Roofing Job

Latest project is a 3/2 1649 sq ft house in a great East Vallejo neighborhood. Purchased for $153k and will be spending approx. $12k on rehab.

Will be putting new roof on, granite counter tops, new stove, tile in kitchen/bathrooms and some painting.

Permits - Mama Mia

The ongoing question - when to get permits and when to chance it!

Recent experience where I sent electrician in to get a permit to change out a panel.

Two folks from the Building Dept. pulled up an aerial picture of the house and told my electrician that it looked like the storage sheds at the back were less than the required five feet from the property line - Are you kidding me???

Withheld electrical permit until we could confirm. Lucky me - 4'2" - seriously!

Ended up demolishing one and looking for mercy on the second - got input from asst City Manager who said that was reasonable and I shouldn't have any trouble!

Remains to be seen.

Closing Tomorrow

This is a 3/2 1600 sq ft. home on a big lot in a very nice neighborhood. Sold for $177k in 1993 and we are closing on it tomorrow at $155k. Buyer in place as is (want to redecorate themselves) on an All Inclusive Trust Deed (have underlying investor) for $190k with $20k downpayment.

Latest Acquisitions

Looks like the bigger houses here in Solano are a good buy - two houses below, both light fixers - each $150k 3 bedroom, 2.5 bathrooms 1700 sq ft. both with nice views - can't beat that.

Rents $1795 per month. Have buyer for one at $185k as is with them doing the paint and carpet.

Women in Real Estate Event

I recently attended a Women in Real Estate event put on by SJREI.

Great to meet and listen to very experienced and successful women in the industry share their successes and failures.

Have closed on 5 properties so far this year - price ranges $52k to $115k and combination of condos and houses.

Two very happy rent to own tenants - both have been working for Kaiser for over 10 years and one referred the other to me - love when that happens.

Two regular rentals with possible future interest in seller financing or rent to own.

Fifth deal being rehabbed and will be ready by end of month.

Robert Campbell Economic News

Had a combination of fun and learning hanging out with Robert Campbell yesterday afternoon and attending his presentation at the Holiday Inn in San Francisco sponsored by BAWB.

Robert has a great book called Timing the Real Estate Market - invaluable to assisting investors in assessing market timing.

Two new properties in escrow - one which will be re-sold with financing and one which will be a long term rental.

Our Latest Homeowners Signing Papers

We were thrilled to be able to put one more family into homeownership before the year end. The young couple are here signing their documents - this was a seller financed transaction using an All Inclusive Trust Deed to wrap the underlying financing. How the numbers worked were as follows:

• Sales Price: $249,900 with $22k down and interest rate of 7.5%.
• Purchase/Closing/Rehab: $179,000.00 (Overall profit of $71k combined cash/paper)
• Monthly payment to them: $1595.00 plus taxes and insurance
• If renting: $1995/month
• Benefits to them - payment less than rent, PLUS write off for interest payments.
• Benefits to Investor: No responsibility for repairs/taxes/water/sewer etc.

My favorite type of deal :)

Signing out - Caroline Hegarty

http://www.solanocommunityinvestorsgroup.com/