Divorce, $19,071, remote rehab
Preview:
This is a semi-cry story, and its long; brace yourself.
In May of this year, my now ex-wife decided she would get a divorce. Mostly to take the money, the kids and the house. Due to that, I was out of the real-estate business for most of this year. In April of this year, I bought two REO properties in Toledo, Ohio - I live in Utah. I paid $7,000 for each. The person that sold me the properties claimed that he was going to property manage. I paid him $1,500 per property to do that. As I said, the... continue reading >>
Now I'm finally starting to get worried
Preview:
California, yes, the State, has cash flow problems, specifically with tax refunds:
http://www.latimes.com/news/local/la-me-tax-refunds7-2009mar07,0,1633884.story
Soooooo, is there a possibility that I can short-sale the entire State of California? Do you think they'll do a subject-to while I place a tenant buyer until I get the house, er, um, I mean the State resold? If California's "shares" become so low that there's a buyout, will it be Nevada or Oregon that buys California up? Or, maybe even Mexico... Weeeeeeeee! I wonder if I can get some rich Dubai investors to submit an offer. Is there an MLS... continue reading >>
My first short-sale deal (part 5)
Preview:
Payoff deadline on Thursday and today was Wednesday. Still didn't have funding fully committed. Still didn't have an end buyer. And $13,000 committed. Despite that, I was rather quite calm about everything. I wasn't panicky or spastic. I knew I had to bust @ss, but I had that "feeling" that it would all get done. So, I panicky (haha!) started to call people that I figured knew what was up. I got a hold of one guy that I've very much enjoyed working with before and he told me to just flat out ask for an extension. Hurm. I was... continue reading >>My first short-sale deal (part 4)
Preview:
Ok, let's see if I can get this wrapped up today. Yea, I know its been nearly a month since part 3, but recall from part 1 my "affinity" for blogging.So, we had gotten to the acceptance letter from the 1st mortgage. That was great, however, there were 2 mortgages on this property. The major problem with the 2nd was that nobody knew how to get in touch with them. The home owners had received one letter from the old company back in January that their 2nd had been transfered to a new company. Despite that, the... continue reading >>
My first short-sale deal (Part 3)
Preview:
The auction had been delayed. The lender said they would extend until September 18, 2008. That was great! Suddenly, it looked like this thing was really going to happen for real. The lender also mentioned that they would schedule up a BPO, since they now had an offer from me. This would be anytime from Saturday to 2-3 days later. Bleh! Well that put another time crunch on things for me. I asked them if they could get me the information of the BPO, but they said they would have them contact me. Fair enough. I'll be sure to have... continue reading >>My first short-sale deal (Part 2)
Preview:
(continued from Part 1)All this happened on August 8th with the auction scheduled for August 18th. 10 total days, 5 working business days. Now, the way I had been taught to do short-sales was to go over to their house and get everything signed and done in one shot - wham, bam, thank you ma'am! With this one, though, knowing that there were only 5 business days, I really wasn't too sure if it would actually work. Therefore, I decided to do all this piece wise. Why go through lots of trouble and paperwork and legalese if it... continue reading >>
My first short-sale deal (Part 1)
Preview:
I hate internet trendy. Therefore, I hate blogs, internet chat and myspace. How's that for setting the tone! Haha!Anyways, I've just completed my first successful short-sale, so I figure I should write about it. Despite my disdain for blogs. So, this all started back in January/February of 2008. I found this homeowner that was in default. I noticed that the property was just around the corner from my own home. Now, if anybody ever tells you that investing in real-estate in your own neighborhood is not the way to go, they're lying to you. Either because a) they don't... continue reading >>
So here's my dilemma
Preview:
In general, I love to work on and see a project complete successfully. I currently work as an IT computer administrator, and there is a never ending line of projects to complete and I love the feeling of completing them successfully. Thus, I figure that I can carry over that into real-estate. And I can... as soon as I get to the point of working on the (real-estate) project. I have done it on short-sales and I love it when those complete successfully. I have had other short-sales that didn't complete, but, for the most part, that was Ok, because... continue reading >>