Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
The next few weeks look a little crazy, with 7 closings, mostly on the sell side. I need to plan and start another buying campaign. Also need a shovel ready deal in Austin, ASAP, to keep the crew busy. Looking hard.
Accomplished? Taxes and Christmas shopping, gosh, I gotta get busy too!
What about posting 700 times on BP, each post averaging 600 words? ; )
Jon, I do have other things to do besides BP, like the implementation of strategic planning to combat Ebola, assist the Kurds with tactical support against ISIL, advise NASA on how, at this point, to resupply the Space Station, all while I'm writing RE and note investing books to practically give away, then making sure my accountant gets all the information he needs and, to top it off, get ready for Christmas.......well, there's only so much I can accomplish, man, even for me! Considering all the interruptions from super models and beauty queens from the 60's calling me to go out, I don't know if I can post 600 more times before the ball drops!
As to the word count, please notice those are usually in the very early hours, 2 to 4 AM during my REM sleep periods, when I go into my RFM (rapid finger movement) sleep patterns I post more Plans are, to stay out later that should cause these sleep patterns to change a bit, so, all things considered, my word count should drop proportionately to the winter solar cycles, dating patterns and time changes. We'll see. :)
I have a couple minor things to finish on a new rental house that should be finished this weekend. I was holding off on them till the tenant was settled in and had checked over everything.
I am putting an offer in on a pretty attractive house that I hope to get soon. If I get it I will be doing two to three months of rehab on it depending on how much I do on weekends/evenings and how much I hire out. That will pretty much round out the year for me.
I'll just be closing on a new SFR and beginning some rehab on it. It would be great if we could have it ready to rent bu the end of the year, but I haven't talked timeline with my contractor yet. I imagine it will be tough with three holidays.
#1. Rehab two more trailers and place tenants by Dec. 1.
#2. Because we have property management in place this year, I would like to take a breather from around December 20th- 25th to enjoy the holidays with family.
#3. Keep all of my buy and hold units rented with quality tenants. I have a rhyme that I say to myself whenever I get anxious, so I'll share it for anyone else out there that needs to stay positive:
"My tenants pay, my tenants stay. All is well with my rentals today," lol. Don't make fun; this has helped me get through a few restless nights.
I hope to finish up our new portal, CRM implementation, and data streamlining for investors by the end of the year so we can kick off 2015 with a variety of new campaigns.
We have 1 pending contract on the sale side (closed November 14th) and 4 projects for sale; 1 of which we're pretty close to locking down another contract on. We also hope to finish up 3 more by the end of the year and finish off or start building our other 33 projects.
I also hope to finalize our offering documents for our portal and lock down which lenders we'll go with for guidance lines heading into next year.
There are a ton of things I want to do next year, but what is detailed above should hopefully get done between now and the end of the year ;-)
My goal was three SFR rentals by the end of the year. I started in June and purchased two. My CPA has instructed me not to spend any more money until next year so I will not be able to reach my goal but should be able to purchase more than expected next year.
By the end of the year? You are making me think of how little time is left.
1. Close on the refinance of 35 houses in a 42 house rental portfolio, which will net back about $1.3 million in cash out. That way I can sell the remaining 7 next year and then own 35 Bay Area CA homes with only $500K left in the deal, all without increasing my debt service cost.
2. Start a similar refi on a second 43 house portfolio so I can try to replicate the results of the first one early next year.
3. Complete a dozen or so rehabs that are in progress.
4. Sell at least a couple of flips that are done and on the market.
5. Buy a few more flips and a few more SFR rentals.
6. Raise $1.2 million in working capital for a new venture I've been planning for 6 months and find a partner to bring in $20 to $25 million in short term capital.
7. Find a value-add Multifamily property to acquire (I'm not too hopeful on this one, the value-add MF market seems overbought).
8. Speak at a networking event in San Francisco in a couple of weeks.
Whatever you do, please don't point out that I have 60 days to do all of this, and get Christmas shopping done, I might just freak out. Whoops...too late!
I guess now y'all know why I haven't been posting on BP as much as usual lately...
@Brian Burke would love to have those problems. By end of year list.
1. (Rental house I am fixing up) Install new gas line to edge of house so I can install floor over studs in kitchen of house I am upgrading. Trouble shoot why the ceiling grid is carrying 19 volts(Think its the ballast) Install new floor, instal kitchen cabinets I sanded down. Drywall and paint for new tenant who has been begging to move in for 3 weeks.
2. (Flip house I bought last year in nearby town I was sure I had time to work on) Go to nearby town and trim in windows I installed this summer, paint trim if weather allows (probably not) winterize house for winter.
3. Close on house I bought this summer that handyman is going to buy as soon as his taxes from 2013 are filed and he gets his loan done.
