What did you do last month AND what do you plan to do?

Question

We're already in November and I can't believe how fast time has gone by this year.  I've been working on finding a renter for my Arizona house so I dropped the price last week hoping to get some more applicants.

I'm planning to refinance a home in Louisiana and plan to talk to a mortgage broker latter this month.  Fortunately rates are still low.

Also I met someone at a real estate conference who handles self directed IRAs.  I'm planning to talk to someone about rolling over my IRA to a self directed IRA and want to get this started before the end of the year.

So what did you do last month and what do you plan to do to finish off the year?

Tom

Glenn Espinosa · Answer

Last month I started searching for rehabs again. I'm at the end of my military deployment so I'd like to get a head start on jump starting my rehab business. My partners and I submitted 5 offers on potential flips. Still waiting on 2 of those but we were over bid on 3 properties.

I've also started networking with potential hard money lenders. I have a good line on two of them and can't wait to start working with either of them.

For this month we are planning to continue putting in offers. In the meantime I am hacking away at my online realtor license as well as reading upwards of 3-4 books a month on real estate. Next topic up to digest is Seller Carry Backs and how to use that strategy in building a rental portfolio. Sounds interesting!

Brad Z. · Answer

We had a pretty solid month

Successfully refinanced a repositioned 11 unit

Closed on two single family rentals and got the rehab started

Put 1 additional single family rental under contract.

Built out 3 year plans for 2 new partnerships we started.

Closing on my first property that I purchased as a flip and successfully executed with a nice profit(fingers crossed, property closes next week). Ill post a full review on this once completed as it was a great learning experience.

David Egger · Answer

Closing in a couple days on my second duplex.  Spent the past month getting that offer done and figuring out financing (401k loan @ 4.25%, 5 year term).

Also getting to the point I can see the end of the guts-out rehab of one side of my other duplex.  Finished plumbing and electrical, handyman is putting down cementboard subfloor in kitchen today, then drywall, cabinets, tile, replace stairs and paint.  So ready for this 13 month father-son nightmare to be over.

Ben Stout · Answer

I'm trying to refinance a few properties and also get some financed I paid cash for. I was initially shocked when I was quoted an "investor mortgage" that required me to pay eight points. The woman stated "This is how the mortgage market is now for investors." Thankfully she was wrong and I found what appears to be a good deal with another lender.

I'm closing this month on a home that I intend to rehab and sell on a lease and also putting up another house for rent starting next week. I put it on Craigslist and had 4 calls within hours.

Ben

Kyle J. · Answer

Last month I started looking for more rental houses, and this month I'll hopefully buy some. The competition has been crazy for them though. Every house I look at and/or bid on is getting 10-30 offers and selling within days. Guess that's what happens when inventory gets as limited as it is. In some areas, we actually have a two week inventory! Keeping my fingers crossed though.

David Niles · Answer

I finished up a bathroom remodel for a client and some odds and ends in my residence, basically, not enough, time to get some serious rehabs going so gonna hit the bricks to get some additional investment.

Account Closed · Answer

I'm working on a 490 sf add to a 2 bed/ 1 bath home.  The addition will make this 3 bed/ 2 bath and I'm updating electrical, plumbing, the kitchen with be completely new and doubled in size, the bathrooms will have all new cabinets and fixtures.

I'm about 2/3rds done and expect the full cost to be 40K and I have run ARV comparables and safely I'm looking at an increase in market value of 90-95K for this part of town.

We will live in the house for a short time before selling it this coming spring or summer.