June 2010 Summary

June was a great month, we put a ton of properties under contract.  Sold a house and bought a bunch of houses.

I am a bit uncertain about the market right now, it seems like the retail buyer action has cooled a bit.  Investors are even more aggressive, so the margins have completely disappeared.

1. We bought five houses.  A sixth one was supposed to close yesterday, but we had some issues with the City, so we are still trying to sort that out.

2. We sold one retail deal.  It worked out pretty good.  It was pre-90 day FHA transaction.

3. We rented 3 properties.

4. Cash flow has been pretty tight this month as we closed a ton of properties and I need to work on getting them set up with long-term financing.

Get to 20 rentals properties (not units)

We are at 21 rentals now, possibly 22 (depending if we find a wholesale buyer or not).  So far I really like being a property manager.  It’s a lot of work, but the truth is no one cares for your property as much as you do!

Make 36 Purchases (Rentals, Retail or Wholesale)

We are officially half done 2010.  I am three properties ahead of schedule at 21 purchases.  July should have at least 4 closings in it too, so that would put me a bit farther ahead too. We want to ramp up to 5-6 purchases a month for the rest of the year if we can, but we will be forced to wholesale at least two of those.

Make at least 10 Blog Posts per Month

I knew if I put it in writing it would happen!  Written goals are the key to success people.  The blog traffic has really picked up again now that I am being more active.

Everything else is pretty boring, all the rehabs are going pretty smooth.  The massive fire damaged House #39 is coming along great, we’re passing inspections left and right and actually will be dry-walling next week.

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4 Responses to “ June 2010 Summary ”

  1. […] Real Estate Investing: The Power Of “Written Goals” Posted by: stan | Category: Flipping Houses, Real Estate Investing, Rehabbing Houses, Short Sales […]

  2. Luis says:

    Steve, I have read quite a bit on your blog and I apologize if I missed it but how are you financing such a large number of purchases?

    Are you using 100% private money, your own funds, bank money, what?

    I couldn’t find any financials on any of your properties so I just want to learn how you are doing it if you don’t mind discussing it.

    I am an investor and rehabber myself and I can only dream of keeping up with you!

  3. Steve says:

    Luis – pretty much everything we do is private hard money. My interest rates are high so the deal really has to make sense for me to keep it long-term.

    I do get loans based on ARV versus purchase price. Otherwise, I’d be out of money a long-time ago.

  4. Luis says:

    Steve, thanks for your response, sorry
    for not replying sooner.

    For the properties that you hold long term are financing those with some kind of long term hard money loan (if there is such a thing)?

    I ask because, like you I am working on rehabbing and reselling properties and I can fund those fine up to a certain amount but I am also wanting to acquire some rental properties since I am coming across some outstanding rental deals. But since I am self employed I am not able to buy these properties with conventional loans.

    Thanks.

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