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Posts Tagged ‘rental properties’

Sorry it’s been a while since I’ve posted.  I’ve been super busy with the Holidays, work, a blizzard and tons of family obligations.  Also, I have been terribly sick the past few days…so I haven’t even been on the computer at all lately!   😉    Due to all the holiday craziness, I took a break from REI the past couple weeks (with the exception of checking MLS listings and looking at one rental property).  However, I am planning to get on the horse starting on Monday.

Oh, and right before Christmas, a friend called me saying her daughter had lice (one of my daughter’s good friends.).  Apparently, a ton of kids in another class had it. Yuck!   Ugh..I had to spend tons of time washing everything as a precaution and checking my daughter’s head constantly (thankfully, she’s all clear!!).  So, because of this, I did a ton of research on lice prevention and some good tips for doing so safely.  For example, I sprayed a mixture of tea tree oil and water on her head as one means of prevention (here’s a tip: tea tree oil should be used with caution on pre-pubescent boys!) .  Maybe I should write an ebook about it to create some passive income!

I did get some cool Christmas gifts, such as some workout stuff and some REI books.  My husband also bought me the book The Go-Giver, so I’m excited to read that one.  (Thanks for the tip on that book, Shae and Steph.)

In between resting and watching TV today to feel better, I did take a moment to write down some 2011 goals on an index card.  I wrote down things such as – monetizing my blog and further monetizing my other websites (such as http://www.buying-your-first-home.com), eating better and getting back to working out, creating more passive income streams, obtaining rental properties with positive cash flow, etc.   Did you write down any goals?  If so, what were they?

On an unrelated note, just read this article about how it’s great having a December birthday (the comments are very interesting, too).  For someone who is born right after Christmas, trust me, it ain’t all it’s cracked up to be. I’ve always wanted a June or August birthday.  When you’re born near Christmas, people often forget your birthday and the insulting scribble of  “Happy Birthday” as an afterthought sent on a Christmas card gets me riled every time.  I’d much rather take a (free) phone call to wish me Happy Birthday.  Although since there are 2 other family members with birthdays right around mine (my dad’s was on Christmas Day), my husband, friends and family are really great about making my birthday special.  And my husband knows to NEVER wrap my birthday presents in Christmas paper.  That’s the biggest insult of all! LOL!

2011 is going to be an awesome year!  I still plan to be out of my job this year, baby!

Happy New Year and Happy Investing! 

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Hello Everyone,

Hope everyone had a great Thanksgiving.  It’s back to work!

A couple weeks back, we made an offer on a great 3 family nearby.  It was recently rehabbed and de-leaded, rented with long term tenants and it also had a parking lot for extra income.   The cash flow would be at least $800 a month, depending on our financing.  We made a first offer of owner financing at 8% with a 10% downpayment (I looked at the on-line deed records and I thought the seller may have owned it outright).  The seller came back and countered with non-owner financing, he countered pretty close to asking.  We countered again for about 11k under asking. The seller came back asking about $6k under asking, but we said our last offer was highest and best.  We haven’t heard back, so I assume he’s not interested.  Our Agent told us that they also had another offer on the table, for the same amount (as our final offer).  Interesting, huh?   This one would have been great, but we’re not going to overpay.   The seller just bought this house back in April for $215k and wanted to sell quickly, but I guess he didn’t want to sell that fast enough, since he has it listed for $239k.   And I just got word that the house went under agreement today.  Another one bites the dust (cue the song).

Oh, and one of the REOs we made an offer on a while ago is back on the market again.  This means the property will be on the market close to a year and a half…and they wouldn’t take our offer?  These banks are really ridiculous.   I guess they want to go through another winter with maintenance, snow removal and the risk of  frozen pipes. 

