Open House

Had open house today on rehab in Vallejo - the green and white one I posted one picture of about 6 weeks ago. Hard to believe it is the same house.

Here I am holding the cabinet in place a few days before completion!!

Purchased for $70k, spent $40k in rehab and listed it for $185k

Two offers in already, one for list and one for $6k above list. Expected at least 5 more offers based on open house today.

Closed on next reahab on Friday, so getting ready to start rehab on Tuesday. Also had offer accepted on 3/2 in Sacramento, so heading up there tomorrow with lead contractor to sharpen our pencil on rehab numbers.

Wrote about 10 offers this week and 4 more in the works after looking at 7 properties this afternoon following open house.

Whew - looking forward to my 10 day trip to Ireland on 17th!!

Noteworthy Convention 2009

Just got back from the annual Noteworthy Convention. Wanted to educate myself further on note manufacturing, buying and selling paper etc.

Met some great people and learned alot. Noteworthy have a newsletter for anyone who is interested in staying up on what is happening in the business - www.noteworthyusa.com

I am sure everyone agrees that the lack of conventional financing to well qualified buyers is going to dramatically increase the need for private financing.

On the rehabbing side, just about finishing up with one house and have 2 more in escrow to close, rehab and sell.

Also have 2 long term buy and holds that I have private financing on giving the holder an 8.5% return on their money passively, secured by a First Note and Deed of Trust.

To receive updates automatically on what we are doing, please register at www.reiinformation.com

Latest Happenings

Super busy time for me for past 3-4 weeks with the rehabs in progress, partnering with other investors locally and helping them to find tenants/rent to own buyers for their properties (which they will be seller financing to me afterwards!)

Noticing a softening in rental market with longer vacancies and fewer income qualified applicants.

Increased amount of listings in Vallejo this month for the first time in 4-5 months.

Rainstorm sparked a few issues in one rental house with leaking window.

Had one rent to own couple both lose their jobs and gave me notice that they had to move - sad to hear as I really wanted them to own house.

Getting more educated on Self Directed IRAs as this is a great way to go for private financing - I offer an 8% interest rate secured by First Deed on cashflowing property in my own town - can't beat that for passive!

Lots of data, studies, changing rules and regulations in the industry right now - hard to keep track sometimes. Spend alot of time reading emails, newsletters, ezines etc. to keep up!

House in Napa Update

Finished house in Napa in 4 days - love my crew! Got a great deal on fancy insulated carriage doors - ooh la la

Bought for $145k, $15k in rehab and under contract for $225k with $8k credits to VA buyer.

Inspections done, waiting on appraisal (not anticipating any issues due to strong recent comps)

New Rehab Project

Started work on house in Napa today. One of my partners and I closed on it on Friday and started rehab today. Should take about a week - conversion of illegal garage, upgrade wiring, paint/carpet and a few other items.

End buyer in place who will be coming by tomorrow to direct some choices of color etc.

Bruce Norris Event

It's been fairly quiet on real estate front. Making lots of offers and have two more new projects in the works. One in Napa scheduled to close on Friday 18th Sept. and the other the following week.

Both are rehabs and the intention is to rehab and sell them - end buyers lined up on both right now which is great.

Went to Orange County to attend Bruce Norris "I survived Real Estate 2009" Event. Event was also recorded and can be seen on youtube. Great networking and very interesting panel of seven experts in their field. Check it out if you have time.

Rehab Update

So , this property went on MLS last Friday night at $179,900 and we had a full price offer by the following afternoon.

Buyers are moving back to area and have their house in contract for sale. They want to move asap.

Here are the current terms we are looking for - Rent to own for 3 months or less with $40k down and the balance in cash once their other house closes. 3% towards closing if they close in 90 days or less, 1% if they close after 90 days.

We will be posting the final numbers once this deal has closed, but the rough numbers right now are purchase price of $83,000 and Rehab $25,000

Another one in Vacaville just finished and will be on market by tomorrow.