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

Buying & Selling Real Estate
14yFollow

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

Thomas Handy
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.

0Reply
36 views

Most Popular Reply

Loc R.
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."

2Reply
See this reply in the discussion

37 Replies

Jump to latestLatest
  • Terri Pour-Rastegar
    Rental Property Investor · Charlotte NC Fort Mill SC Lake Wylie SC, SC · Member since 2009 · 174 posts · 103 votes
    14y

    I finished my latest rehab and got a great new family in there. They love the house so much, that the wife cried and hugged my neck when I handed her the key after the pre-move walk-through. Actually, it's a favor for a cousin--not my house. This cousin is a single mom whose husband passed away unexpectedly 2 years ago. She was burning through the small insurance money she got from his life insurance, so I suggested rentals. She is in another state entirely and has no clue regarding real estate. But she entrusted her little nest egg to me, and I feel confident I have done well by her. She had a little less than $100K to invest, and with that I helped her acquire, renovate and fill properties which net her about $1800/month. She is thrilled. So am I.

    Also, in just 3 days, I got new tenants into the very first rental house we acquired. We bought this house 12 years ago and renovated it head-to-toe ourselves. It's our baby. My new tenant is madly in love with the house. So am I. ;)

    Now I'm taking the week "off"--of rehabs at least--to catch up on accounting and household whatnots.

    Next week, I've set up appointments to see more properties--for myself. Got to get re-focused on my early retirement goals!

    0Reply
  • Justin S.
    Residential Real Estate Agent · Chandler, AZ · Member since 2009 · 1k+ posts · 928 votes
    14y

    It's been a busy couple months:

    Two flips closing this month and one going on the market this month.

    I have a listing closing this month and a closing for my buyers,

    Two new remodels I'm buying this month and recieved another approval on Friday, not sure when I'm closing yet.

    I also started a direct mail campaign of 500 letters targeting out of state absentee owners who bought 15 years ago.

    Put 9 other shorts under contract and waiting on approvals for those.

    0Reply
  • Account Closed
    Member since 2010 · 4 posts · 0 votes
    14y

    Finished rehabbing a 3 unit that I closed on in Jan after getting the deadbeat tenants I inherited out. Went from $900/mo Gross income (when they paid) to $1800 who are doctors and professors and I could probably get more next time around.

    A partner and I finished a flip in late January and had it sold and closed by early March with a 35% ROI.

    As a Realtor, I have over 6 million in written sales so far this year with half set to close by mid July.

    I also have 3 properties under contract. 2 duplexes and a SFH. We will flip the SFH after the tenants decide to move out.

    I'm probably going to buy another 3 unit as well, but I'm not sure until tomorrow.

    0Reply
  • Jon Klaus
    Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    14y
    Originally posted by Eric Michaels:
    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!

    Pictures? Have a great summer!

    0Reply
  • Ben S
    Real Estate Investor · Jacksonville, FL · Member since 2010 · 43 posts · 3 votes
    14y

    As a newbie, I've finally obtained the funds to safely invest in my first buy & hold - So this month I've been doing nothing but debating over myself on two decisions - talk about feeling like a slacker compared to you veterans out there!

    Just debating two directions, which I would aim to do by the end of the year (give or take depending on when a good deal happens in my area!):

    1) Based off experiences with the type of SFR to invest; I'm thinking of moving my wife and I into a nicer suburb (housing ranges from 120k+, rents in the $1.2k-1.8k range) - but won't make the jump until I find something around 100-120k so I can rent it out in the future if I chose to move.

    If I did this, I would rent out my current townhome (purchased for $75k & built in 2003, rents for about 950-1100 in very desirable location in Jacksonville)...

    Option 2 would be based on trying to leverage more cashflow to help feed future investments:

    2) stay in my townhome, and drop 25% on a SFR around the 70-80k range that would rent for around $800-1k a month, but the homes in these areas would be ones built in the 1970s concrete block style.

    I feel like former option would best my investments for building wealth as I do not currently depend on real estate cash flow as a source of income.

    On the other hand it feels like having a starter investment that yields more cashflow would help seed future investments.

    Thoughts are always welcomed!

    0Reply
  • Eric M.
    Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
    14y
    Originally posted by Jon K.:
    Originally posted by Eric Michaels:
    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!

    Pictures? Have a great summer!