In the process of looking at this deal, we talked to a lender about conventional financing for rentals. I knew this was a waste of time, since we are down to one income since my husband was laid off.  But, the guy I talked to was nice and suggested just going with my income, since I have long term job employment.  He was impressed by my (and our) high credit scores, but said my own debt to income ratio is too high to buy a rental, which I know, since we already have a mortgage and other bills.   But, I did talk to a couple of other hard money types that have been helpful.  There are some awesome people over at BiggerPockets.com (BP) that have been great.  BTW, if you are not a BP member, do join, it’s a great place to learn and connect with others.  The main sticking point is that we don’t want to take all of our reserves to use as a 30% (or more) downpayment, since that is a significant amount of money here with our local real estate prices.  So, I gotta figure out a way to make it work. I’m a little stuck in the private lending department, too.  It’s a long story, but with my 9-to-5 and the work I do, I do have SEC guidelines I follow with my day to day job, so private lending on the side is really not possible.  I need to find a way around this…I think I’d be ok with lenders with whom I have a previous relationship, but to seek out new people I think would not be possible.  I am still loving the PMBP course, and I knew my job would be an issue, but I may need to hold off private lending until I leave the job. 

So, in the meantime, we are still looking at REI and other ways of making passive and not-so-passive income…like getting back into eBay and stuff like that.  Anything we can do to make enough to pay our bills (to reach our “number” found in Shae’s Financial Freedom GPS), is what we need to do.

That leads me to my goals for next year.  I really need and want to be out of my job by next summer. I am willing to do anything I need to accomplish this.  I just wish all these things I want to do wouldn’t take as long as they should to happen!

Happy Investing!

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Amercian self-help writer Napoleon Hill (1883-...
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I just signed up for a motivational quote of the day by the Napoleon Hill website, naphill.org.  You can register for a quote of the day sent to your email box.  I even had the email quote sent to my phone so I have to see it daily.  It’s a great motivational tool.

And, since everyone is talking about Holiday shopping this week, here’s a great site for some Black Friday Deals!  I, personally, won’t be out with the people searching for deals at 4am Friday.  I’ll be shopping on-line for deals at home in my PJs, while still bloated from overeating at Thanksgiving, thank you very much!   🙂  The website has plenty of good store deals and also cyber shopping deals!

On a REI related noted, we have made an offer on a rental property with good cash flow and received a counter. Not sure if it is going to work, but I’ll post more when I have more news to share.   I don’t want to jinx this one!  In the meantime, if someone can recommend a lender that can finance a fully rented cash cow in MA, let me know.  A lot of local lenders are looking for really high downpayments.  Thanks!

 Happy Investing and Happy Thanksgiving!

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Hi Everyone,

Thought I’d give an update on what we’ve been up to lately. 

Buying a Rental Property – The past week or so, we’ve been looking at a ton of properties on-line and even saw a couple with a local realtor.  Last weekend, we saw a duplex and a triplex in our area.  The duplex is newer and in really great condition. One half is rented for $1400/month from good, long-term tenants who want to stay.  The other half is occupied by the owners who need to move out of state.  It’s a short sale and has been on the market over a year…and it’s still overpriced.  We wouldn’t consider making an offer anything close to asking price, but we’re still crunching numbers.  The triplex was a much older home that needs a complete rehab.  It would qualify for Homepath financing, but I think it’s more rehab we want to do for a rental.  If we could get it cheap enough, maybe we could flip to a local landlord.

Wholesaling/Buyers List – I’ve also been calling bandit signs and classified ads looking for wholesale buyers.  I am figuring we can target more buyers and what they’re looking for so we can find wholesale deals just for them.  Many of the other cash buyers on our list we obtained either from our Craigslist ads or our website, which is fine, but we also want to shop for deals specifically for our local buyers.

We Need Money – Lastly, we are looking for money for deals.  I am considering purchasing the Private Money Blueprint course.  I also have seen some “cheaper” courses on the same topic.  If anyone has feedback on obtaining private money or courses to take, that’d be great.  I also have been contacting local commercial/portfolio lenders looking to see if they could fund rentals for us. I talked to a great guy yesterday at a local, small credit union.  He gave me a complete rundown of their rates and terms and really walked me through their process, so I’m gonna keep him in mind to see if that will work for us.  The only sticking point with that option is if we buy more than one rental, we may not (initially) have all the downpayment money needed, that’s why I’m thinking we need private money, too.

Happy Investing and Happy 4th!

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