really awsome people along the way from all over the country. Some were newbies but most were experienced investors and all had great information to share!!
My flight took off from Las Vegas at 1am Sunday morning so we were able to spend Saturday night on the town in Vegas. It was a great ending to a great bootcamp!! I would highly recommend attending one of Bob's seminars. He actually has one coming up in November but do not know the dates. If interested, please let me know.
Okay, I'm off to call my new coach (hopefully!)...
Wednesday, September 15, 2010
Heading to Utah!!
Hello everyone.... today I'm flying off to Utah for my very first real estate seminar. As I said in a previous post, I signed up for Bob's KISS Flipping seminar and am TOTALLY looking forward to it. I'm hoping to learn skills/tips to consistantly find deals and take my RE business to the next level! Woo HOO!
Updates:
I pre-signed for the "auction house" closing last night. The buyers are closing today so all should be good. I think we will walk away with about $6.5k on this one which is pretty good, certainly no slam dunk, but decent nonetheless. With the KISS Flip training under my belt I'm hoping to locate properties with a MUCH higher profit margain. If I can close 5 deals/yr with a $20k - $30k profit margain vs. 10 - 15 deals with $5k - 15k profit margain my life would be a lot less stressful. I also want to investigate other ways to make monthly income. My 'end date' is fast approaching and I can honestly say that I am no where near where I need to be as far as situating my living expenses! Focus, focus, focus!
We never had any interest in our rental property so we are now in the process of putting on a new roof, fixing some siding, putting in some new windows, painting the inside/outside, new carpet and then doing some minor landscaping. I'm still not sure we'll be able to sell it so I'm thinking we're going to have to put a renter in. After we get the renter in I'll probably put back on the market because it seems rentals are easier to sell with a renter in place?! At any rate, when we the work is complete on the property I think I am going to ask the RE agents in the town where this property is located their thoughts on price and selling vs. renting. I'm not really sure how I am going to approach my current agent about this but I think it would be in the best interest of selling the property quickly to go with a local agent!
Another 2 weeks has gone by and only 1 thing has been done on the "A Hole house". 2 Weeks! I am really getting stressed about their lack of concern. I have told them time and time again that I would be happy to help get things done, organize/schedule work to be done, etc. and they always tell me they have it under control. URGH!
The bank ended up accepting our price of $45k on the property we were negotiating last week. However, after going over the numbers again, taking a look at the property/work needed we decided the numbers were just too tight and we didn't accept their acceptance. Maybe of we could get it for $20k? Ha, ha. I'll keep watching it, you just never know!!!
I think that's all the updates I have for now. It doesn't look like I am going to make Steph's 30 day challenge AGAIN! We'll see...
I hope you all enjoy the rest of your week/weekend. I know I will!!!!!!
Updates:
I pre-signed for the "auction house" closing last night. The buyers are closing today so all should be good. I think we will walk away with about $6.5k on this one which is pretty good, certainly no slam dunk, but decent nonetheless. With the KISS Flip training under my belt I'm hoping to locate properties with a MUCH higher profit margain. If I can close 5 deals/yr with a $20k - $30k profit margain vs. 10 - 15 deals with $5k - 15k profit margain my life would be a lot less stressful. I also want to investigate other ways to make monthly income. My 'end date' is fast approaching and I can honestly say that I am no where near where I need to be as far as situating my living expenses! Focus, focus, focus!
We never had any interest in our rental property so we are now in the process of putting on a new roof, fixing some siding, putting in some new windows, painting the inside/outside, new carpet and then doing some minor landscaping. I'm still not sure we'll be able to sell it so I'm thinking we're going to have to put a renter in. After we get the renter in I'll probably put back on the market because it seems rentals are easier to sell with a renter in place?! At any rate, when we the work is complete on the property I think I am going to ask the RE agents in the town where this property is located their thoughts on price and selling vs. renting. I'm not really sure how I am going to approach my current agent about this but I think it would be in the best interest of selling the property quickly to go with a local agent!
