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