Finally Finished!!

It's done! I am so happy it's finally over. Not that I don't enjoy the rehab part of it all. I just enjoy the selling and making money part a little more. There have been many major changes to this home. It is now more open with new bathroom fixtures, paint, carpet, some things have even been removes. I have attached some before and after pictures. Let me know what you think. Stay tuned for a video walk through.



Before / After

Side of house before / After

Living room and fire place before / After - Pretty!!



First floor lavatory before / After with all new fixtures and plumbing

Second floor guest room before / After

Second floor bathroom before / After with all new fixtures

Second floor stepin shower. We moved the shower to the tub

and turned this into a closet

Master bedroom before / After - with more open space.

The electrical was all cut up before. All new electrical & wiring!!

Almost Finished!!

It's almost done! They put the carpet in last week. They (the contractors) have been finishing up with the electrical stuff. Apparently it was worse than I thought. I tell ya - when people lose their homes to foreclosure, they really know how to tear up a place.

But anyway, I will be posting the finished project in a few days. Last I checked they were scraping the basement and finishing the upstairs bathroom. I can't wait til its finished.

Now I have to try and sell it in this WONDERFUL market!

Too Early to Be Up

6:28 A.M. For most people that's nothing. Your getting up or on your way to work. But for me, it's wayyyy to early. That's what happened to me this morning. I get a phone call from the alarm company about a break-in on my rehab property.

I'm thinking to myself - the idiots already broke in once (before I bought the place) are they that stupid to think I would put more expensive items in the house for them to take? I guess they are.

Oh well sucks for them! There wasn't anything to take. And the good part/shocking part - the Detroit Police showed up!! In less than an hour - WOW! I must admit I am impressed with that.

Now I am in the process of getting bidds for landscapers. I have so many to go through - I just don't feel like it. But it's all part of the business.

Today's agenda:

Landscapers, call the workers and let them know about the breakin, be thankful that there was nothing to steal, and take a nap.

It's All About Marketing!!

Today I have to call the alarm company to get an alarm put on the house. I guess I can add that into the purchase price of the house. I spoke with the contractor today. They have started prep work so they should be painting this week.

My goals for this week are to put an ad in the newspaper and on some Internet sites. Advertise,advertise, advertise! That's the only way I will be able to sell my place. People need to know its available and the all the wonderful things they will be getting with it.

My other goal is to make a brag book of this property. This will look good to out of town investors I plan to target in on my next investment. There so many investments out there - and I can't wait to get them!

TTFN

Contractors and Offers!

So I spoke with my contractor yesterday. The electrian and plumber will be in this week. I'm hoping that once those two are finished, they can start the other parts of the rehab. Hopefully!

I got an offer on the house over the weekend. Apparently, people like the sign Iput out (Buy this house and live free for six months!). The next steps for them is to send me a copy of their pre-approval letter and keep them posted on the progress of the house. Cause I'm ready for them to move in.

Till next time.....

The Before Stage!!

They "gutted" the house this weekend. I've attached some pictures. Can't wait til it's done. I've been getting some interesting phone calls since I put the sign up. One guy made me a cash (in a suitcase no less) offer, but it didn't match with my numbers. So at least I know there is some real interest in the property. And I haven't even done anything to it yet! Wait till it's done, then it will really be something.

These are the two bathrooms, the living room and the master bedroom.

I'll check back later for more progress.

Don't let the crabs pull you back in the bucket!!

Real Estate Investor 101: Try NOT to share your passion for investing with those that you are close to (the ones that know NOTHING- but think they do about real estate).

Yeah I made that mistake today. And for about five minutes I started to doubt myself - FOOL! But I'm so over that phase. Thanks to the support of other investors that I can call on and my best friend - I feel better.

Change of Subject......

Demolition of my property should be starting this week. Like I said before - I found the contractors that I want to go with and I feel good about that decision. I hated paying the money but I know it will pay off in the long run.

I also had some other revelations that no one tells you needs to be taken care of. For example, you have to go down to the county building (and I got a parking ticket!) and turn in your affidavit to transfer property, you need to get some type of security system for your property while it's being rehabbed as well as you need vacant property insurance. These are all understandable - but no one ever mentioned them in the tens of hundreds of books, classes or seminars I've taken.