Another 2 weeks has gone by and only 1 thing has been done on the "A Hole house". 2 Weeks! I am really getting stressed about their lack of concern. I have told them time and time again that I would be happy to help get things done, organize/schedule work to be done, etc. and they always tell me they have it under control. URGH!
The bank ended up accepting our price of $45k on the property we were negotiating last week. However, after going over the numbers again, taking a look at the property/work needed we decided the numbers were just too tight and we didn't accept their acceptance. Maybe of we could get it for $20k? Ha, ha. I'll keep watching it, you just never know!!!
I think that's all the updates I have for now. It doesn't look like I am going to make Steph's 30 day challenge AGAIN! We'll see...
I hope you all enjoy the rest of your week/weekend. I know I will!!!!!!
Friday, September 3, 2010
Property Inspection Report
Hello blogosphere! How is everyone doing on this rather chilly September afternoon?? I am doing peachy. I am on the verge of a long weekend and one of my co-workers took my call for the weekend! Yippy (as my 4 year old would say)!!
Okay, how did the inspection go on our new HUD property?! Not good : (
It ends up the foundation (it is a slab) is deteriorating and the cost to repair would be too great. According to my contractor it is basically a tear down. CRAP! This would have been a VERY nice payday. Oh well... on to the next.
Another property I've been watching came down $10k this week for a LP of $54.9k. We resubmitted our offer of $42k and they countered at $53.9k. WOO HOO they came down a whole $1k!! Nowe we're getting somewhere. Urgh. I countered at $45k, which is my best and final, and I have not heard anything yet. Quite frankly I'm pretty sure they will reject. I would be shocked if they accepted but I suppose stranger things have happened? Seems like the banks are really sticking to their guns around here. I know it's a numbers game but all the REO offers I've made get rejected on the 2nd counter. BUT, I keep submitting just to annoy them : )
I committed to having a property under contract by the end of August for Steph's 30 day challenge and I failed. I was damn close but failed nonetheless. I read her blog today and it seems to me that I get a "do over" heehee. I will have AT LEAST one property under contract by the end of September (and for personal reasons will be shooting very hard for 2 under contract).
For the past 2 months I have been trying to determine my target market according to Bob's KISS Flipping program and have failed at that too. I keep going round and round on the mls, researching different counties, trying to find trends and I am just not seeing anything. I'm sure they're THERE right in front of my eyeballs but I'm not connecting the dots, ya know? It's very frustrating for me! I'm going to re-listen to that module and hope something else pops out to me. I feel like I am on the verge of something big and WANT to take that leap! The bootcamp is in 2 weeks and I can't wait! Although I would be lying if I said I wasn't nervous about the travel part....
Gotta run. Everyone have a great holiday weekend!!
Okay, how did the inspection go on our new HUD property?! Not good : (
It ends up the foundation (it is a slab) is deteriorating and the cost to repair would be too great. According to my contractor it is basically a tear down. CRAP! This would have been a VERY nice payday. Oh well... on to the next.
Another property I've been watching came down $10k this week for a LP of $54.9k. We resubmitted our offer of $42k and they countered at $53.9k. WOO HOO they came down a whole $1k!! Nowe we're getting somewhere. Urgh. I countered at $45k, which is my best and final, and I have not heard anything yet. Quite frankly I'm pretty sure they will reject. I would be shocked if they accepted but I suppose stranger things have happened? Seems like the banks are really sticking to their guns around here. I know it's a numbers game but all the REO offers I've made get rejected on the 2nd counter. BUT, I keep submitting just to annoy them : )
I committed to having a property under contract by the end of August for Steph's 30 day challenge and I failed. I was damn close but failed nonetheless. I read her blog today and it seems to me that I get a "do over" heehee. I will have AT LEAST one property under contract by the end of September (and for personal reasons will be shooting very hard for 2 under contract).
