It's March 2012, what did you accomplish in the second month

Buying & Selling Real Estate
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It's March 2012, what did you accomplish in the second month

Thomas Handy
Investor · El Paso, TX · Member since 2009 · 163 posts · 20 votes

I wish I could add something of value from February but my day job kept me at work too long and included my weekends. Such a bummer. I did contact a few Louisiana sellers but the numbers didn't work. BUT, I plan to make an offer on a Fannie Mae home tomorrow. The home's been on the market close to 4 months so we'll see.

If you missed the previous thread, here's it is:
http://www.biggerpockets.com/forums/48/topics/70693-its-feb-2012-what-did-you-accomplish-in-the-first-month

So what did you accomplish last month?

Tom

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Don Hines
Investor · Little Rock, AR · Member since 2010 · 628 posts · 251 votes
14y

I am very proud to enter this conversation this month. I finished a marathon rehab Jan 22. I put a sign infront of it and got some free traffic from the neighbor's ad in the paper. When that traffic dried up, I listed it with a flat fee service about Feb 15th. We did our second open house Feb 19th and got two offers. I put it under contract on the 23rd and closing is scheduled March 19.
Yippee!!! Rinse and repeat.
Don

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  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    14y

    Are you in the US? It's 2/29/2012......LOL

    I didn't do squat last month and I'm doing my best to keep it that way! Good luck in March....

    0Reply
  • Nathan Emmert
    Investor · San Ramon, CA · Member since 2011 · 1k+ posts · 569 votes
    14y

    Finished the Refi off the HML effective yesterday on my 2nd rental. The bank pulled a bait and switch at the latest minute (was supposed to be a 75% LTV cash out refi at 5.5%, end up being 65 talked up to 70% LTV @ 6.25%) but such is life. Still beats what I was paying and will get me by until this darn short sale finishes aging.

    In the process of trying to put two more rentals under contract. One will be bought subject to their financing after they finish restructuring it with their bank (bank seems to be all for me taking it over) and the other will be bought with the owner providing the 30% downpayment (same bank as above seems to be fine with that). We'll see how I do with these more "creative" techniques. The 2nd seller has another property he'll be putting up soon. If it goes well on this one maybe I snatch that one too and continue to quickly expand my holdings!

    0Reply
  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
    14y
    Originally posted by Bill Gulley:
    Are you in the US? It's 2/29/2012......LOL
    .

    Come on, Bill...everyone knows February 29 isn't a real day...sheesh...

    Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
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  • Don Hines
    Investor · Little Rock, AR · Member since 2010 · 628 posts · 251 votes
    14y

    I am very proud to enter this conversation this month. I finished a marathon rehab Jan 22. I put a sign infront of it and got some free traffic from the neighbor's ad in the paper. When that traffic dried up, I listed it with a flat fee service about Feb 15th. We did our second open house Feb 19th and got two offers. I put it under contract on the 23rd and closing is scheduled March 19.
    Yippee!!! Rinse and repeat.
    Don

    2Reply
  • Ray Johnson
    Involved In Real Estate · Little Rock, AR · Member since 2008 · 33 posts · 9 votes
    14y

    Don Hines Woooooooooooooooo! Congrats! If you close on March 19th, that leaves enough time to get to Denver for the Summit. You know you want to Don.

    1Reply
  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    14y

    Basically was doing work up to closing on my 3 commercial listings for my commission 1st week in March.

    Also part of an elite group that's part of a special seo casting system that will change everything.It's in BETA stage now.

    Might wholesale a few deals.Right now real busy with clients wanting to gobble up properties so I am not looking to buy and hold much.

    Podcast Guest on Show #47
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  • Jesse PollPro Member
    Real Estate Agent · St George, UT · Member since 2012 · 78 posts · 8 votes
    14y

    I got my D/I ratio inline and cleaned up old credit to get approval letter for my first property. Reached my goal for the month.

    I was surprised at how much I qualified for considering it will be a second home and the strict guidelines that I have heard about in today's lending.

    For March I am starting to look for a MFU 4plex to buy. My plan is to live in one as a tenant and let the other three offset the cost and pay for the property using a PM company so that I am simply a tenant and not the go to guy.

