I thought I would touch on a different topic as a way to see how everyone has started off the year. One month is down and did you start off the year with a bang?

I was gearing up for a great 2012 until Fannie Mae wouldn't approve my mortgage without a central heating system. I had been working with the seller on the price and was able to get $5000 of the asking price, had the house appraised, talked to the property manager on how to improve the property, talked to Lowe's about screen doors, and made numerous trips to the house.

Just as I was about to close, the bank took forever to return my calls and finally said the house was unlivable since it lacked a heating source. Wish they would have told me that from the start. The seller wouldn't budge and provide any funding for central heat nor entertain the idea of splitting the central heat installation. So I told my agent I'll pass on this property and continue to look for the next deal. The property already had a page full of renovations I was planning to make. Adding a central heating system really threw my numbers off. During this time though, I have made various offers and met a good number of people selling homes as an agent or investor. I'm sure the right property has my name on it and just waiting till the right house goes on the market.

I did learn a lot the past two months, more than any book could have taught me. The market's changing and it's unforgiving. The key is to have a plan B and not fall in love with the property you're looking at. But I'm loving how 2012 is starting off.

Tom