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Sunday, May 31, 2009

Tides are Changing

I have been simultaneously running a small window sales company and using the income to sustain my lifestyle needs and invest the rest into real estate. As of Friday I am no longer in the window business and am 100% full time in real estate. I had a situation where some product was delivered to a job site and about $50,000 of it needs to be replaced. This will wipe out all of the commissions I have earned and still not been paid on this year. No point in continuing to work for free so I am done with it.

A very stressful week indeed, but I have always had the philosophy that things will work out. They always do. So far this weekend I have lined up some amazing deals;
1 - short sale on a nice Orange County house.
1 - a $120K free & clear property that the owner walked away from 8 years ago and is now asking $40K for, but said she will accept less.
1 - an updated house with a $96K 30 year 5.5% fixed loan that will rent for $1,100 and an owner who can no longer make the payments so she is moving in with mom. She has offered to sell the house to me with all the furniture included.
1 - an offer from a successful REO buyer to do a deal together in my city of Riverside. It is an REO that needs rehab. Looks like it should net between $30-$40K on a retail sale.

If everything works out I will get a nice spread on the short sale and pick up 1 or 2 more rentals & pocket some decent cash on the flip.

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