House #14 – Close Escrow 8/5

P7010029House #14 is finally going to close escrow tomorrow (Aug 5).  We have a renter that will move in on Sept 1 or sooner.  Our main contractor is going to rent it and we said he can move in rent free if he can finish the remodel earlier.

I have an insurance policy that will start tomorrow and I need to get the pool working and full of water before the insurance inspector gets out there, as that is a big require of a property being insured.

One of my tasks this week is to get some information on all the forms required to get this process started.  We bought a course and tapes from Mike Cantu, who is one of the experts on owning and renting property in Southern California.  I am excited to see what kind of data it has in it.

On other fronts, we have been making a lot of offers and connections with new agents.  The market is still very hot out here and tomorrow an REO agent thinks the bank will accept our offer (on a second rental home).  It is a little bit far from our place (about 30 mins south east), but it is a smoking deal.  We are buying it at 10% of what it sold for in 2006, if we get it!

There are two properties we would flip that we are getting close on, one has gone to highest best twice and the top bidder has backed out both times.  We just leave our offer at the same number everytime and we are hoping the bank will give us a chance to close escrow at our number.  We will!

Not much else to report.  I spoke with my accountant today and I am working on some tax planning, if I learn anything that I think is unique or valuable I will be sure to post it.

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