    My main goal for March is to keep focused on my classes in college. I have gotten sidetracked with BP and need to get focused.

    0Reply
  • Zachary Dosch
    Bismarck, ND · Member since 2011 · 142 posts · 16 votes
    14y

    Still trying to figure out a way to remodel and cash flow this 15,000 sq. ft. building I would like to buy. The project went from $500M to $1.3MM yesterday! Not ideal for my first rehab!

    0Reply
  • Nathan Emmert
    Investor · San Ramon, CA · Member since 2011 · 1k+ posts · 569 votes
    14y
    Originally posted by Zachary Dosch:
    Still trying to figure out a way to remodel and cash flow this 15,000 sq. ft. building I would like to buy. The project went from $500M to $1.3MM yesterday! Not ideal for my first rehab!

    Sure it is! Now what's it's paid off, you're a millionaire!

    0Reply
  • Zachary Dosch
    Bismarck, ND · Member since 2011 · 142 posts · 16 votes
    14y
    Originally posted by Nathan Emmert:
    Originally posted by Zachary Dosch:
    Still trying to figure out a way to remodel and cash flow this 15,000 sq. ft. building I would like to buy. The project went from $500M to $1.3MM yesterday! Not ideal for my first rehab!

    Sure it is! Now what's it's paid off, you're a millionaire!

    Getting it to cash flow and getting an accurate estimate on the work needed is the problem. I don't want to hijack this thread so I won't go on anymore. If anybody has any good ideas on how to handle General Contractors or keep costs down so the project can cash flow, please PM me. Ill resurect my old thread once I get the official bid before I set everything in motion.

    0Reply
  • Andrew Jones
    Investor · Los Angeles, CA · Member since 2011 · 242 posts · 61 votes
    14y

    I closed on a 6-unit building with seller financing that I will be holding onto as a rental. This aquisition is a great leap for me because it marks both my biggest investment property and the first time I used seller financing. I also started my first direct mail campaign using Michael Quarles yellow letters, an equity list from listsource, a grasshopper local voicemail number, and a UPS box.

    I also continued to educate myself by reading posts here on BP, I read Rich's book, I attended a local investment group meeting (FIBI in Pasadena), I read a summary of the E-Myth revisted, and I had lunch with a succesful real estate investor in my area. I registered for the BP summit to continue my education next month.

    My goals for next month are to get the 6plex 100% occupied with good tenants, get a property under contract to do my first wholesale deal using leads from my direct marketing, and continue my education. The last goal is pretty much garanteed becuase of BP summit which I plan to get as much as possible out of.

    0Reply
  • Don Hines
    Investor · Little Rock, AR · Member since 2010 · 628 posts · 251 votes
    14y
    Originally posted by Ray Johnson:
    Don Hines Woooooooooooooooo! Congrats! If you close on March 19th, that leaves enough time to get to Denver for the Summit. You know you want to Don.

    Hey Ray
    I hate that I have too many comitments already in March for the summit. Go pick these guys brains and learn a lot then come show me so we can bust Little Rock wide open this year.
    Don

    0Reply
  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
    14y

    My February was actually very busy and good (for the most part):

    - We closed on the purchase of 4 properties (our next four projects). Only downside is that 3 of them have 90 day deed restrictions, so they won't be resold as quickly as I'd like;

    - We're listing a good number of properties for other investors that we work with, and we got all 11 properties we had listed under contract to sell (hopefully all will close in March). This includes a property that we staged and listed for another BP member that we got under contract in 3 days;

    - Got our 2011 business taxes done, and while I have a pretty decent sized tax burden that I'm not thrilled with, our income from last year should allow us to expand our conventional credit limits, allowing us to buy several conventionally financed or Homepath financed rentals in 2012;

    - Started eating healthy and got my cholesterol down to a safe level -- this will allow me to save nearly $2000 in 2012 on health insurance and life insurance premiums! :)

    Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
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  • Bryan Hancock
    Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    14y

    -Taxes done and filed (ugh...we owe)

    -Closed construction loan for house on Sanchez Street and almost have permit to build

    -Working on several offers on rehabs and vacant lots near downtown Austin

    -Working on 33-lot development. Just got off the phone with a land developer and will work on metro studies soon

    -Finished rehab on one of my rentals in Ft Worth and placed on market for new tenant. Several tire kickers and no applicants yet

    0Reply
  • Brian LevredgePro Member
    Investor · Chattanooga, TN · Member since 2009 · 1k+ posts · 903 votes
    14y

    Closed on two houses and started rehab on both of them in addition to another one that I closed in January. Rehabbed some rentals and filled them (actually, my PM did), so shouldn't have to worry about them for awhile. Made some inroads with a small, local bank that will (hopefully) be setting us up with a line of credit which we will use to do even more flips. Started putting together a rehab budget so we can get construction to perm financing lined up for a five unit we picked up last summer.