    Thanks, we'll see if this image upload works

    [img]https://plus.google.com/photos/111255902681464921898/albums/5750190562029971969?authkey=CMCK6fymiYGBOw[/img]

    or [url]https://plus.google.com/photos/111255902681464921898/albums/5750190562029971969?authkey=CMCK6fymiYGBOw[url]

    0Reply
  • Raymond B.
    FL · Member since 2009 · 2k+ posts · 357 votes
    14y

    Eric Michaels,
    Linked for you:

    https://plus.google.com/photos/111255902681464921898/albums/5750190562029971969?authkey=CMCK6fymiYGBOw

    Raymond

    0Reply
  • Mike H.
    Rental Property Investor · Manteno, IL · Member since 2009 · 2k+ posts · 2k+ votes
    14y

    Closed on two rental properties in a good area thats 5 minutes from home. And just had got my 3rd one under contract today
    in a nice area thats only 10 minutes from home.

    The third one will bump me up to 17 sfh's.

    The financing seems to really have opened up some recently.
    Not getting anywhere near as much pushback from the local
    banks and I think I finally found a broker that can do 5-10
    again - although I only have 2 conventional sports left.

    This year is on pace to be a fantastic year. My goal was
    to add 3 houses this year and I believe I'm going to
    lock up 5 at the rate I'm going.

    If I can get to 25 houses before the prices start returning
    to normal, I'll be pretty happy. I know I'm going to look
    back at this time period and pinch myself for seeing the
    opportunity and jumping on it.

    I can't imagine where I'd be in a few years had I not
    done this. There is a light at the end of the tunnel
    and its being powered by real estate. :-)

    0Reply
  • Levi Gale
    Real Estate Investor · Tempe, AZ · Member since 2011 · 102 posts · 27 votes
    14y

    Well May was my first month home in almost 3 years, so naturally I took a 10 day vacation out of state. Most of this month was catching up with people, but I did accept two offers on my latest rehab. Two being the issue though, the first offer had a death in the family and backed out. This latest one is looking good and is set to close in just over two weeks.

    I expect June to be filled with networking (just signed up for the AZREIA meeting), and I'm also hoping to make serious progress on building a team. I have set a meeting with a couple CPA’s, and one is thanks to a recommendation from this site. Oh and if any AZ locals have any contractor recommendations please feel free to shoot me a PM.

    To sum it all up I accepted an offer, and other than that I just enjoyed finally being home.

    0Reply
  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    14y

    It has been very busy for me over the past few months. Closed on the exit of a deal with a sold price of $1,175,000 which made a very handsome net profit. Got a 7 figure spread deal under contract for puchase, had been working on this for well over a year!
    Locked up another short sale deal that will return 6 figure net profits once the bank approves the contract. Keeping fingers crossed on that one.
    Just got approval on another short sale purchase which will be an easy and standard rehab flip, should take 3-4 weeks and have average returns.

    Have been working on a new business (real estate related) that is online and will help rehab flippers and buy and holders, should launch in CA next wek finally!

    Still looking for Doc Emmit Brown to invent that cloning machine, only one of me is not enough anymore to get it all done. Perhaps his time machine would be helpful too!

    Podcast Guest on Show #130
    1Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    14y
    Originally posted by J Scott:
    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.

    I'm always interested in what you guys have going on. Reach out and let me know what's up your sleeve. Let me know if I can help in any way. I'm sure you are going to hit it big whatever it is.

    Podcast Guest on Show #224
    REI Nation4.578 Reviews
    WebsiteView Page
    0Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    14y

    My business is a little different than many others on here and business has exploded. We have completed 259 transactions (investment properties) with investors since Jan. 1. Our management company crossed the 1,200 property mark in Memphis and we are adding between 45 and 60 each month. We are managing portfolios for 451 investors worth conservatively $101M as of June 1.

    We launched a second market and just completed our 18th deal this year in Dallas. We are behind schedule, but based on the number of offers we are making now in Dallas, think we will hit 50-60 transactions there for 2012. We entered 2012 with a goal of completing 420 transactions and have revised that for the second half of the year. The best part is that our monthly breakdown of business continues to be 60-65% returning investor wanting to add to their portfolio and 35-40% new investor making their first purchase with us. At this rate that will continue to tip toward more returning investors as the new investors being added each month compound as returning investors. There is a lot of opportunity out there and it exists in every market. You just have to go start making it happen!

    Podcast Guest on Show #224
    REI Nation4.578 Reviews
    WebsiteView Page
    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free