Live & Flip

Tree times no more

Well, I am officially no longer under contract on the Tree Times house. A sad situation arose out of backing out of the deal. The sellers agent, who has been pleasant to work with so far, turned ugly. My agent called to tell her the deal fell through. The lender simply did not come in high enough on the appraisal. She proceeded to cuss my agent out and accuse him and me of doing this intentionally. (Yeah, I love giving up $1000 earnest money, just for fun) She also threatened to turn him i...

Bittersweet Symphony

Good news and bad news.  The good news is, the short sale personal property 2nd lien holder(say that 6 times fast) approved for 6k.  We are under contract and set to close on October 5th.  The 2nd will have to be paid for with cash.  Our total closing costs will be at about 10k counting that 2nd.  Not to bad for this property.  Hopefully we can get back into the property in the upcoming week and get a better repair estimate.  This should make a really nice house for us for the next 4-6 ye...

Umm Opps

Well, I made a bonehead move.  I have been waiting on the title company to set the closing date on my flipper.  Sent emails directly to the sellers agent asking for the date, had my Realtor ask as well.  Turns out it was set all along on the addendum the bank sent.  None of us caught it.  Opps.  My original contract said 44 days after MEC (Mutual Execution of Contract).  I think we all assumed that left the closing more or less open ended to be set at a later date.  The closing is set fo...

Property Manager part 1 “Finding New Property Managers”

Many of us have chosen to utilize property managers for our rentals. Its a pretty big industry that has a surprisingly low barrier to entry. This means that just about anyone can be a property manager. So how do you find them and pick the best one. Here is a small list my agent and I came up with. Its certainly not exhaustive. Finding a new Property Manager There are two main and very obvious ways. Google and word of mouth. Google can be very useful when finding information on pro...