OfflineWell, I started the year off with a bang early closing on a 4-Pack of turnkey rentals (plus 3 vacants) that I had worked on since October.
The next deal was just around the corner, as I found 2 more and got them under contract. At least I’d get one deal to close in February! That was short lived b/c they both failed inspection….mostly structural, roof trusses, etc. There was no room left for further negotiation due to the extensive cost of needed repairs!
Then I got a fire damaged house in a rental area under contract for $4K, but never could flip it. Tried for about 6 weeks, or so. The seller even dropped his price to $3K, but no takers.
February came and went….NADA! Well almost, anyway. Last week of the month a guy calls with a turnkey rental he wants to sell to dissolve a partnership. I go to look and he says he has a couple more in the area. We (my buyer and I) decide on 2 of the 3 as the seller has a mortgage on one, and send contracts for signature. The partner on the one house proves difficult, and jerks around with changes to the contract. Finally, both are signed…one on 2/28 and one on 3/11.
Then a call from a bandit sign comes from a tired contractor/landlord in the middle of renovating a rental. It needs about $15K to complete. They want too much ($40K) and I get them down to $38K. None of my buyers are interested. After a week or so, I go back and negotiate a reduction to $28K. I find an interested buyer, but can only get $31K out of them. Finally settled on $27K with the seller and executed contracts.
I found a Seller with a 6-Pack of rentals; scheduled walk-thrus and contracts done on those. BAM!
Last week a wholesaler from Nashville calls off one of my CL ads and says he has a fire damaged house under contract in Bham for $5K. Wanted to know if I could find a buyer. One of my buyers from one of the other deals agreed to take it for $11.6K. Contracts done on those, too.
So, here I am with 10 houses under contract waiting on them ALL to close!! With all the drama of changing/sending contracts back and forth, scheduling inspections and newfound title issues on a couple; I’m going NUTS!!! I haven’t had a closing since the second week in January and it is KILLING me!!
Like I said; Feast or Famine! It’s definitely not the way to live as a REI!!
Moral of the story:
Keep your pipeline full AT ALL TIMES! Never rely on just one deal to close b/c it just may not! When you think you’ve done enough, all’s well and you want to chill; kick yourself in the a**, slam it in gear and go FULL THROTTLE BABY!!! Enough is NEVER enough!
John
Quitters NEVER win - Winners NEVER quit!
"P.U.S.H. = Persevere Until Something Happens" Dean
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas A. Edison
Check out my Road to Redemption journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/88171/...
www.windfall-properties.com
So, here I am with 10 houses under contract waiting on them ALL to close!! With all the drama of changing/sending contracts back and forth, scheduling inspections and newfound title issues on a couple; I’m going NUTS!!!
The way I see it, you were ALREADY nuts, so all is well.
Good work. Keep it going. I will give you a kick in the a$$ anytime you think it is necessary.
Your friend,
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
way to go keep the pipeline full.... What ways are you using to keep deal flow coming ?? cl bandit signs mls ?
happy for you man keep up the great work
WALT
[/quote]
The way I see it, you were ALREADY nuts, so all is well.
Good work. Keep it going. I will give you a kick in the a$$ anytime you think it is necessary.
Your friend,
Karen
;)[/quote]
Thanks for the affirmation!!
John
Quitters NEVER win - Winners NEVER quit!
"P.U.S.H. = Persevere Until Something Happens" Dean
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas A. Edison
Check out my Road to Redemption journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/88171/...
www.windfall-properties.com
The way I see it, you were ALREADY nuts, so all is well.
Good work. Keep it going. I will give you a kick in the a$$ anytime you think it is necessary.
Your friend,
Karen
Thanks for the affirmation!!
Thats what friends are for!
One of your staunchest supporters,
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"