A tale of two cities...

Dear DG Fam,
I haven't posted an update in awhile, but I do have deals to share. I now have 4 homes in Cleveland! (my goal is 10 by next May) The first, an REO purchased from a re agent, was rehabbed in a month, rented before the work was done. About $600 a month positive cash flow, ROI approaching 20%.
I had one deal fall through that was a short sale. I did not question my real estate agent (a different one) enough, and believed the bank had approved the offer. But literally on the day I was about to wire money, the bank said "No". That was a bummer. But man, there are endless deals out there.
So onto the next 2. Tammy R. introduced me to Econohomes. I bought 2 houses from them. (One for $8500 - four bedrooms, decent neighborhood- unbelievable - needs 20K rehab) These 2 houses are currently under renovation and I have a property manager screening potential tenants. They too should provide $600-700 positive cash flow and similar ROI.
I've got another REO under contract with my reliable agent, and it will close in September. Similar numbers.
In case you are wondering, I'm buying these right now with a self-directed IRA. However, I am sooooooo close to have some private money investors. I mean I have such an opportunity for anyone who wants 5-9% return on their money. What is anything else paying now! 0.5-3% maybe
So I said a tale of TWO cities. Mean while back at the ranch in Seattle - my last rehab here is still sitting on the market. Very frustrating. I could list my mistakes - well OK - I will. Paid too much, took too long with rehab - didn't manage that well, rehab budget blown, picked the wrong realtor, bought in the wrong part of the city, bought an unpopular style home, stretched our finances too far...you get the picture. I'm searching for a lease/option tenant now as well, but I really need a sizable down payment to pay for the material costs still sitting on a credit card. Yikes - live and learn. We all have our lessons.
So back to the bright side of the country - in Cleveland I am so happy with the team I have assembled. I've got 2 amazing contractors who make me great narrated videos as work progresses, look for savings in materials and labor, send me leads, find me tenants. It's been a bit like a scavenger hunt. I've getting heavily into social networking - facebook, linked-in, twitter, youtube. You never know what connection leads to what. One of my birddogs (that I got from the ad Dean gave us) lead me to my new superman contractor. It's like watching a flower open; this thing just keeps growing if you keep it watered. I've also got a couple DG Fam birddogs out there beating the streets for me in Cleveland - love it!
So, all you wonderful newbies out there. I'm so impressed with the progress many of you are making in such a short period of time. Keep on networking!