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..... :)