For the past 2 months I have been trying to determine my target market according to Bob's KISS Flipping program and have failed at that too. I keep going round and round on the mls, researching different counties, trying to find trends and I am just not seeing anything. I'm sure they're THERE right in front of my eyeballs but I'm not connecting the dots, ya know? It's very frustrating for me! I'm going to re-listen to that module and hope something else pops out to me. I feel like I am on the verge of something big and WANT to take that leap! The bootcamp is in 2 weeks and I can't wait! Although I would be lying if I said I wasn't nervous about the travel part....
Gotta run. Everyone have a great holiday weekend!!
Friday, August 27, 2010
I've had an off week
Yep, it's been an off week for sure. My focus level has been waaaaay down. I am attributing most of this to reading Stephen King's novel "Under the Dome". Has anyone read the 1,074 pages of sheer craziness? I am on page 885... almost done. I need down time to relax and unwind (I love reading fiction) but when I get into a good book it's really, really hard for me to put it down.
With that said I have still been making consistent offers this week and one was accepted late yesterday afternoon. It is a HUD property that needs a bit of work - shocker, I know. I'm having my guy inspect it on Wednesday, I hope, so once all checks out I'll be happy! It was listed at $98k and we got it for $53k. It needs a partial new roof (over back side of house), one room gutted, a new water heater and repaired plumbing. Exterior, carpet, windows, kitchen are all in good shape. In fact, the kitchen looks like it was rehabbed pretty recently. I'll update after inspection. We'll call this the "lake house" since it sits down the street from a lake! I'm clever, right?!
The "auction house" is still set to close September 15th or sooner. Nothing new to report there.
My rental property has absolutely no interested parties whatsoever. Unfortunately for me, the sold prices in the area have dropped considerably since last year. Many, many more foreclosures... Sooo, I'm not sure which direction to take? Here are my thoughts, 1.) Drop the price another $10k and see if it sells in a couple weeks? I would lose money with this scenario. 2.) Put in some money to spruce up the exterior, carpet/paint, "pretty up" the inside and re-list for a break even price - IF it would sell. 3.) Put in some money to "pretty up" the joint, lease/option the property and take it from there. I think I will actually go in that order. Once the tenants move out next week I will list for $79k for 2 weeks. If no offers I will put in some money and list for a higher price with option to have seller L/O property? Urrrghh... I don't know? Something along those lines?
The "A-Hole" house almost had another buyer. Not sure what happened to him since no one tells me anything? I called the brokers "gatekeeper" (as Bob Norton would call her) and left her a msg basically saying I was concerned about selling the property, if there was anything I could do to help, didn't want there to be lack of communication, etc.... and I never got a return call/VM. Nice. The following day I DID get an email from her with a siding estimate attached asking what I thought. What I think?!?! I think I thought this was taken care of 2 MONTHS ago. As a reminder, 2 months ago the broker (co-owner) wanted a meeting to discuss the direction of the house. He wanted me to gather estimates for work that needed to be done so we could discuss. I did as asked and when I laid out my estimates he said he had "people" that would do it cheaper and he would take care of it. Fast forward 2 months and she's STILL gathering estimates?!?!? NEVER AGAIN!!!!!!!!! So we're having another meeting Wednesday to sort things out. Let's just all hope and pray that we get it sold soon for all our sakes!!!!!!!
These past couple weeks I have also put in some other REO offers that are 120+ DOM with terrible counters. On the 2nd counter they almost always reject. Frustrating. However, there was a property that came back on the market after 4 months of being in pending status. It looks decent but has burst pipes from winter. I put in an offer and they countered $10k lower... finally a decent counter. We're still pretty far off but I'm going to take a look this weekend.
What else? Oh... I re-signed up for Bob's KISS Flipping seminar next month in Utah. Looking forward to it! I'm really hoping I will find what I'm looking for... don't ask me what that is because I'm not really sure : )
'K all... I'll update next week after the inspection!! Have a great weekend everyone!!
