Live & Flip

2 Properties, 1 Day

I heard back on my offer on the bank owned (formally short sale) property. They accepted the other offer. I really did think I had a great chance at the property. I set the property file aside. Normally I put the files into a collective passed property folder. I decided to keep this one out. A little voice in the back of my head said, "Keep this file together, if the other offer doesn't go through, I would likely get it." Well, the other buyer backed out and I received a counter offer tod...

Silly Bank Profits are for Investors

I just sent an offer out for a property in my target area. $550 above listing. So why bash the banks as wasteful? This is the same property I bid on almost exactly 1 month ago. It was in short sale back then. The bank refused to go below their asking price. Now it is bank owned and listed for 5k below my original offer. Since there is one other bid out there, I am bidding just a hair above. Still its 4.5k below my original offer. I'm sure they have a valid reason (okay maybe not), but I...

Good Networking

I finished my refi on Friday. Took about an hour. I had to sign three sets of loan documents. You can guess what my signature looked like at the end. I brought in bagels for the loan office and you would have thought I brought in lost puppies. They were a huge hit. Doesn't anyone do those type of things anymore? Over my Asiago Cheese bagel my broker and I had a great chat. We discussed purchasing properties like my first two rentals. Only this time, I'm in control of the transaction. ...

Pins and Needles

Quick update on our future home bid. The property is a short sale that requires both the sellers approval to move forward. Unfortunately the short sale is due to a divorce and job loss. The sellers are difficult to get together to make a decision. I have no news at the moment, which has me on pins and needles. No news in Real Estate is generally bad news. In this case we have been in touch with the selling agent. The sellers agreed to make a decision tonight. My buyers agent and I had to...

New Home, Maybe!

Gonna make a bid tonight on a possible new home. Its a SS that needs around 30k worth of work. Its in a southern neighborhood of my farm. Has everything were looking for. No other bids yet and I'm going to offer 12k less than asking. The BPO will take place on Thursday. If we happen to get that property, my current one will become our third rental. My current property will rent for $1000/mo. The mortgage will be $585. I'm looking at positive cash flow of $50-$100/mo. My combined cas...

Coaches and Probates

I have been making calls to my coach every two weeks. In that time, I have gotten MLS access, narrowed my farm area, determined my buying criteria and set my deadline to start making offers. My goal is to make an offer by 5/19. I'd say the coaching has gone well so far. To add to that, one of the coaches I ruled out is now leaving real estate. I wish that coach the best of luck. He did extremely well in real estate and is now pursuing his life's mission. Good for him. Very reassuring for...

Busy 3 weeks

I let 3 weeks with no post slip by and did not even realize it. Crazy. I have been doing my coaching items whenever I can fit them in. Life simply took hold and did not give me any free time what so ever. With the help from my folks and brother-in-law I completely redid the landscaping on our yard. Its almost done. Bought 2 dozen plants and 3 tons of mulch. Added a new brick border wall up front, removed those three bushes, removed several trash cans of trash and rose bushes, had the ...

Hired a Coach

I went ahead and hired a Real Estate Coach. I went with the Club Mastermind. I have done the initial setup and will start the program shortly. I will use this to get my Real Estate business off the ground. It will be nice to have a bit of guidance when I need it. It will also be nice to have someone holding me accountable to goals. Not much more to say on this atm. I got a motivated call this week. Unfortunately they want FMV on property thats out in the middle of BFC. The other deals...

Too Damn Funny

Thanks to Tom over at www.Tomtarrant.com I took action on the probate property I passed. The seller is very motivated and willing to short the property (Notice of Election and Demand went across last week) or take it subject 2. Since I am new to this, I emailed a seasoned pro for help. I'll talk to him tomorrow. I am a motivated investor, so hopefully this deal can help all three of us. Very exciting. Tom, just wanted to thank you again for kicking me in the arse. If anyone hasn't check...

2 steps forward 1 back

I went and looked at the motivated seller probate. Has decent equity but needs some work. The seller is willing to sell what he owes for, I simply have no idea what to do with this odd property. I passed it along to another buyer. If it works out, maybe I can get a bird dog fee. As long as someone can help this seller. I have received a few more negative calls. I'm not taking them to well. Its interesting how some folks are very eager to talk to me and others would rather rip my head ...