It's June 1, what have you done lately?

It's June 1, what have you done lately?

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

I've been extremely busy lately with work, coaching, and working on a few deals. And preparing to move at the end of the month.

My teeball team lost last night but it was a great season. I saw kids make a lot of progress.

I've been working on a unit event that could attract up to 500 people to my organization tomorrow. I can't wait till it's over. But I worked with people in my unit, managers on post for the visitors coming, as well as talking to the local media to publicize the event for visitors coming from Sulpher, Lake Charles, Alexandria, Deridder, and others.

Let me get to the meat of the post. One deal I am working on is a 3 bedroom SFH. The process is taking longer than expected since the bank took longer getting the paperwork together. The good thing is the home has a renter. The bad thing is the property manager. I talked to the PM and told her I wanted to add a railing on the front porch. She gave me a couple of phone numbers for me to call the contractors. To me this showed me she was lazy. If I'm about to pay her 10% a month I could rent the home myself. As Donald Trump says "You're fired". I'm calling a few PMs over the next couple of days to take over managing this house.

The second 3 bedroom home I'm buying from an investor for 3K; I would take over the loan from the owner. I got an appraisal and the home came in for $68k. The home just needs some cosmetic work down and then the place can be rented for $750 to $800.

The best part is all of the money I've used for these deals will come from a loan I got through Lending Club.

I'm still working on my presentation for getting private investors and I plan to get that started soon.

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Note Investor · Pasadena, CA · Member since 2009 · 849 posts · 544 votes
14y

Earlier this month I sold/closed on a property that was more of a headache than anything else. At least it's off my "to-do" list.

I just had an offer accepted on a 3-note portfolio, and I have a seller literally begging me for an offer on another note.

I had a very productive dinner with the SEVP/CCO of a local bank, which I am certain will lead to something good.

Finally, I had 2 family members who have done deals with me in the past approach me with some more money they "found."

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

    I closed on Rental #4 on Wednesday... went straight from that closing to the inspection of Rental #5 which should close here in about 2 weeks.

    My accountant won't be thrilled with me this year, but things are moving right along. Negotiations still continue on a few others (hard to negotiate with people in their 80s out of state, oofta)... I'd love to be approaching 10 rentals and 25 - 28 units by the end of the year. We'll see how long this bank keeps the 100% financing offer going!

  • Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    14y

    I always enjoy these posts as they allow me to reflect back over the last couple weeks and think about what I accomplished and what I should have accomplished. For starters my first several contributions were posted to the Bigger Pockets Blog and I have several more completed drafts and others in work. In my own real estate world we finally closed on the duplex we had under contract after a halt for tax lien issues. We established a full project timeline and budget, scheduled the contractors, pre-ordered most of the materials, acquired the historic division permit, received renovation permits and have the dumpster in place for demo starting tomorrow.

    While the past month was very busy the next month will be even busier. We will be celebrating two birthdays and an anniversary, going through a busy time at my day job, managing the renovation on the duplex, and moving 700 miles…all in a 30 day window. It should make for a very exciting month!

  • Investor · Member since 2009 · 132 posts · 30 votes
    14y

    I closed on a 4/2 buy and hold last week and got the renovation started, should be done in 2 weeks. I purchased this with parrtner and agreement is that he will get a line so we can buy another.

    I am closing on a 3/2 flip in two weeks. This willl actually be a bit of a shift for me as everything I have purchased to date has been a buy/hold, a few I have flipped but didnt buy with the intention of doing that. I am excited about this becuase it certainly changes the renovation scope and welcome the challenge.

    I was able to refi an 11 unit that I had funded via private money. There was a little luck and a good relationship with a local bank that allowed this. I just finished renovating all 11 units and had 2 occupied at the time of refi. I happened to mention this to a branch manager and she said she would be interested in taking a look. I have done quite a bit of business with them and its one of those banks that I intentionally go in every month to make mtg payments to get face time. I was able to apply and close within 3 weeks.

  • Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
    14y

    This week, I bought a nice 3/2 subject-to lender, HOA, and tax challenges. I love me a good challenge.

    I started marketing to two new farms. A small test from two weeks ago generated 6 calls, and one serious offer that's still in the works. Good times.

    I rescinded an offer before it went into contract when my second visit to the property was early on a Friday night. The street had more than one drug vending house. This wasn't the hood or a war zone. It an old ag subdivision with 1/2 acre lots. I would have been taking on an entrenched tenant so would have been dealing with that for a least 2 months. Love the houses and properties in this area, but I had promised my husband no more props in areas where I can't go at night.

  • Banker · sydney, Nova Scotia · Member since 2008 · 100 posts · 8 votes
    14y

    I'm closing on a duplex today that I picked up for 35k. Rent is 700 per unit so it shoud do well. Both sides are currently rented but I don't think I'm keeping the tenants. This will be units 28 and 29. The last couple of years I've been busy at work and kind if put the rentals on auto pilot. Not growing just maintaining. I just hired a contractor to handle all my maintenance so I can focus on growth. Looking forward to te next couple of years and the potential growth of the business. Getting tired of my 9-5 but not quite ready to quit yet. Off to the next deal.

  • Investor · Hopkinsville, KY · Member since 2012 · 111 posts · 40 votes
    14y

    @Stephen Leblanc so you bought a duplex for 35K and it will have 1400 income? That’s awesome! It is so hard to find deals like that in my area. There are a ton of investors here. You just don’t see rentals with that potential sell here. I wish I could find an opportunity like that in my town!!!! Cograts!

  • Residential Real Estate Broker · Clinton, MD · Member since 2008 · 297 posts · 178 votes
    14y

    Just left Madrid and spent the day walking around Brussels. I've closed on two properties this year. Both around 40k, one is rented for $1600, the other is For Rent for $1550 a 3/1 1/2 if you're looking (DC Metro area). Passed the Maryland Bar and am studying for the Broker's exam. Fired my property manager in Alabama and found a great one. Waiting to hear on two other offers.

    Been busy, got to pay for my winter trips to Morocco and Hawaii.

  • Mobile Home Investor · Spanaway, WA · Member since 2008 · 1k+ posts · 578 votes
    14y

    Andy N. your words will be self defeating to you. As long as you keep telling yourself that you can't find deals like that in your area - sure enough you won't find any. There are deals in every part of the country. You need to have your eyes open to find them though. By telling yourself negative items - you will never see any of those good deals. I read a book when I was young called "The Power of Positive Thinking". Then there is the story about the train that took the attitude "I think I can, I think I can". Start changing your words around from being negative to being positive and see if things change for you!

    As to what has been going on - I have been in the process of refinancing a MHP. Hopefully we will get things completed next week. A 30-year amort with a rate lock of 3.85% for the first 5 years then it becomes an ARM. It will save a few dollars from the current rate of 6.875%.

  • Note Investor · Pasadena, CA · Member since 2009 · 849 posts · 544 votes
    14y

    Earlier this month I sold/closed on a property that was more of a headache than anything else. At least it's off my "to-do" list.

    I just had an offer accepted on a 3-note portfolio, and I have a seller literally begging me for an offer on another note.

    I had a very productive dinner with the SEVP/CCO of a local bank, which I am certain will lead to something good.

    Finally, I had 2 family members who have done deals with me in the past approach me with some more money they "found."

  • Investor · Westminster, CO · Member since 2009 · 1k+ posts · 1k+ votes
    14y

    With the death of my father in February, things have been on hold so far this year. Plans are to sell 3-4 rentals and buy 8-10 SFR rentals. I am meeting with my Realtor on Monday to get two on the market. I have another Broker checking some out of state rentals that I may want to purchase.