    0Reply
  • Thomas Handy
    OP
    Investor · El Paso, TX · Member since 2009 · 163 posts · 20 votes
    14y
    Originally posted by Bill Gulley:
    Are you in the US? It's 2/29/2012......LOL

    I didn't do squat last month and I'm doing my best to keep it that way! Good luck in March....

    LOL! Yes I'm in the US. I looked at my watch this morning and somehow my watch didn't realize Feb had 29 days this year. I knew March 1 was coming and I thought it was here already. I told you I had a long month. :)

    0Reply
  • Toni D.
    Rehabber · Fillmore, CA · Member since 2011 · 116 posts · 11 votes
    14y

    In February we completed 2 Rehabs bought in January, El Monte & San Pedro in CA. Both properties are in Escrow, though we did have a problem with 1 potential buyer saying their lender will not loan on a purchase less than 30 days. We accepted an offer with less problem. We refer them to a lender who can close in 30 days, but chose not to change lender. Our goal is to go in and out as quick as possible. We also bought another sweet distressed home in LA, really distressed but when completed it'll be so beautiful! Rehab starts tomorrow!!
    Toni

    0Reply
  • Frank McGovern
    Philadelphia, PA · Member since 2009 · 97 posts · 31 votes
    14y

    Closed two wholesale deals, closing on my 1st primary residence on march 5th and closing on my 1st rehab project in 2-3 weeks.

    0Reply
  • Bienes Raices
    Orlando, FL · Member since 2009 · 2k+ posts · 282 votes
    14y

    Not enough, unfortunately:

    -taxes done
    -made first payment on new cash out refi (primary residence)
    -made one REO offer and one short sale offer -- both went nowhere
    -still waiting on my seller-accepted short sale from December (apparently they have a processor now)
    --did minor tenant repairs

    I need to step it up in the offer-making department

    0Reply
  • Rich Weese
    Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    14y

    Finished the Parade of Homes and have current offer on the home.

    Placed newly constructed Home under contract-to close 3-20.

    Started const. on another spec home. 2400 sq. ft. @ $299,000.

    The most important item-Finished presentation of Zero to Multimillionaire for Bigger Pockets Seminar in Denver!

    Rich

    0Reply
  • Jon Klaus
    Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    14y

    February turned out to be more productive than January.

    I got a ranch under contract with a big house on it. We have some hurdles to overcome to close on it, but are working on them.

    All units are now leased, except the ones that are for sale. One (for sale) is now under contract.

    This office building isn’t yet refinanced, but we have a closing date of 3/15. Started improvements on the building. I plan to rent out 3000-5000 SF by the year’s end, when the improvements to IH635 are finished down the street.

    Austin rehab is complete and on the market. No offers yet.

    Vacation cabin website is ready!
    http://www.caddostar.com
    I haven’t had time to really promote it yet.

    I'm really excited about March and ready for the Summit!

    1Reply
  • Jeremy D.
    Investor · Grand Rapids, MI · Member since 2012 · 74 posts · 8 votes
    14y

    All units are occupied, purchased one SFH cash to be rehabbed over the next 2-3 months, and have 2 multi-families under contract for March closings.

    BP has been a huge eye-opener regarding RE investing. I wish I had come across this site 4 years ago!

    0Reply
  • Thomas Blaine
    Rental Property Investor · Commerce Township, MI · Member since 2012 · 99 posts · 21 votes
    14y

    Refi'd primary into a 15 year fixed @ 3.25% no can out.
    Paid cash for, rehabbed & leased out a new rental
    Made an offer on a 12 unit MF, still haven't heard back

    It was a good month

    0Reply
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