Big Lot, 4 Bedroom, Another Rental – House #19

Big Lot, 4 Bedroom, Another Rental – House #19
On Monday, I  put another house in contract.  It has a huge lot, with almost an acre of land.  House #19 is on the same street as House #17 and we got it for a bit less than House #17. Land value right now is worth pretty much zero, the plan is to hold it and hopefully we can get...
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Month-to-Month Lease on House #14

Month-to-Month Lease on House #14
On Aug 5 we closed on House #14 and our renter started to move in yesterday (Aug 23).  The rehab turned out to be a little bit more extensive then originally expected, it turned out be pretty much as nice of a job as the flips. After reviewing all the paper work and laws I decided...
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Escrow Company Lost the Grant Deed – House #16

Escrow Company Lost the Grant Deed – House #16
Just a quick note for today, but I thought we where supposed to close House #16 yesterday.  I tried calling the escrow office three times and never got a return phone call.  After that, I called the Listing Agent and asked him what the deal is, he said he would call and get some...
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Close of Escrow – House #16 & House #18

Close of Escrow – House #16 & House #18
House #18 "Kitchen" Tomorrow we are closing our purchase escrow on House #16 and House #18.  We probably will not start the rehab process for 30 days on either though.  Both are likely going to go to an FHA buyer and we need to wait 90-days to sell to them, due to the...
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California Real Estate Auctions – Sell Properties at a Premium?

California Real Estate Auctions – Sell Properties at a Premium?
In July I was at a 3-day Real Estate seminar and one of the presenters was a California Real Estate Auction team.  When I saw them on the agenda I figured that they came to help banks liquidate mass inventory at great deals for investors. This particular company had the opposite...
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FHA Loan to Close Within 30-Days?

FHA Loan to Close Within 30-Days?
I am constantly whining about FHA loans and the approval process.  My posts on “FHA 90-Day Rule … A Major Pain” and “FHA 90-Day Rule – Revisited“  outline my frustrations with the process. But now, I finally have something good to say about the...
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Mortgage Delinquency Rates Up

Mortgage Delinquency Rates Up
MSNBC recently published an article about Mortgage Delinquency Rates Being Up.  Every REO office I visit the owners of the company talk about the new “wave” of foreclosures coming soon, this has been predicted for five or six months. I have heard Countrywide now BofA...
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Renting Our First House – House #14 (plus other updates)

Renting Our First House – House #14 (plus other updates)
The remodel on our first rental is coming along excellent.  Our contractor is very motivated to move-in so he is rushing everyone along.  The kitchen cabinets went in today, the granite will go in tomorrow. I am still at a pretty big loss on all the paperwork required to “do...
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Investing in a War Zones?

Investing in a War Zones?
One of the age old debates of real estate is should an investor buy properties in the “war zone” areas.  These properties usually go for very low prices because a majority of investor won’t touch this area.  The numbers almost always look good on paper, but what...
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Earnest Money Deposit on REO Properties

Earnest Money Deposit on REO Properties
When you submit an offer on any piece of Real Estate you will have to provide an Earnest Money Deposit on the property.  This demonstrates that you are willing to take action on purchasing the property and you actually have the funds.Your deposit is a commitment to purchase the property...
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