4. Get new furnace in rental house I just bought before real cold weather.(Has 2 furnaces, one new, one about 60 years old with AC unit on it but won't run and no one knows how to fix it)
5. Find a new rental house I can buy with no money down. ( just got back earnest money back from someone who thinks their property with a value of $90K if fixed up who think a $60K offer insults them, place needs $25K in repairs.
6. Buy roofing materials for house I will put new roof on next spring when weather allows.
Sixty days? Open house today on a rental I own. Interviews. Screenings. Depositing rent checks...it is the 1st of the month ( I LOVE this day:):) Walking for dollars tomorrow with some specific properties going to be sold at auction.
Next week: paperwork paperwork and more paperwork. Already working on year end accounting, spending money to increase write-offs, etc.
Working with one investor that wants to buy before year end. They are out of state so a little more difficult than local buyers.
Work on my plans for next year with specific goals. Sell a business that I own and reduce distractions that take me away from RE.
Fly to Texas and visit family and friends before year end. I really don't see my family enough and time keeps moving on!
Set up a better system for managing rentals!
Last but not least get a picture taken for my profile.
We finally got non resident funding so trying to close a packet of homes and a multi-family and relieve the lender of around 7 mil :-). Both contracts set to close pre Xmas.
Would love to close on the unit I've had under contract since 9/11. Fannie Mae is trying to negotiate the HOA lien and holding up closing. It's $4,200, just pay it already!
Thank you for making our schedule feel doable by comparison.
We have a three property re-financing to arrange for execution in Q1.
The result of which should reduce our monthly debt service by ~$4,000 monthly.
As a buy and hold investor primarily, it feels to us a good time to lock in inexpensive long term funding.
We have three new potential partnerships to explore and structure, two of which would focus on markets we are familiar with but new to as investors.
We have a higher end flip to complete.
Additionally, we need to decide whether to continue with higher end flips or deploy the proceeds in to buy and holds in different markets.
We have a home renovation to finish, as our home was rented during our three year overseas assignment that concluded this summer.
(I am still in London while the family is home, so I should figure that out, too.)
And lastly, we may have a multi-family to buy in if the math improves some.
Hopefully that is all, other than mapping out a plan for 2015, some overseas flights, finishing listening to @Joshua D. and @Brandon Turner's first 20 Podcast Shows and reading Brandon's new book, and the day job.
Best wishes to everyone on their last 60 days of 2014,
Learning and networking in my area as much as possible! Will be hitting the ground by January full-throttle fashion. Oh- and getting the room ready for our new family addition due on December 27th!
Nov-Dec 2014: My husband and I will be sorting out our roles and goals, of which there are many, utilizing tools from Franklin-Convey, Suze Orman, and the book "Your Best Year Yet!" by Jinny Ditzler.
Real Estate Investor/Landlord Goals (for the conclusion of 2014):
1. Turnover a recently vacated unit in our 8-plex.
2. Work out how to successfully rent out that unit to one of my brothers. Knowing that renting to family is generally not a good idea, there is a need in my family to do this and I am confident there is a way to make it happen and result in a win-win.
3. Complete our accounting for Q3 and meet with our EA (enrolled agent) tax preparer to get a start on laying the groundwork for 2015.
4. Work with our Realtor in chasing down a good deal for an investment property purchase in 2015. She's looking and we're looking... with the address, she tracks down how to buy the property... we are considering distressed properties, abandoned homes, bank owned or those owned by tired landlords. We are prepared to make a cash offer to seal a deal quickly.
5. Attend the RE Networking Summit in San Francisco and Participate on a Panel.
6. Acknowledge our tenants for their continued residency and for taking care of their home, our property, with a $10 Thanksgiving gift card to a local grocery.
7. Put up holiday white lights at our multiplex properties. Makes the dreary rainy days of winter a little brighter!
1) Organize and host one of the largest undertakings of my recent life: The big RE NETWORKING SUMMIT IN SF on Nov 15 & 16. (So thankful for all the amazing speakers and investors from around the country that are joining in!)
2) Get another sublease deal
3) Turn another unit or two into AirBnB / short-term furnished rental units
4) Get 7 months off of '9-5' job
5) (by 5/30/15) Replace remainder of '9-5' job income w/ AirBnB and sublease income
6) Help mentor some newer investors
7) Raise rents (reasonably) on the 12 units I own/co-own/manage.
8) Continue doing monthly local meetups on-site at rehab or other properties whenever possible
9) Do some more volunteer work
10) Spend time with friends and family over the holidays
Great thought and energizing question Jon. I would like to finish up the little things on first flip. Start the rehab on second and get minor stuff done on rental and get it occupied. I can't believe we are so close to the end of 2014. Got some LT capital gains taxes to think about. Blessing to a All.
Great thought and energizing question Jon. I would like to finish up the little things on first flip. Start the rehab on second and get minor stuff done on rental and get it occupied. I can't believe we are so close to the end of 2014. Got some LT capital gains taxes to think about. Blessing to a All.
When do you plan to get flip number one on the market, Tom?