But I digress. Tomorrow will be a better day and will leave it at that!

Choa

Anywho........

Well I didn't realize how much work and effort you have to put into finding a good contractor. My problem is now is that I have two that I like. So which one do I choose? Do I go with the one that has over 30 years (family business) with all the nice connects to get wholesale products? Or do I go with the group that was more thorough and knowledgeable (in my opinion) about the whole house and what needs to be done?

Wow this is a lot! But I will definitely make a decision this week so that I can get this moving.

OK Drama for the week - so far.......

I put the sign out in front of the house (House for Sale with my phone number) I have a nice cheesy voicemail on my phone asking people to leave their name and number if they are interested. So far I've gotten three people to call today. The drama for me is that I haven't figured out a good script for these people when they call. Do I try and see if they are pre-qualified or do I just give them the price of the house (after repairs)?

Anywho (yeah it's my new word), I have a lot of stuff to do this week. This started out very stressful (and still is when I'm spending money) but it seems like it will get fun. Isn't that what a passion for work is suppose to be like anyway? Of course I have a lot of drama - hell everyone does. But I'm enjoying this stress. And I know that not everyone can say that about their career choice or job or whatever you want to call it. Yeah, this is my new career.

No Worries Right?!?!?!

So now I have gotten three different estimates on the house. I am waiting on the final numbers from the last guy. The other two estimates were kind of high. Granted I don't want to "half-ass" anything, but I don't want to build a new house either. Anyway, I'll know more tonight once I get the last contractors estimates. Stay tuned.

The other major things going on is that darn water department. I had to pay the water department $20.00 to come out and give me a final water meter reading for the title company. Well there is no meter to read!!!! What the hell?!?!?! So now I have to call the department and probably pay them more money to get one installed. No worries right?!?! Right.

Other things that have happened today:

I talked to one of the neighbors across the street. He was very excited that I bought the house. He informed me of the previous owner - a former Detroit Tiger (Willie Horton) who lost it to his wife in a divorce and of course she couldn't keep up the mortgage - sucks for her, yay for me!

I cut the grass and trim the bushes today so now I can put a sign out and get the contractors in to work - very soon.

That's all the drama for now. And of course I'll keep you posted.

TTFN (Ta Ta For Now)

Yeah Yeah - I Know!

I haven't posted in a while. No excuses! Sorry.

So for the update:

I closed on the house on Friday. That was a really quick and painless 20 minute process of me signing papers at the title company's office. Then I go to my property to get the keys out of the lockbox (they are suppose to come take them off - one day this week). When I get there there is a car in the driveway. No big deal. I figure someone just parked there instead of on the street. I move on.

The next day I go back over there and the car is still there! Yeah I got an attitude so I leave a note (in the rain) on the windshield informing them that the new owners would like for them to move their car. I'm going back over there tomorrow so I'll give you an update on the situation. Hopefully I won't have to call a tow truck!

I said I was going over there tomorrow because I have to sit and wait between the hours of 9 and 3 for the stupid water department to come and read the meter. And no they won't call you before they come and no you can't give them the lockbox code to open the door. They want you to be there in person. So I guess I'll be catching up on my reading.

Anywho, that's all the major excitement right now. I will be putting a sign out in front of the house this week and posting on the Internet. Gotta start my marketing to make the money!

Bye for now!!

:)

All These Positive Attitudes - NOT!!!

For the past week I have had to deal with the many different attitudes of City employees. Last week was the moron at the Manciple Building and her extremely rude and obnoxious attitude. And today it was the not so pleasant lady at the water department. I guess I am just too tired of the lack of customer service training people are suppose to have (maybe they forgot they are suppose to use it was they learn it?!!).

Anywho, I am going to let that negativity roll off me and start getting excited that I am to close on the house this Friday. I still need to get some better estimates on contractors, but that will be handled also. No worries!!

It's Bigger Than You Think!

So I met with one (I'm going to get three different quotes) inspector yesterday on the house. All in all the house is in decent condition. It has a lot of mechanical (as he put it) issues that need to be taken care. "They" stole the central air unit and the copper pipes. This is nothing out of the ordinary unfortunately. It comes with the territory. Just call it one of the hazards of the job.

