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Friday, June 5, 2009

1 Out of 4 Aint Bad - It's Still 25%!

Quick update on the deals I am working on;

1. Short sale on a nice Orange County house.
- went and smelled her stinky dog pee house for an hour only to have her tell me she couldn't make any decisions without her son. Who is the adult here?

2. $120K free & clear property. Owner asking $40K
- Owned! In escrow at $30K and already advertising it as a wholesale deal at $45K.
Go to my website for more info: Williams.

3. Updated house with a $96K fixed rate loan.
- sat down at my computer and couldn't bring myself to drive 1.5 hours one way to go see it. Called my partner and said I just couldn't do it after what I went through on the Nicola deal. We talked about it thanks to Pete Fortunato's ideas we decided to bring in a local agent out there as a property manager for 40% of the deal. He is very excited about it. My partner and I did a 3-way with the seller and everything is looking good so far.

4. Offer from a successful REO buyer to do a deal together in my city of Riverside.
- Not sure on this one. I need to follow up. These are basically all cash deals and I don't believe I should have to use my cash to buy real estate.

I also have a short sale that is starting to look like it might pop here soon. The agent called me today and said they were going to open title.

We are also getting ready to close on our Anahiem house. I called a few pool companies today to get estimates for replastering the pool.

On another note; our Murrieta deal fell apart today. The buyer couldn't get financing because of his spotty work history so we are putting it back on the market. At least we get to keep his $5,000 deposit! I am very optimistic though because the market is hot right now and the other houses that are over 3,500 sq/ft are selling over $300K. We are asking only $285K. Since we now own this house I am going down there tomorrow to do some clean up and repairs (replace cabinet knobs & door knobs that were stolen).

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