With that said I have still been making consistent offers this week and one was accepted late yesterday afternoon. It is a HUD property that needs a bit of work - shocker, I know. I'm having my guy inspect it on Wednesday, I hope, so once all checks out I'll be happy! It was listed at $98k and we got it for $53k. It needs a partial new roof (over back side of house), one room gutted, a new water heater and repaired plumbing. Exterior, carpet, windows, kitchen are all in good shape. In fact, the kitchen looks like it was rehabbed pretty recently. I'll update after inspection. We'll call this the "lake house" since it sits down the street from a lake! I'm clever, right?!
The "auction house" is still set to close September 15th or sooner. Nothing new to report there.
My rental property has absolutely no interested parties whatsoever. Unfortunately for me, the sold prices in the area have dropped considerably since last year. Many, many more foreclosures... Sooo, I'm not sure which direction to take? Here are my thoughts, 1.) Drop the price another $10k and see if it sells in a couple weeks? I would lose money with this scenario. 2.) Put in some money to spruce up the exterior, carpet/paint, "pretty up" the inside and re-list for a break even price - IF it would sell. 3.) Put in some money to "pretty up" the joint, lease/option the property and take it from there. I think I will actually go in that order. Once the tenants move out next week I will list for $79k for 2 weeks. If no offers I will put in some money and list for a higher price with option to have seller L/O property? Urrrghh... I don't know? Something along those lines?
The "A-Hole" house almost had another buyer. Not sure what happened to him since no one tells me anything? I called the brokers "gatekeeper" (as Bob Norton would call her) and left her a msg basically saying I was concerned about selling the property, if there was anything I could do to help, didn't want there to be lack of communication, etc.... and I never got a return call/VM. Nice. The following day I DID get an email from her with a siding estimate attached asking what I thought. What I think?!?! I think I thought this was taken care of 2 MONTHS ago. As a reminder, 2 months ago the broker (co-owner) wanted a meeting to discuss the direction of the house. He wanted me to gather estimates for work that needed to be done so we could discuss. I did as asked and when I laid out my estimates he said he had "people" that would do it cheaper and he would take care of it. Fast forward 2 months and she's STILL gathering estimates?!?!? NEVER AGAIN!!!!!!!!! So we're having another meeting Wednesday to sort things out. Let's just all hope and pray that we get it sold soon for all our sakes!!!!!!!
These past couple weeks I have also put in some other REO offers that are 120+ DOM with terrible counters. On the 2nd counter they almost always reject. Frustrating. However, there was a property that came back on the market after 4 months of being in pending status. It looks decent but has burst pipes from winter. I put in an offer and they countered $10k lower... finally a decent counter. We're still pretty far off but I'm going to take a look this weekend.
What else? Oh... I re-signed up for Bob's KISS Flipping seminar next month in Utah. Looking forward to it! I'm really hoping I will find what I'm looking for... don't ask me what that is because I'm not really sure : )
'K all... I'll update next week after the inspection!! Have a great weekend everyone!!
Wednesday, August 11, 2010
The ink has dried!
The closing on the "water house" went smoothly last week while I was on vacation. I don't think anything beats making money while on vacation, right? I would like to do more of that : )
We also closed on the "auction house" last week to purchase. As a reminder I used a private lender to fund this deal. Yesterday we got a signed contract from one of my buyers to purchase this house. The closing date is set for September 15th but he would like to close sooner if possible. I guess it depends on his lender. This guy is pretty solid so if I have to wait until the 15th, that is not a problem. Again, this is not a slam dunk but it's still a decent payday for no work!
The "A-hole" house is being rehabbed - well - more like spruced up. It is being painted, hardwoods refinished, basement waterproofed, new carpet, etc. It's still not back on the market though. If I do not lose money on this deal it will be a miracle. Miracle. That's all I will say here...
The "rental house" is on the market with only 2 showings, which are tonight. Urgh. If I have to rent the place out again I will, or do a lease option, but I do not want to rent or LO if possible. Throughout this past year when I had problems at the house/concerns with my tenants I completely lost focus on submitting offers/keeping up with listings. In other words I either focused completely on my rental or completely on flipping houses. This is one of the major reasons I want to sell! It is not in my makeup to be a landlord (as I have stated a kagillion times in the past) but it is also because of my lack of focus on what is more important to me. We shall see what happens in the next month or two. I must say that I am really curious to hear the comments from the prospective buyers. Hopefully it will give me some insights on what I should do to the place to get it to sell.
