November Review – Still Moving Forward Slowly

It only took six days for me to get around to writing this review. Things went fine in November.  We have pretty much every rental we own occupied (with paying tenants), the market is slow, but prices are coming down (this will make me happy long-term) so we are pretty much good.

Summary

1. We bought two houses in November.  Both will be rentals.  We still have last months marathon escrow going, there is a title issue the Seller is attempting to resolve and bring in the original Title Insurance’s claims department.

2. We rented three more houses, right now I only have 1 property for rent that we just finished the rehab on this weekend.  One more should be coming up for rent in about two weeks.

3. We sold one house.  House #39 has been very happily sold and the new owner should be enjoying his new house.    I know I was glad to not have to make the hard money payment on that one this month!

4. The good news is we have some decent deals in purchase escrow (four purchase escrows open).  We are still trying to decide what we are going to do with them (retail, rent or wholesale), but most of them should work for any option.  An agent told me today they are just waiting for senior management approval on another deal, so that looks promising.

Get to 20 rentals properties (not units)

We are still at 27 rentals.  Last month I must have made a mistake in my calculation or something.  It looks like we will end up at 27 or 28 to finish the year.  This is a little bit disappointing as we probably won’t hit our revised goal of 30 rentals, but even if we stop at 27 that still makes for 19 rental purchases in 2010.

Make 36 Purchases (Rentals, Retail or Wholesale)

We are cutting this goal as close as ever.  I thought we would hit it easily.  At the end of the November we made it to 34 purchases, we have already closed one wholesale deal so that puts us at 35 houses.  We do have 1 more Fannie Mae deal that is setup to close 12/28, plus quite a few more escrows that I can push to close early if we need too.  That being said, I am pretty confident we will hit 36 and if things go good it might even be 37 or 38.

Make at least 10 Blog Posts per Month

I have been so busy, I keep shoving blogging to the bottom of the list.  I have some good ideas for posts, so I will try to get them up.
Happy investing.  How did everyone do on their goals in November?

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8 Responses to “ November Review – Still Moving Forward Slowly ”

  1. Nice job this year Steve. Setting goals and putting yourself out there to be accountable to them really is a great idea. It helps keep you motivated to accomplish them. We are going to fall a bit short of our goals but still very satisfied with the year.

  2. Codrin says:

    You’re kicking butt dude. Finish strong, people while others are slowing down this month.

  3. Steve says:

    Thanks Doug and Codi! You need to share your goals too, so I can make sure we all beat them.

  4. Mike Z says:

    Nice work!!! It looks like we will only get to 6 Purchases this year.

    I will need to up the purchase goal and also set a Private Money goal next year.

    Thanks for leading from the front

    Z

  5. Steve says:

    Mike Z, I’m glad you’re still alive! It has been a while, but maybe that’s because I haven’t been posting too much. How many units are you up to?

  6. Mike Z says:

    120 units, but more importantly we closed 18 deals so far in this down turn and our goal is 50. So I need to step up my private money game. I am offering secured 2nds on some of my recent deals at 12% with total LTV < 60%

  7. Steve says:

    Wow, Mike Z… 120 units that is awesome. I have a long way to go!

  8. Goldie Ochoa says:

    Nice job this year Steve. Setting goals and putting yourself out there to be accountable to them really is a great idea. It helps keep you motivated to accomplish them. We are going to fall a bit short of our goals but still very satisfied with the year.

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