    Oh yes, my father's house, in which I am currently living, has 1950s electrical switches and plugs, 1960s windows, 1970s carpet and 1980s window coverings. Needless to say, I am doing a "flip" of the house I am living in. Electrical and paint is done, hopefully carpet next week and windows in July. For all you flippers out there, have you ever flipped a house you were living in?

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

    Like many of the other posters in this thread, I've also had success in closing the sale of two spec homes in May. My most recent spec was completed yesterday and took exactly 90 days start to finish. It came out really nice and should make a nice return.

    I always have time for fun and yesterday my wife and I booked a cruise for 88 days beginning January 10. (Vikram- we're coming to India!) We leave tomorrow for Las Vegas and a four-day celebration of my birthday. Staying at Trump Tower for the first time.

    I've also been able to maintain my 99% occupancy in the over 200 rental units I have. With rates continuing to decrease, I'm also looking to close a couple of refinances on several free and clear properties.

    Rich

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

    Rich Weese I thought you retired, that's not retirement....LOL

    I just cashed checks fell into a wierd short sale that I'm not going to profit from and made a couple (okay, maybe more) posts here...now that's retirement!

  • Investor · El Paso, TX · Member since 2009 · 163 posts · 20 votes
    14y

    Nathan Emmert That's great what you're doing. What type of deals are you buying now that you've hit the 4 homes - do you have a bank that will work with you?

    Tom

  • Investor · El Paso, TX · Member since 2009 · 163 posts · 20 votes
    14y

    James Vermillion Are you moving to a new location for work? Where are you going to?

    Tom

  • Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    14y
    Originally posted by Thomas Handy:
    James Vermillion Are you moving to a new location for work? Where are you going to?

    Tom

    Tom, my USAF commitment is up and I have decided to pursue other opportunities (including growing my business) back in Lexington, KY. I am very excited, and a little anxious for the move.

  • Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
    14y

    Probably not what you were looking for but I like to take summers off to hang with my kid. Who am I kidding, I like to take most days off to hang with my kid. Spent today finalizing trading up to a 37' Powerboat.
    Gonna be a good summer on Lake Michigan!

  • Investor · El Paso, TX · Member since 2009 · 163 posts · 20 votes
    14y

    Eric Michaels
    Spending time with your kid is just as important as buying real estate. Kids these days need as much love and attention from their parents than before.

    Tom

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

    On the back of my Book I have a photo of my 6 kids and wife with the caption "best invesstment this Author has ever made" Family.
    I still believe it. Rich

  • Specialist · Phoenix, AZ · Member since 2011 · 698 posts · 629 votes
    14y

    I've spent time on the Florida online tax lien auctions. This is the 3rd year for me of observing, but also the year I gather the data from most of the counties with websites. I'm putting the data into a database with all the results.

    I now can see where the big money invests, what they bid on and where. Now I can concentrate on where they don't bid that has good underlying properties and I can get 15% to 18% rates.

    I also see some very interesting strategies from some of the tax lien certificate funds and managers. For the last half of 2012, I'm going to be spending some time learning how these managers are running their funds.

    My day job is working at a firm that does accounting and reporting and I see what Private Equity investments are returning. I can do better than most of them by investing in tax lien certificates (in the current economic environment). Seems like an opportunity...

  • Investor · El Paso, TX · Member since 2009 · 163 posts · 20 votes
    14y

    James Vermillion
    Thx for your service. Looking forward to your future posts on real estate.

    Tom

  • Real Estate Agent · Weatherford, TX · Member since 2011 · 726 posts · 284 votes
    14y

    Yesterday I finally had a "real" conversation about my RE plans with the person I hope will be my 1st private lender. Comes to find out, he was "ready" to help when I first mentioned it months ago, but I wasn't ready. Damn the ***-dragging. Lesson learned. He's asking me to get a TX real estate sales license. I was going to anyway, but now I'm even more motivated.

