For the small, but loyal group of regular readers I have sorry for the lack of posts this week. I have been busy.
We closed four purchase escrow in August, four purchase escrow in September, and have four purchase escrows lined up to close in October. Quite frankly, I have been trying to keep up with all the stuff involved to make this happen.
The good news is I have had a very productive week.
House #23 – I got the deposit from the wholesale buyer last Friday. He is going to fund my escrow on Monday and we should have the paperwork sorted out, the property in his name and the commission check by the end of the week. Hopefully, everything goes as planned.
House #25 – This is the duplex we have been marketing for wholesale. We got a couple full price offers, but with the absolute lack of inventory we are going to keep it. Once it is completely remodeled we will decide if we want to sell it or keep in our long-term inventory. I’d rather sell it, but it depends on the price.
What has been occupying most of my time, I setup business cards, a web site, rental applications and a whole boat load of paperwork for a rental management company. I don’t really want to manage other peoples rentals, but I want to be known as the property manager and not the owner of our properties. So, if I am evicting someone, I can basically say, “the owner has a no 3-day policy and is forcing me to evict you.” I am thinking that conversation will be a lot easier if they don’t think I own the property. Many landlords try to look like a small time operation on purpose, but I figured I want to start with a professional presence and play it by ear. We will see how it goes.
House #19 – Looks amazing. It is finished. Way, way to nice for a rental. We have another person that is a friend of a friend of one of our workers that wants it. He should send us a rental application tomorrow and we will see if we rent for him. If everything looks decent, I will probably be out where he lives tomorrow and hand deliver the rental application to his house to see how clean it looks inside.
We are out hunting for three to four more acquisitions for November, but the inventory sure is not exciting. Most days this week I couldn’t even make a list big enough of exciting properties to even bother looking. Very disappointing, I really feed bad for all the REO agents out there. They truly got nothing for listings. I got a couple other strategies I am working on to get some stuff under contract. I am really excited about one idea, I will post more if it works.
One last thing worth mentioning, my insurance agent is working on a blanket policy for my properties. She said if you carry 10+ all the time it is worth it, and I think I have exactly 10 right now, so she is working up a quote. Once I get some more info on pricing I will dedicate a post to it, if it is worth it.