I put in 2 very solid non-HUD offers late last week. One came back with a counter that was $500 under list price (which is $65.5k). WTF? My offer was $42k, no contingencies, $4k EMD and 2 wk close. The property has been on the market for 3 months and I'm not really sure why it hasn't sold yet? My counter back was $47k and $5k EMD. That is my highest and best so we'll see what they say? **UPDATE** I just got an email saying they rejected my offer. Wha wha wha... That really bums me out. I thought I had a good shot at this one!! It seems to me that having a cash offer/quick close doesn't mean diddly squat to the banks, at least here in my neck of the woods.
I still haven't heard back from the other offer. Last month I submitted an offer on the house and they flat out rejected the offer. Hrmph. This time I took out the inspection clause and upped the EMD. Again, haven't heard anything...
We also put in a bit on a HUD property that came back on the market. Haven't received my counter yet. There is another property (Fannie Mae) that is priced perfectly (unless the inside is all tore up) but it's only open to o/o's right now. I think I will be able to submit an offer next week if it's not gone?
I need to get another property under contract by the end of the month!! This is why I'm trying to make my offers as strong as they can possibly be!
I need to get going so everyone have a wonderful week!
We also closed on the "auction house" last week to purchase. As a reminder I used a private lender to fund this deal. Yesterday we got a signed contract from one of my buyers to purchase this house. The closing date is set for September 15th but he would like to close sooner if possible. I guess it depends on his lender. This guy is pretty solid so if I have to wait until the 15th, that is not a problem. Again, this is not a slam dunk but it's still a decent payday for no work!
The "A-hole" house is being rehabbed - well - more like spruced up. It is being painted, hardwoods refinished, basement waterproofed, new carpet, etc. It's still not back on the market though. If I do not lose money on this deal it will be a miracle. Miracle. That's all I will say here...
The "rental house" is on the market with only 2 showings, which are tonight. Urgh. If I have to rent the place out again I will, or do a lease option, but I do not want to rent or LO if possible. Throughout this past year when I had problems at the house/concerns with my tenants I completely lost focus on submitting offers/keeping up with listings. In other words I either focused completely on my rental or completely on flipping houses. This is one of the major reasons I want to sell! It is not in my makeup to be a landlord (as I have stated a kagillion times in the past) but it is also because of my lack of focus on what is more important to me. We shall see what happens in the next month or two. I must say that I am really curious to hear the comments from the prospective buyers. Hopefully it will give me some insights on what I should do to the place to get it to sell.
I put in 2 very solid non-HUD offers late last week. One came back with a counter that was $500 under list price (which is $65.5k). WTF? My offer was $42k, no contingencies, $4k EMD and 2 wk close. The property has been on the market for 3 months and I'm not really sure why it hasn't sold yet? My counter back was $47k and $5k EMD. That is my highest and best so we'll see what they say? **UPDATE** I just got an email saying they rejected my offer. Wha wha wha... That really bums me out. I thought I had a good shot at this one!! It seems to me that having a cash offer/quick close doesn't mean diddly squat to the banks, at least here in my neck of the woods.
I still haven't heard back from the other offer. Last month I submitted an offer on the house and they flat out rejected the offer. Hrmph. This time I took out the inspection clause and upped the EMD. Again, haven't heard anything...
We also put in a bit on a HUD property that came back on the market. Haven't received my counter yet. There is another property (Fannie Mae) that is priced perfectly (unless the inside is all tore up) but it's only open to o/o's right now. I think I will be able to submit an offer next week if it's not gone?
I need to get another property under contract by the end of the month!! This is why I'm trying to make my offers as strong as they can possibly be!
I need to get going so everyone have a wonderful week!
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