Recent Activities

Well, we have had NO offers on our house listed on the MLS even though we dropped the price to $219,900

We do not want to have the house vacant going into winter, so we are seller financing the house to a lovely couple and their two daughters who are moving from Burlingame.

Our deal will be a purchase price of $249,900 with 10% down, 7.5% full amortizing loan with a five year balloon. This will give them a payment of approx $1600/month plus taxes and insurance.

They are moving from a rental apartment where they have been paying $2200/month - win/win for everyone.

Looking to pick some new properties, but market has shifted considerably in several ways - huge reduction in inventory, very slow response time by banks and an overall very cautious buying and selling environment.

On pins and needles waiting to see what 2011 has in store!!

Rehabbed House on MLS

Latest acquisition was 4/2 1900 sq ft 2 storey home in quiet cul de sac - nice part of town.

Bought for $145k, $25k in rehab and listed for $229,900.

Two open houses, but no offers yet - alot of inquiries to rent, rent to own, or seller finance.

Will wait for a few more weeks to see what happens.

Winding down for rest of year to evaluate all of the recent turmoil in the big banking world.

Will be spending alot of time planning and preparing for next year to see if I can find some predictability in this mad environment!

Eviction Process

So had my first two evictions this year. One was smooth, as in defaulted. However, she was still there when I met the Sheriffs one morning but left fairly easily. Called me to make appointment to pick up her stuff in a UHaul van one week later, and actually left the place clean - wow.

The other one - not so lucky. Dramatic personality shift from the nice God-fearing woman I rented to! Gave ME notice that she was moving due to mold. Still there after 30 days. Left before Sheriff move out, but really trashed the place - $3,500 later, now rented again.

I will definitely not be writing a book called The Joys of Landlording.

I Survived Real Estate 2010 Event

Just came back from Los Angeles where I attended a great event put on by the Norris Group to benenfit Breast Cancer.

Over 400 people attended and the event was broadcast on You Tube.

After the dinner, a panel of experts were interviewed regarding their opinions on where the economy is headed both generally and in terms of real estate in the coming years.

The panel included Peter Wayman, Sr. REO Sales Director for Freddie Mac, Sarah Letts, Director of Credit Loss Management for Fannie Mae, and Joseph Magdziarz
President Elect of The Appraisal Institute.

You can find the recording of the live event on You Tube or on the Norris Group's website.

Latest Purchase

Our latest House was a short sale acquisition - a lead given to me from a prior transaction.

The house is 3/1 1284 sq ft single storey home with a single car garage, separate side car port and small back yard.

Purchased house for $70k, spent $18k on rehab, and recently rented out for $1300/month.

We currently have a $130k offer on it from an investor.

Bought house with owner still in place. Took about one month to get him moved out, including assisting with packing, moving, storage facility and temporary accommodation in the form of a hotel for a week!

Two of Our Latest Acquisitions

Our two latest purchases are both 3/2 ranch style homes, the first is 1378 sq ft on a 10,000 sq ft lot - completely updated but missing the master bath! We are selling it with seller financing (before 1st July!!) in its "as is" condition to a young couple who will probably be able to finance us out within 6 months.

Purchased house for $165k and seller financing for $200k with 10% down at 7.5%.

We will be working with this couple on getting them financed through traditional means by working with our team of credit repair and mortgage specialists.

Couple are very excited and have been calling every other day during closing process to find out when we can get them into ownership - very cute!

Our second acquisition, also a cosmetic fixer, (actually closing next week) is an approved short sale at $110,000. We have a potential young couple who will also take it in as is condition for $155k. This couple will be in a rent to own situation for approx. 6 months while we work on getting them financed. We are not willing to seller finance to them due to not having enough down for our comfort. We are working with them as they have good, long term jobs and their payment upon purchase will be less than what they are currently paying in rent by about $200/month.

Latest Underwriting Condition

We have been really busy with all of the transactions we have going on.

Things to be concerned about for us right now are the ongoing appraisal issue, increasingly onerous underwriting and funding conditions that are coming from the banks, and of course the highly controversial new SAFE Act which seriously affects investors' right to seller finance.

One of the most recent funding conditions we had was based on an underwriter's viewing of some chipped paint on an outside garage which we had to paint prior to funding (pictured here beautifully repainted in its entirety at a cost of $200)