Besides that, I have to have it rewired, some minor demolition in two of the rooms, some drywall, plaster, paint, carpet and landscaping. I think this is not bad considering, I've talked to some of my other peers in the business - I'm making out good.

Here are some of the pictures of the property. Remember, these are the before pictures, and in about a month or so - you will want to live here. Heck - I already want to live here - the rooms are HUGE!!!

Let me know what you think. Have a good weekend if I don't post before Monday..... :)

It Aint Rocket Science

In just this past week of finding, making an offer and getting ready to close on this foreclosure, I've come up with some common sense revelations or learning experiences that I need to keep in mind:

1. The title company needs to have the last water bill up to date. So I have to go to the water company, pay them $25.00 to have them come and read the water meter at the house. (But I don't have to pay the past due - yippie!)

2. If you want to have a property in your business name and not your personal name you need to make sure you have your LLC's Articles of Organization handy. Note if your going to get into this game - make sure you have an LLC. It's not hard to do.

3. Make sure you take before and after pictures of your property. Good for your portfolio when you are looking for private funding.

4. Make sure you have a really good real estate agent who wants and will work with you and for you.

5. Check the taxes. Although the bank pays all past due taxes, remember either summer or winter taxes will be up to you (me) once you take possession. And summer taxes are the high ones :(

6. Have your money ready for closing (self explanantory)

7. Start advertising now. You never know who will need a house once your finish fixing it up. It's always good to have a list of people looking for a nice home.

8. Talk with other investors on a regular basis. They may remind you of the things you may have forgotten to take care of or just never thought about doing.

9. Keep a list of things you've done and will do (like blogging)

10.Enjoy the experience. I say that today because I know once I close on this property, I will be freaking out every five seconds!!

Like I said, it's not a hard process, it's just a lot of organization. Hope this helps. It helped me.... :)

Ohhhhhhh....So that's what they mean!

So I've been moving about all day trying to get my paperwork together for the real estate agent. I get her the EMD (Earnest Money Deposit) and signed the purchase agreement and addendum (to have the property listed in my company's name). I will say this again - this is truly a learning experience. I know down the road I will have hiccups, but right now so far so good( hope it stays that way)

I also learned that the inspection she was talking about was from the city that is required of all Detroit properties. It was done earlier in the month so that will help the closing go faster. Which by the way is scheduled for next Friday (yay me!)`

Anywho, I have a walk through appointment with my own inspector this Thursday, so be on the lookout for the BEFORE pictures (dunt, dunt, dunnnn..................)

Tell then :)

Time to make the donuts (Old Dunkin Donuts Commercial - get it?)

So today I thought I would have a really busy day with this foreclosure business. I say this because it is the first time that I have actually bought a foreclosure and boy is it different than just buying a house outright. The real estate person told me today that I didn't need to get an inspection from the city (that's a good thing) becaquse it was already done. I thought that just getting the a personal inspection was all I needed (still going to do one - FYI).

Like I said, I'm learning as I go. Now I have to wait on her to send/fax me some paperwork to take downtown this week (great now I have to deal with Downtown Detroit parking!!) But so far no major hiccups. I feel good about this property. I want to make sure that by the end of the week, I have it listed to SELL!!

That's the way to make the the donuts!!

Yeah Me!! They accepted the offer!

So earlier this week I put an offer in on a house I want to rehab. I am happy to say that the bank accepted the offer! So now I have to get in touch with my inspector and my money people. The whole process will begin first thing Monday morning. I'm actually excited about it - because now I can start doing all the things I've been saying I want to do for years. This was just the kick in the butt to get me started. I actually need to thank my friend Valerie for staying on my case about making offers every week. I figure if she wasn't calling me I would probably still just be printing out house listings and doing drive-bys.

Thanks Val.

Happy Weekend

Day 1 1/2

OK so this is my first day trying this blogging thing out. I have been extremely productive today sitting at my computer downloading pictures, answering emails, playing on Facebook and paying bills (UGHHH!). Well at least I think I've been productive.

I am going to make an honest effort to start writing about all my wonderful (and not so wonderful) experiences in the Real estate world and my life in general.

Enjoy,

Leah