    Since I have less than $1000 to contribute towards any deal...he wants to see my commitment...saving for and scheduling the course, completing the course, and passing the test will show him that I can make the commitment and follow through. And then there's the much-needed MLS access to run lots of comps.

    So, here we are. I have a truly interested PI, and a to-do list :)

    Wow, It's finally happening. All it took was a knowlegeable conversation, a business plan, and a good spreadsheet (Thanks to J Scott, I took a few of his and made them work for me).

    It's been a great week. Next up...budget for RE course, and talk to a flooring contractor I know who would make a GREAT project mgr.

  • real estate agent and investor · savannah, GA · Member since 2012 · 25 posts · 8 votes
    14y

    After calling tons of lenders I finally found one that would finance me for my move to Kansas. I am looking to purchase a owner occupied duplex (rent one side), however within the last year I had 3 new mortgages so it was hard finding a lender that would let me use the rental income without the 2 yr wait rule.

    5% down 3.75% interest on 30yr fixed mortgage now I'm house shopping and preparing my family for the move.

  • Investor · Mission Viejo, CA · Member since 2012 · 627 posts · 204 votes
    14y

    We closed on a 4 bedroom, 2.5 bathroom, 1,648 square foot house built in 1999, with a one acre lot for $104,395.08 total cash in an area with good schools on May 25. It needs nothing, as the seller had painted it inside and out, and put in nice quality carpet. Perhaps is was children selling their parent's house? The price seemed too low for the seller to be a flipper.

    We are set to close on June 15 on a foreclosed 4 bedroom, 3 bathroom (one bath and bed separate over the garage excellent for a college kid or...), 2,248 square foot house built in 2001 in an area with good schools for $111,500 plus some closing costs and $2,000 in repairs (one furnace, two ceiling fans, some shrubs, a piece of trim).

    Both are priced way below construction cost.

    We'd like to buy one more newer house in Las Vegas, but doubt we'll find anything until the forclosures resume in Nevada.

    We're researching tax deed sales and flipping in California.

    I'm finishing the restoration of a Western Air Patrol (California Western Auto) W492 console radio with a colorful mirrored dial, top of the line in 1936.

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

    @Thomas

    I'm buying everything through a local portfolio lender right now. I'll begin refinancing into conventional here in July. I'll have both 2 years seasoning on my short sale and 6+ months on my rentals to switch them over. I'd like to get my credit score up over 720 before hand to drop the rates a little bit but we'll see what happens. Hard to get the score to rise when you keep putting new accounts on the report :(

  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
    14y

    We've put 4 properties under contract to sell in the past two months, all at full price. Three have sold and the fourth is scheduled to close in about 2 weeks. So, it's a been a good couple months on the sale side.

    On the buying side, things have been slower. We are in the middle of rehabbing one property, have one under contract to buy, and have about 20 short sale offers in various points of negotiation. Regardless, it hasn't been enough to keep us as busy as we'd like, so we've undertaken two new tactics:

    1. I'm partnering with Marty Boardman and his business partner on starting some rehab operations in a city that's new to both of us. We currently have our first property under contract there, and are looking for a bunch more (one or more of us will be getting licensed there to provide MLS access for deals and comps). We're even working with a couple BP folks in that area in various capacities. More on that when we get more situated and have operations up and running.

    2. I started some direct mail marketing for the first time (I posted a long blog post on this today on my blog if anyone wants more info). The first set of outgoing mail (1000 letters) was targeted at absentee owners with equity in their properties. Over 8% (84 people) picked up the phone to call the number on our mailer. About 2/3 of those were hang-ups (it went right to a voice mail that probably turned off most of the non-motivated sellers, which was our goal), but we did have almost 30 people who left messages. We've successfully gotten back into contact with about half of them so far, and there are two potential deals from that group -- we'll know more this week.

    We also are about to launch a big direct mail campaign in the coming weeks with a different strategy in mind (I don't want to divulge before we start)...I'll have more to say about that in the coming months if anyone is interested.

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