July 2010 Goal Review

July was another on pace month for the goals.  We ended up purchasing four houses and selling one (a wholesale deal).  The good part is we have three retail deals in escrow and if things go as planned all three of them should close in August… well, realistically, maybe only 2 of them.

The market felt like it was slowing in June, but now we are not sure what do think.  There is no inventory out there and there are not very many retail buyers out there.  If the banks dump inventory it should make for a very exciting winter.

Summary

  1. We bought four houses.  If you recall, the one that had City issues and was supposed to close in June, closed on the 29th of this month.  It took a long-time to work out the details with the Seller.
  2. We sold one property, a wholesale deal to another investor.
  3. We rented 1 property, it turned out to a bit of an ordeal and there were a lot of maintenance issues on the house.
  4. Our major project of July was House #39, we should have it listed late this week and hopefully we can have it in escrow just as fast.

Get to 20 rentals properties (not units)

We are now at 22 rentals; we have upped the year end goal to try to hit 30 rentals.  That would really be an amazing accomplishment.  We purchased our first rental August 5, 2009 and bought 21 in the first 12 months as landlords.

Make 36 Purchases (Rentals, Retail or Wholesale)

Chances are we should beat this goal, I just don’t know by how much yet.  We have purchased 25 properties so far.  The bad news is we only have two purchases in escrow right now.  An agent tells me we are pretty close on another deal, so I am hoping the Seller gives us confirmation tomorrow.  So far this year we have been averaging about 3.5 purchases a month, so that pace would put as at 42-43 deals this year.  I’m all for it, but it has been getting harder to buy almost every month so hopefully we can keep the volume strong.

Make at least 10 Blog Posts per Month

I got an early jump on the blog posts and I don’t think I have posted for 10 days or so.  But I did hit this goal again.  Is there anything else you want me to write about?  Let me know in the comments.

In past months I’ve had Mike Z, QkNic, BJ Fitzgerald, Stephen J. Moore, and Jennifer post their goals in the comments section.  It’d be great if you could give an update on your progress in July and previous months?  If anyone else wants to chime in, I can mention you in next months review.

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3 Responses to “ July 2010 Goal Review ”

  1. Mike Z says:

    Closed 3 deals, 1 in escrow and several more offers outstanding. The market seems to be slowing with more inventory of all types which is great. Lets see how it takes before the government starts to meddle in the market again

  2. Jennifer says:

    Well…FINALLY closed our first flip of 2010. It took forever – at least we didn’t actually lose any money, but we didn’t make as much as I had hoped for. Our second flip has fallen out of escrow twice because of the co-buyer each time. We put it back on the market Friday and it looks like it will go to multiple offers again which would be nice. We should make more on this one. I have an offer in on my 3rd flip – should find out this week if I get it. We decided to just remodel our house instead of tear down and build new. It turns out it is just not our long term lot. I have my first listing as a real estate agent – it is my mom, but it is still a listing :)

    Congrats on all your goals!!! I don’t know how you do it…..maybe you can talk more details about financing so many projects at once? More details about construction would be interesting to know – how many people it takes to remodel, how you figure out your costs, subs or employees, where you find people, etc. How about insurance – do you carry your own workers comp, general liability, etc. Thanks!

  3. LA says:

    Steve, I’m with Jennifer, “the devil is in the details” 😉 knowing more specific things would actually help. Someone like me who is trying to learn so that I can then do it I would like to learn specific things, see actual costs, actual budgets and stuff that I can then use as an example when giving flipping a try.

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